Bellevue Asset Management AG recently announced the acquisition of new stake in Macrogenics Inc (NASDAQ:MGNX). The institutional investor has increased its shareholding in the Healthcare company by 1.29% to 9.93 million shares with purchase of 0.13 million shares. This fresh investment now brings its stake to 16.01% valued currently at $81.52 million. In addition, T. Rowe Price Investment Manageme raised its holdings by 29300.0 to 5.49 million shares. And BlackRock Fund Advisors has lifted its position by 1.08% or 51380.0 shares – to 4.8 million shares.
With over 0.48 million Macrogenics Inc (MGNX) shares trading Friday and a closing price of $9.87 on the day, the dollar volume was approximately $4.77 million. The shares have shown a positive half year performance of 82.44% and its price on 12/22/23 lost nearly -1.30%. Currently, there are 61.70M common shares owned by the public and among those 58.56M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 10 analysts who have offered their price forecasts for MGNX have a consensus price objective of $12.78. The analysts have set the share’s price value over the next 12 months at a high of $17.00 and a low of $10.00. The average price target is 22.77% above its recent price level and an upside to the estimated low will see the stock gain 1.3% over that period. But an upside of 41.94% will see the stock hit the forecast high price target while median target price for the stock is $12.00.
Insiders at the company have transacted a total of 11 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 8 of these insider trades were purchases, accounting for 1,233,125 shares. Insider sales of the common stock occurred on 3 occasions, with total insider shares sold totaling 12,369 shares.
The top 3 mutual fund holders in Macrogenics Inc are BB Biotech AG, Vanguard Total Stock Market ETF, and T Rowe Price Small Cap Value Fund. BB Biotech AG owns 9.78 million shares of the company’s stock, all valued at over $80.29 million. The company bought an additional 0.2 million shares recently to bring their total holdings to about 15.77% of the shares outstanding. T Rowe Price Small Cap Value Fund sold 3900.0 shares to bring its total holdings to over 1.8 million shares at a value of $14.8 million. T Rowe Price Small Cap Value Fund now owns shares totaling to 2.91% of the shares outstanding.
Shares of Macrogenics Inc (NASDAQ: MGNX) opened at $9.99, down -$0.01 from a prior closing price of $10.00. However, the script later moved the day high at 10.22, down -1.30%. The company’s stock has a 5-day price change of 6.59% and 114.57% over the past three months. MGNX shares are trading 47.09% year to date (YTD), with the 12-month market performance up to 64.77% higher. It has a 12-month low price of $4.29 and touched a high of $10.74 over the same period. MGNX has an average intraday trading volume of 664.27K shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 14.39%, 41.82%, and 65.19% respectively.
Institutional ownership of Macrogenics Inc (NASDAQ: MGNX) shares accounts for 96.83% of the company’s 61.70M shares outstanding. Mutual fund holders own 44.81%, while other institutional holders and individual stakeholders account for 52.10% and 30.17% respectively.
It has a market capitalization of $612.24M and a beta (3y monthly) value of 2.04. The stock’s trailing 12-month PE ratio is 12.37, while the earnings-per-share (ttm) stands at $0.80. Price movements for the stock have been influenced by the stock’s volatility, which stands at 6.66% over the week and 5.52% over the month.
Analysts forecast that Macrogenics Inc (MGNX) will achieve an EPS of -$0.14 for the current quarter, -$0.47 for the next quarter and -$1.87 for 2024. The lowest estimate earnings-per-share for the quarter is -$0.37 while analysts give the company a high EPS estimate of $0.38. Comparatively, EPS for the current quarter was $0.21 a year ago. Earnings per share for the fiscal year are expected to increase by 122.92%, and -518.36% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 10 brokerage firm advisors rate Macrogenics Inc (MGNX) as a “Strong Buy” at a consensus score of 1.30. Specifically, 8 Wall Street analysts polled rate the stock as a buy, while 1 of the 10 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the MGNX, a number of firms have released research notes about the stock. Citigroup stated their Buy rating for the stock in a research note on December 20, 2023, with the firm’s price target at $7-$13.
