The stock of MacroGenics, Inc. (NASDAQ:MGNX) is now priced at $26.33 and the shares are -2.61 points down or -9.02% lower compared to its previous closing price of $28.94. The stock had 1.039 million contracts set over the past session. MGNX shares’ daily volume is compared to its average trading volume at 753175 shares. However, it has a float of 49.24 million and although its performance was -3.69% over the week, it’s one to watch. Analysts have given the MGNX stock a yearly average price target of $29 per share. It means the stock’s upside potential is 10.14% with the MGNX share price recently placing at $24.69 to $28.82. However, some brokerage firms have priced the stock below the average, including one that has called $8.
The shorts are running away from the MacroGenics, Inc. stock, with the latest data on short interest released on August 14, 2020, showing that short interest numbers in the MGNX shares have declined. Short interest in the stock represents just 7.85% of its float, but the volume has dropped by -299345. The volume of shorted shares dropped to 3.865 million from 4.165 million shares over the last two weeks. The average intraday trading volume has been 337183 shares, which means that days to cover moved to roughly 11.463093.
In the last trading session, MacroGenics, Inc. (NASDAQ:MGNX) dropped by -$1.01 over the week and lost -$0.25 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $32.18. The stock recorded its established 52-week high on 07/08/20.
Since 03/18/20, the stock has traded to a low of $4.04 at 551.73%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge. The stock has a beta allocation of 2.56. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, MacroGenics, Inc.’s two-week RSI is 46.22. This suggests that the stock is neutral at the moment and that MGNX shares’ price movement remains stable. The stochastic readings are equally revealing at 63.74% meaning the MGNX share price is currently in neutral territory.
The technical chart shows that the MGNX stock will likely settle at between $28.54 and $30.74 per share. However, if the stock dips below $24.41, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $22.48.
Currently, the stock is trading in the green of MACD, with a reading of 0.53. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at Citigroup cut their recommendation for MGNX from Buy to Neutral in August 03 review while maintai their target price of $25 to $26. Guggenheim analysts upgraded their recommendation of the stock from Neutral to Buy in a flash note released to investors on June 01. H.C. Wainwright analysts see the stock as Buy. Nonetheless, the analysts revised the share prices up on May 26, placing it at $40 from $22.
The average rating for the MGNX equity is 1.83 and is currently gathering a bullish momentum. Of 12 analysts tracking MacroGenics, Inc. polled by Reuters, 1 rated MGNX as a hold. The remaining 11 analysts were split evenly. However, the split wasn’t equal as a majority (9) rated it as a buy or strong buy. 2 analyst advised investors against buying the stock or to sell if they own any of the stock.
Zacks Consensus Estimate forecasts that the current-quarter revenues for MacroGenics, Inc. (NASDAQ:MGNX) will decrease by about -99.92%, which will see them reach $15.98 million. The company’s full-year revenues are, however, expected to increase by about 3.96%, up from $64.19 million to $66.73 million. MGNX’s expected adjusted earnings should surge almost 1.1% to end up at -$0.92 per share, while for the fiscal year, analysts project the company’s earnings to grow by about 14.87% to record -$3.63/share.