Wells Fargo & Company Cuts Metagenomi (NASDAQ:MGX) Price Target to $12.00

Metagenomi (NASDAQ:MGX) had its price target decreased by Wells Fargo & Company from $16.00 to $12.00 in a report published on Thursday morning,Benzinga reports. Wells Fargo & Company currently has an overweight rating on the stock.

A number of other research analysts have also commented on the company. Chardan Capital lowered their price target on Metagenomi from $13.00 to $12.00 and set a “buy” rating on the stock in a report on Thursday, May 15th. Wall Street Zen lowered Metagenomi from a “hold” rating to a “strong sell” rating in a report on Thursday, May 22nd.

Metagenomi Stock Performance

Shares of MGX opened at $1.86 on Thursday. The firm has a market capitalization of $69.81 million, a price-to-earnings ratio of -0.79 and a beta of -0.12. Metagenomi has a one year low of $1.23 and a one year high of $4.92. The stock’s fifty day moving average is $1.89 and its 200-day moving average is $1.85.

Metagenomi (NASDAQ:MGX) last issued its quarterly earnings results on Tuesday, August 12th. The company reported ($0.54) EPS for the quarter, beating analysts’ consensus estimates of ($0.68) by $0.14. The company had revenue of $8.51 million for the quarter, compared to analyst estimates of $7.72 million. Metagenomi had a negative return on equity of 37.84% and a negative net margin of 257.99%. Analysts forecast that Metagenomi will post -2.46 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Voya Investment Management LLC acquired a new position in Metagenomi during the fourth quarter worth about $37,000. Price T Rowe Associates Inc. MD acquired a new position in shares of Metagenomi in the 4th quarter valued at $39,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Metagenomi by 338.7% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 15,193 shares of the company’s stock valued at $55,000 after purchasing an additional 11,730 shares during the period. Bank of America Corp DE boosted its position in shares of Metagenomi by 482.9% in the 4th quarter. Bank of America Corp DE now owns 21,113 shares of the company’s stock valued at $76,000 after purchasing an additional 17,491 shares during the period. Finally, Vanguard Personalized Indexing Management LLC boosted its position in shares of Metagenomi by 53.1% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 21,515 shares of the company’s stock valued at $32,000 after purchasing an additional 7,458 shares during the period.

About Metagenomi

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.