Fortitude Advisory Group L.L.C. Has $54,000 Position in Metagenomi, Inc. (NASDAQ:MGX)

Fortitude Advisory Group L.L.C. cut its holdings in shares of Metagenomi, Inc. (NASDAQ:MGX) by 51.4% during the 1st quarter, Holdings Channel reports. The institutional investor owned 36,790 shares of the company’s stock after selling 38,950 shares during the quarter. Fortitude Advisory Group L.L.C.’s holdings in Metagenomi were worth $54,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the business. Geode Capital Management LLC raised its stake 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 last quarter. Rhumbline Advisers increased its holdings in Metagenomi by 123.3% in the fourth quarter. Rhumbline Advisers now owns 11,998 shares of the company’s stock valued at $43,000 after purchasing an additional 6,626 shares during the period. Wells Fargo & Company MN raised its position in Metagenomi by 54.5% during the 4th quarter. Wells Fargo & Company MN now owns 95,188 shares of the company’s stock worth $344,000 after purchasing an additional 33,582 shares during the last quarter. Voya Investment Management LLC acquired a new position in Metagenomi during the 4th quarter worth about $37,000. Finally, JPMorgan Chase & Co. lifted its holdings in Metagenomi by 811.6% during the 4th quarter. JPMorgan Chase & Co. now owns 73,031 shares of the company’s stock worth $264,000 after buying an additional 65,020 shares during the period.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on MGX shares. Chardan Capital decreased their price target on Metagenomi from $13.00 to $12.00 and set a “buy” rating for the company in a research note on Thursday, May 15th. Wells Fargo & Company reissued an “overweight” rating and set a $16.00 target price (down previously from $20.00) on shares of Metagenomi in a research report on Wednesday, May 14th. Wall Street Zen downgraded shares of Metagenomi from a “hold” rating to a “strong sell” rating in a research report on Thursday, May 22nd. Finally, HC Wainwright reduced their price objective on shares of Metagenomi from $14.00 to $7.00 and set a “buy” rating on the stock in a research note on Thursday, April 3rd. One investment analyst has rated the stock with a sell rating and four have given a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $13.00.

Metagenomi Price Performance

Shares of Metagenomi stock opened at $1.44 on Tuesday. Metagenomi, Inc. has a one year low of $1.23 and a one year high of $5.63. The stock’s 50-day moving average is $1.60 and its 200 day moving average is $2.23. The firm has a market cap of $53.83 million, a price-to-earnings ratio of -0.68 and a beta of -0.33.

Metagenomi (NASDAQ:MGX) last posted its quarterly earnings results on Tuesday, May 13th. The company reported ($0.68) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.62) by ($0.06). The business had revenue of $4.13 million for the quarter, compared to the consensus estimate of $8.75 million. Metagenomi had a negative return on equity of 43.23% and a negative net margin of 134.27%. On average, sell-side analysts expect that Metagenomi, Inc. 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.