MGNX - Why MacroGenics Stock Inched Higher on Monday
2023-03-20 18:59:53 ET
The stock of cancer-focused biotech MacroGenics (NASDAQ: MGNX) was off to a good start this week. It received a nice price bump on the back of two price-target hikes by pundits following the stock. The shares closed the day higher by 0.6%, which nearly met the 0.9% increase of the S&P 500 index.
Analysts are continuing to revise their takes on MacroGenics stock, following the company's release of its annual earnings report after market hours last Wednesday. Investors were encouraged by the jump in revenue over the 2021 figure, and the significant narrowing of the company's net loss.
It wasn't immediately clear why either H.C. Wainwright analyst Debjit Chattopadhyay or his peer Kaveri Pohlman at BTIG raised their price targets on MacroGenics. Regardless, both are now more bullish on the company in the wake of that 2022 performance.
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Why MacroGenics Stock Inched Higher on Monday