Chardan Capital Lowers Metagenomi (NASDAQ:MGX) Price Target to $11.00

Key Points

• Chardan Capital reduced its price target for Metagenomi (NASDAQ:MGX) from $12.00 to $11.00, while maintaining a "buy" rating, indicating a potential upside of 491.40% from the current stock price.
• Metagenomi reported earnings of ($0.54) per share in its latest quarterly results, surpassing expectations, and generated revenues of $8.51 million.
• Institutional investors have been actively adjusting their stakes in Metagenomi, with notable increases from firms like Pura Vida Investments, which increased its stake by 260.1% during the second quarter.

Metagenomi (NASDAQ:MGX - Free Report) had its price target trimmed by Chardan Capital from $12.00 to $11.00 in a research note released on Friday morning,Benzinga reports. The firm currently has a buy rating on the stock.

Several other research analysts also recently issued reports on MGX. Wall Street Zen downgraded Metagenomi from a "hold" rating to a "strong sell" rating in a research note on Thursday, May 22nd. Wells Fargo & Company reduced their target price 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. Three investment analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the company has an average rating of "Buy" and an average price target of $10.00.

Metagenomi Price Performance

Shares of NASDAQ MGX traded up $0.02 during mid-day trading on Friday, hitting $1.85. 143,955 shares of the stock traded hands, compared to its average volume of 566,768. The company has a market cap of $69.43 million, a PE ratio of -0.78 and a beta of -0.12. Metagenomi has a twelve month low of $1.23 and a twelve month high of $4.92. The firm has a 50 day simple moving average of $1.91 and a two-hundred day simple moving average of $1.84.

Metagenomi (NASDAQ:MGX - Get Free Report) last issued its earnings results on Tuesday, August 12th. The company reported ($0.54) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.68) by $0.14. The business had revenue of $8.51 million during the quarter, compared to analysts' expectations of $7.72 million. Metagenomi had a negative return on equity of 37.84% and a negative net margin of 257.99%. On average, equities research analysts anticipate that Metagenomi will post -2.46 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Metagenomi

Several large investors have recently modified their holdings of MGX. Pura Vida Investments LLC raised its stake in Metagenomi by 260.1% during 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 last quarter. Norges Bank acquired a new stake in Metagenomi during the 2nd quarter worth about $373,000. Geode Capital Management LLC raised its position in shares of Metagenomi by 73.8% in the 4th 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 bought a new position in shares of Metagenomi in the 2nd quarter worth about $235,000. Finally, Peapod Lane Capital LLC lifted its stake in shares of Metagenomi by 44.2% in the 2nd quarter. Peapod Lane Capital LLC now owns 508,109 shares of the company's stock valued at $752,000 after purchasing an additional 155,652 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.