HC Wainwright Lowers Metagenomi (NASDAQ:MGX) Price Target to $7.00

Metagenomi (NASDAQ:MGX) had its target price reduced by stock analysts at HC Wainwright from $14.00 to $7.00 in a research report issued on Thursday,Benzinga reports. The firm currently has a “buy” rating on the stock. HC Wainwright’s target price indicates a potential upside of 396.45% from the company’s current price.

Separately, Wells Fargo & Company cut their price objective on Metagenomi from $25.00 to $20.00 and set an “overweight” rating on the stock in a research note on Tuesday, March 18th. One research analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $13.00.

Metagenomi Trading Up 11.9 %

MGX stock opened at $1.41 on Thursday. The firm has a 50 day simple moving average of $2.10 and a 200-day simple moving average of $2.39. The company has a market capitalization of $52.71 million, a P/E ratio of -0.54 and a beta of -0.27. Metagenomi has a twelve month low of $1.23 and a twelve month high of $10.57.

Metagenomi (NASDAQ:MGX) last posted its quarterly earnings data on Monday, March 17th. The company reported ($0.63) EPS for the quarter, missing analysts’ consensus estimates of ($0.62) by ($0.01). The company had revenue of $9.61 million for the quarter, compared to the consensus estimate of $13.18 million. Metagenomi had a negative net margin of 134.27% and a negative return on equity of 43.23%. During the same quarter last year, the company earned ($20.05) earnings per share. On average, research analysts predict that Metagenomi will post -2.46 EPS for the current year.

Hedge Funds Weigh In On Metagenomi

A number of hedge funds and other institutional investors have recently bought and sold shares of MGX. Geode Capital Management LLC boosted 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 valued at $2,121,000 after acquiring an additional 249,390 shares during the period. Norges Bank bought a new stake in Metagenomi in the 4th quarter valued at about $1,300,000. Peapod Lane Capital LLC acquired a new position in Metagenomi during the 4th quarter valued at about $1,268,000. Northern Trust Corp grew its position in Metagenomi by 185.6% in the 4th quarter. Northern Trust Corp now owns 223,934 shares of the company’s stock worth $808,000 after purchasing an additional 145,536 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. increased its stake in shares of Metagenomi by 209.4% in the third quarter. Jacobs Levy Equity Management Inc. now owns 136,624 shares of the company’s stock valued at $296,000 after purchasing an additional 92,468 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.