Metagenomi, Inc. (NASDAQ:MGX) Short Interest Down 18.9% in May

Metagenomi, Inc. (NASDAQ:MGX) saw a large drop in short interest during the month of May. As of May 15th, there was short interest totalling 2,400,000 shares, a drop of 18.9% from the April 30th total of 2,960,000 shares. Currently, 11.0% of the shares of the company are short sold. Based on an average daily volume of 370,900 shares, the short-interest ratio is currently 6.5 days.

Metagenomi Stock Up 3.5%

Shares of NASDAQ:MGX opened at $1.76 on Tuesday. The company has a market cap of $65.79 million, a price-to-earnings ratio of -0.83 and a beta of -0.65. The firm’s 50-day simple moving average is $1.56 and its 200-day simple moving average is $2.24. Metagenomi has a fifty-two week low of $1.23 and a fifty-two week high of $6.90.

Metagenomi (NASDAQ:MGX) last issued its earnings results on Tuesday, May 13th. The company reported ($0.68) earnings per share for the quarter, missing the consensus estimate of ($0.62) by ($0.06). The firm had revenue of $4.13 million during the quarter, compared to analysts’ expectations of $8.75 million. Metagenomi had a negative net margin of 134.27% and a negative return on equity of 43.23%. On average, research analysts forecast that Metagenomi will post -2.46 EPS for the current year.

Institutional Trading of Metagenomi

Hedge funds and other institutional investors have recently made changes to their positions in the stock. SG Americas Securities LLC acquired a new position in Metagenomi during the fourth quarter worth about $43,000. Spire Wealth Management acquired a new position in Metagenomi during the fourth quarter worth about $267,000. Peapod Lane Capital LLC acquired a new position in Metagenomi during the fourth quarter worth about $1,268,000. Rhumbline Advisers raised its position in Metagenomi by 123.3% during the fourth quarter. Rhumbline Advisers now owns 11,998 shares of the company’s stock worth $43,000 after acquiring an additional 6,626 shares during the last quarter. Finally, Good Life Advisors LLC acquired a new position in Metagenomi during the fourth quarter worth about $451,000.

Analyst Upgrades and Downgrades

MGX has been the topic of several research reports. Wells Fargo & Company reissued an “overweight” rating and set a $16.00 price objective (down from $20.00) on shares of Metagenomi in a research report on Wednesday, May 14th. HC Wainwright lowered their price objective on shares of Metagenomi from $14.00 to $7.00 and set a “buy” rating on the stock in a research report on Thursday, April 3rd. Chardan Capital lowered their price objective on shares of Metagenomi from $13.00 to $12.00 and set a “buy” rating on the stock in a research report on Thursday, May 15th. Finally, Wall Street Zen downgraded shares of Metagenomi from a “hold” rating to a “strong sell” rating in a research report on Thursday, May 22nd. One investment analyst has rated the stock with a sell rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Metagenomi currently has an average rating of “Moderate Buy” and a consensus price target of $13.00.

Metagenomi Company Profile

Metagenomi, Inc, a genetic medicines company, develops therapeutics for patients using metagenomics-derived genome editing toolbox in the United States. The company's genome editing toolbox includes programmable nucleases, base editors, and RNA and DNA-mediated integration systems, such as prime editing systems and clustered regularly interspaced short palindromic repeat-associated transposases.