MacroGenics Inc (MGNX) is Downgraded by Citigroup to Neutral

MacroGenics Inc (MGNX) was Downgraded by Citigroup to ” Neutral”. Earlier the firm had a rating of “Buy ” on the company shares. Citigroup advised their investors in a research report released on Aug 4, 2016.

On the company’s financial health, MacroGenics Inc reported $1.12 EPS for the quarter, beating the analyst consensus estimate by $ 1.74 according to the earnings call on Aug 3, 2016. Analyst had a consensus of $-0.62. The company had revenue of $80.67 million for the quarter, compared to analysts expectations of $12.77 million. The company’s revenue was up 1100.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $-0.71 EPS.

MacroGenics Inc closed down -0.6 points or -1.94% at $30.3 with 2,40,991 shares getting traded on Tusday. Post opening the session at $30.83, the shares hit an intraday low of $29.86 and an intraday high of $31.06 and the price fluctuated in this range throughout the day.Shares ended Tusday session in Red.

In a different news, on Aug 3, 2016, Jon Marc Wigginton (Sr VP Clinical Dev & CMO) sold 20,000 shares at $30.78 per share price. According to the SEC, on Jul 6, 2016, Lynn Cilinski (VP, Controller and Treasurer) sold 8,922 shares at $27.22 per share price. On Mar 4, 2016, Paulo F Costa (director) purchased 10,000 shares at $17.20 per share price, according to the Form-4 filing with the securities and exchange commission.

MacroGenics Inc. is a biopharmaceutical company focused on discovering and developing antibody-based therapeutics for the treatment of cancer as well as various autoimmune disorders and infectious diseases. The Company develops new therapeutic product candidates using its antibody-based technology platforms and also in partnership with other biopharmaceutical companies. The Company has a pipeline of product candidates in human clinical testing primarily against various cancers. These include two product candidates developed using Fc Optimization platform namely margetuximab an antibody for the treatment of certain types of metastatic breast cancers and gastroesophageal cancers and MGA271 an antibody to impact various tumors through multiple potential mechanisms of action. In addition the Company has created different product candidates based on Dual-Affinity Re-Targetingr (DART) platform.

MacroGenics Inc

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