Chardan Capital Cuts 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 - Get Free Report) had its target price reduced by investment analysts at Chardan Capital from $12.00 to $11.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm presently has a "buy" rating on the stock. Chardan Capital's price objective indicates a potential upside of 491.40% from the stock's current price.

MGX has been the topic of several other research reports. Wells Fargo & Company dropped their price objective on shares of Metagenomi from $16.00 to $12.00 and set an "overweight" rating on the stock in a research note on Thursday. Wall Street Zen cut shares of Metagenomi from a "hold" rating to a "strong sell" rating in a research report on Thursday, May 22nd. One investment analyst has rated the stock with a sell rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, Metagenomi presently has a consensus rating of "Moderate Buy" and a consensus price target of $11.75.

Metagenomi Price Performance

Metagenomi stock traded down $0.04 during midday trading on Friday, hitting $1.86. 226,977 shares of the stock were exchanged, compared to its average volume of 696,632. Metagenomi has a 1 year low of $1.23 and a 1 year high of $4.92. The firm has a market cap of $69.81 million, a P/E ratio of -0.79 and a beta of -0.12. The company has a 50 day moving average price of $1.89 and a two-hundred day moving average price of $1.86.

Metagenomi (NASDAQ:MGX - Get Free Report) last released its quarterly earnings results on Tuesday, August 12th. The company reported ($0.54) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.68) by $0.14. The firm had revenue of $8.51 million for the quarter, compared to the consensus estimate of $7.72 million. Metagenomi had a negative net margin of 257.99% and a negative return on equity of 37.84%. As a group, analysts predict that Metagenomi will post -2.46 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in MGX. Pura Vida Investments LLC lifted 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 valued at $1,409,000 after purchasing an additional 687,743 shares during the last quarter. Norges Bank acquired a new stake in Metagenomi during the second quarter valued at approximately $373,000. Geode Capital Management LLC lifted its stake in 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 purchasing an additional 249,390 shares during the last quarter. Jane Street Group LLC acquired a new stake in Metagenomi during the second quarter valued at approximately $235,000. Finally, Peapod Lane Capital LLC lifted its stake in Metagenomi by 44.2% during the second 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 last quarter.

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.

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