Wedbush Analysts Boost Earnings Estimates for MacroGenics Inc (MGNX)
MacroGenics Inc (NASDAQ:MGNX) – Equities researchers at Wedbush increased their Q1 2018 earnings per share (EPS) estimates for MacroGenics in a research note issued to investors on Wednesday. Wedbush analyst D. Nierengarten now forecasts that the biopharmaceutical company will earn ($1.02) per share for the quarter, up from their previous forecast of ($1.10). Wedbush also issued estimates for MacroGenics’ Q2 2018 earnings at ($1.29) EPS, Q3 2018 earnings at ($1.33) EPS, Q4 2018 earnings at ($1.14) EPS, FY2018 earnings at ($4.77) EPS, FY2019 earnings at ($4.68) EPS and FY2020 earnings at ($3.56) EPS.
Several other analysts have also recently weighed in on MGNX. Citigroup boosted their price target on MacroGenics from $18.00 to $22.00 and gave the stock a “neutral” rating in a report on Friday, November 10th. ValuEngine cut MacroGenics from a “sell” rating to a “strong sell” rating in a report on Tuesday, November 14th. Raymond James Financial restated a “buy” rating on shares of MacroGenics in a report on Monday, December 11th. BidaskClub cut MacroGenics from a “sell” rating to a “strong sell” rating in a report on Thursday, December 14th. Finally, Zacks Investment Research cut MacroGenics from a “hold” rating to a “sell” rating in a report on Wednesday, January 3rd. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and six have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $28.13.
In related news, SVP Jon Marc Wigginton sold 5,000 shares of the company’s stock in a transaction that occurred on Wednesday, January 17th. The stock was sold at an average price of $20.00, for a total value of $100,000.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, SVP Eric Blasius Risser sold 3,000 shares of the company’s stock in a transaction that occurred on Wednesday, January 24th. The shares were sold at an average price of $22.50, for a total value of $67,500.00. Following the completion of the sale, the senior vice president now owns 12,100 shares in the company, valued at $272,250. The disclosure for this sale can be found here. Insiders sold 32,967 shares of company stock worth $791,925 over the last quarter. 8.30% of the stock is currently owned by company insiders.
A number of hedge funds have recently made changes to their positions in the stock. OppenheimerFunds Inc. boosted its holdings in MacroGenics by 10.8% in the fourth quarter. OppenheimerFunds Inc. now owns 3,933,906 shares of the biopharmaceutical company’s stock valued at $74,744,000 after acquiring an additional 384,861 shares during the last quarter. Vanguard Group Inc. boosted its holdings in shares of MacroGenics by 2.8% during the 2nd quarter. Vanguard Group Inc. now owns 1,391,322 shares of the biopharmaceutical company’s stock worth $24,362,000 after buying an additional 38,458 shares in the last quarter. Point72 Asset Management L.P. boosted its holdings in shares of MacroGenics by 8.9% during the 3rd quarter. Point72 Asset Management L.P. now owns 1,181,317 shares of the biopharmaceutical company’s stock worth $21,831,000 after buying an additional 96,900 shares in the last quarter. Pinnacle Associates Ltd. boosted its holdings in shares of MacroGenics by 38.3% during the 3rd quarter. Pinnacle Associates Ltd. now owns 843,175 shares of the biopharmaceutical company’s stock worth $15,582,000 after buying an additional 233,657 shares in the last quarter. Finally, Hood River Capital Management LLC boosted its holdings in shares of MacroGenics by 7.4% during the 4th quarter. Hood River Capital Management LLC now owns 632,521 shares of the biopharmaceutical company’s stock worth $12,018,000 after buying an additional 43,722 shares in the last quarter. Institutional investors and hedge funds own 85.30% of the company’s stock.
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MacroGenics Company Profile
MacroGenics, Inc is a clinical-stage biopharmaceutical company focused on discovering and developing monoclonal antibody-based therapeutics for the treatment of cancer, as well as various autoimmune disorders and infectious diseases. The Company develops therapeutic product candidates using its antibody-based technology platforms and also in collaboration with other biopharmaceutical companies.
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