Why MacroGenics Stock Tumbled Today
The market wasn't in the mood to test MacroGenics (NASDAQ: MGNX) as an investment on Friday. The clinical-stage biotech's share price fell by almost 5%, a movement influenced greatly by an analyst's recommendation downgrade, mixed with a dash of profit-taking. By contrast, the S&P 500 index dipped by a little over 1% that day.
Before market open, Guggenheim prognosticator Charles Zhu changed his recommendation on MacroGenics stock. He now has it tagged as a neutral; previously he felt it was a buy.
Zhu's reasoning behind the downgrade wasn't immediately available. However, it came very quickly on the heels of MacroGenics' latest annual earnings report, which many investors took positively. There was quite a bit to like in the numbers, particularly the near-doubling of revenue over the 2021 tally, and a net loss that was considerably narrower than its predecessor's.
Source Fool.com
