Is it a good time to sell Magenta Therapeutics Inc. [MGTA] shares after an insider sold 1,500,000 shares?


Magenta Therapeutics Inc.’s recent filing unveils that its 10% Owner Third Rock Ventures IV, L.P. unloaded Company’s shares for reported $1.23 million on Feb 08. In the deal valued at $0.82 per share,1,500,000 shares were sold. As a result of this transaction, Third Rock Ventures IV, L.P. now holds 3,058,204 shares worth roughly $ 2.32 million.

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Then, Third Rock Ventures IV, L.P. sold 2,200,000 shares, generating $1,826,000 in total proceeds. Upon selling the shares at $0.83, the 10% Owner now owns 4,558,204 shares.

Goldman downgraded its Magenta Therapeutics Inc. [MGTA] rating to a Neutral from a a Buy in a research note published on Monday. PT values the company’s stock at a premium of 62.0 to its Monday closing price. A number of analysts have revised their coverage, including Goldman’s analysts, who increased its forecast for the stock in early January from “a Neutral” to “a Buy”. JP Morgan revised its rating on August 03, 2021. It rated MGTA as “a Neutral” which previously was an “an Overweight”.

Price Performance Review of MGTA

On Monday, Magenta Therapeutics Inc. [NASDAQ:MGTA] saw its stock jump 1.33% to $0.76. On the same session, the stock had its day’s lowest price of $0.7051, but rose to a high of $0.79. Over the last five days, the stock has lost -3.80%. Magenta Therapeutics Inc. shares have risen nearly 92.41% since the year began. Nevertheless, the stocks have fallen -73.52% over the past one year. While a 52-week high of $3.62 was reached on 02/03/23, a 52-week low of $0.32 was recorded on 01/26/23. SMA at 50 days reached $0.6573, while 200 days put it at $1.2141. A total of 0.51 million shares were traded, compared to the trading of 0.76 million shares in the previous session.

Levels Of Support And Resistance For MGTA Stock

The 24-hour chart illustrates a support level at 0.7134, which if violated will result in even more drops to 0.6668. On the upside, there is a resistance level at 0.7983. A further resistance level may holdings at 0.8366. The Relative Strength Index (RSI) on the 14-day chart is 48.80, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at -0.0398, which suggests price will go down in the next trading period. Percent R suggests that price movement has been low at 60.38%. Stochastics %K at 24.87% indicates the stock is a holding.

How much short interest is there in Magenta Therapeutics Inc.?

A steep rise in short interest was recorded in Magenta Therapeutics Inc. stocks on Jan 30, 2023, dropping by -0.53 million shares to a total of 0.42 million shares. Yahoo Finance data shows the prior-month short interest on Dec 29, 2022 was 0.95 million shares. There was a decline of -125.21%, which implies that there is a negative sentiment for the stock. In spite of short shares comprising just 0.87% of the overall stock float, the days-to-cover ratio (short ratio) fell to 0.31.

Magenta Therapeutics Inc. [MGTA] – Who Are The Largest Shareholders?

In filings from Tang Capital Management LLC, it is revealed that the company now owns 5,880,933 shares, or roughly 9.71% of the outstanding MGTA shares. Additionally, Deep Track Capital LP decreased -44.02% of its stake after which the total value it holdings stand at $2,421,000, while Millennium Management LLC added 10.41% of its stake to hold $1.87 million in the firm. Over the last quarter, The Vanguard Group, Inc. purchased 806 shares of Magenta Therapeutics Inc., while Adage Capital Management LP bought 50,000 shares. At present, Renaissance Technologies LLC is holding 587,922 shares valued at $0.47 million. Laurion Capital Management LP owned 582,300 shares of the company at the time of its most recent 13F filing, worth $0.47 million.

According to FactSet, Magenta Therapeutics Inc.’s share price will average $2.00 in the next year, based on opinions of analysts polled by the firm. This is up nearly 166.67 percent from its previous closing price of $0.75. Analysts expect Magenta Therapeutics Inc. stock to reach the higher price of $3.00, while the lowest price estimate is $1.00. However, 3 analysts have rated MGTA stock as a Hold in their predictions for 2023. The most recent change occurred on July 22, 2021 when B. Riley Securities resumed its ‘”a Buy”‘ rating for the stock and retained the price target to $19.


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