Brokerages Set Metagenomi, Inc. (NASDAQ:MGX) PT at $10.00

Metagenomi, Inc. (NASDAQ:MGX) has been assigned a consensus recommendation of “Moderate Buy” from the five research firms that are covering the stock, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell rating, three have issued a buy rating and one has issued a strong buy rating on the company. The average twelve-month target price among brokers that have updated their coverage on the stock in the last year is $10.00.

MGX has been the topic of several research reports. Wells Fargo & Company lowered their target price on Metagenomi from $16.00 to $12.00 and set an “overweight” rating on the stock in a report on Thursday, August 14th. Zacks Research upgraded Metagenomi from a “hold” rating to a “strong-buy” rating in a research report on Friday, October 17th. Weiss Ratings restated a “sell (d-)” rating on shares of Metagenomi in a research report on Wednesday, October 8th. Chardan Capital reduced their price objective on Metagenomi from $12.00 to $11.00 and set a “buy” rating on the stock in a research report on Friday, August 15th. Finally, HC Wainwright restated a “buy” rating and issued a $7.00 price objective on shares of Metagenomi in a research report on Tuesday, August 19th.

Institutional Trading of Metagenomi

Several institutional investors and hedge funds have recently made changes to their positions in MGX. Vanguard Personalized Indexing Management LLC lifted its position in shares of Metagenomi by 53.1% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 21,515 shares of the company’s stock valued at $32,000 after acquiring an additional 7,458 shares in the last quarter. Virtu Financial LLC purchased a new stake in shares of Metagenomi in the first quarter valued at $43,000. Bank of New York Mellon Corp lifted its position in shares of Metagenomi by 39.6% in the first quarter. Bank of New York Mellon Corp now owns 50,387 shares of the company’s stock valued at $69,000 after acquiring an additional 14,296 shares in the last quarter. Bank of America Corp DE lifted its position in shares of Metagenomi by 482.9% in the fourth quarter. Bank of America Corp DE now owns 21,113 shares of the company’s stock valued at $76,000 after acquiring an additional 17,491 shares in the last quarter. Finally, Nuveen LLC purchased a new stake in shares of Metagenomi in the first quarter valued at $86,000.

Metagenomi Stock Performance

Metagenomi stock opened at $2.78 on Tuesday. The firm has a market capitalization of $104.33 million, a price-to-earnings ratio of -1.18 and a beta of 0.27. Metagenomi has a fifty-two week low of $1.23 and a fifty-two week high of $4.92. The stock’s fifty day moving average is $2.28 and its two-hundred day moving average is $1.94.

Metagenomi (NASDAQ:MGX) last posted its earnings results on Tuesday, August 12th. The company reported ($0.54) earnings per share for the quarter, beating the consensus estimate 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%. As a group, sell-side analysts forecast that Metagenomi will post -2.46 EPS for the current fiscal year.

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.