Metagenomi (NASDAQ:MGX) Issues Earnings Results

Metagenomi (NASDAQ:MGX) announced its earnings results on Tuesday. The company reported ($0.55) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.60) by $0.05, Zacks reports. Metagenomi had a negative net margin of 287.06% and a negative return on equity of 41.38%. The firm had revenue of $8.66 million during the quarter, compared to analyst estimates of $7.82 million.

Metagenomi Trading Down 15.5%

MGX stock opened at $1.86 on Thursday. Metagenomi has a 12-month low of $1.23 and a 12-month high of $4.92. The stock’s 50 day simple moving average is $2.43 and its 200 day simple moving average is $2.02. The stock has a market capitalization of $69.81 million, a PE ratio of -0.77 and a beta of 0.31.

Hedge Funds Weigh In On Metagenomi

A number of institutional investors and hedge funds have recently modified their holdings of MGX. Norges Bank purchased a new stake in Metagenomi during the second quarter valued at approximately $373,000. Jane Street Group LLC bought a new position in Metagenomi in the 2nd quarter worth $235,000. Marshall Wace LLP purchased a new position in Metagenomi during the second quarter valued at $222,000. AQR Capital Management LLC bought a new stake in Metagenomi during the first quarter valued at about $119,000. Finally, JPMorgan Chase & Co. increased its position in Metagenomi by 4,155.7% in the third quarter. JPMorgan Chase & Co. now owns 62,559 shares of the company’s stock worth $148,000 after buying an additional 61,089 shares in the last quarter.

Analyst Ratings Changes

Several equities analysts have commented on the stock. Wells Fargo & Company decreased their price objective on shares of Metagenomi from $16.00 to $12.00 and set an “overweight” rating on the stock in a report on Thursday, August 14th. Chardan Capital lowered their price objective on shares of Metagenomi from $12.00 to $11.00 and set a “buy” rating for the company in a research report on Friday, August 15th. Weiss Ratings reissued a “sell (e+)” rating on shares of Metagenomi in a research note on Friday, October 31st. HC Wainwright reiterated a “buy” rating and issued a $7.00 target price on shares of Metagenomi in a research report on Tuesday, August 19th. Finally, Wall Street Zen raised shares of Metagenomi from a “sell” rating to a “hold” rating in a research note on Saturday, October 25th. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $10.00.

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.