Metagenomi’s (MGX) Buy Rating Reaffirmed at HC Wainwright

HC Wainwright reissued their buy rating on shares of Metagenomi (NASDAQ:MGX) in a report issued on Tuesday,Benzinga reports. HC Wainwright currently has a $7.00 target price on the stock.

Other equities research analysts have also issued reports about the company. Chardan Capital reduced their price objective on Metagenomi from $12.00 to $11.00 and set a “buy” rating for the company in a research note on Friday, August 15th. Wells Fargo & Company reduced their price objective on Metagenomi from $16.00 to $12.00 and set an “overweight” rating for the company in a research note on Thursday, August 14th. Finally, Wall Street Zen lowered Metagenomi from a “hold” rating to a “strong sell” rating in a research note on Thursday, May 22nd. Three investment analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, Metagenomi presently has a consensus rating of “Buy” and a consensus price target of $10.00.

Metagenomi Stock Performance

Shares of NASDAQ MGX opened at $1.83 on Tuesday. The stock has a fifty day moving average price of $1.90 and a two-hundred day moving average price of $1.84. The firm has a market cap of $68.69 million, a P/E ratio of -0.78 and a beta of -0.12. Metagenomi has a 1 year low of $1.23 and a 1 year high of $4.92.

Metagenomi (NASDAQ:MGX) last released its quarterly earnings data on Tuesday, August 12th. The company reported ($0.54) earnings per share for the quarter, topping the consensus estimate of ($0.68) by $0.14. The business had revenue of $8.51 million during 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%. On average, research analysts predict that Metagenomi will post -2.46 earnings per share for the current fiscal year.

Institutional Trading of Metagenomi

Several hedge funds and other institutional investors have recently modified their holdings of MGX. Pura Vida Investments LLC boosted its position in shares of Metagenomi by 260.1% in the second quarter. Pura Vida Investments LLC now owns 952,134 shares of the company’s stock worth $1,409,000 after buying an additional 687,743 shares during the period. Norges Bank purchased a new stake in shares of Metagenomi during the second quarter worth $373,000. Geode Capital Management LLC raised its holdings in shares of Metagenomi by 73.8% during the fourth quarter. Geode Capital Management LLC now owns 587,421 shares of the company’s stock worth $2,121,000 after acquiring an additional 249,390 shares in the last quarter. Jane Street Group LLC purchased a new stake in shares of Metagenomi during the second quarter worth $235,000. Finally, Peapod Lane Capital LLC raised its holdings in shares of Metagenomi by 44.2% during the second quarter. Peapod Lane Capital LLC now owns 508,109 shares of the company’s stock worth $752,000 after acquiring an additional 155,652 shares in the last quarter.

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.