Metagenomi (NASDAQ:MGX) Releases Earnings Results, Beats Expectations By $0.14 EPS

Key Points

• Metagenomi reported an earnings per share of ($0.54), exceeding analysts' estimates by $0.08, although it still maintains a negative net margin of 172.21%.
• Despite the earnings beat, several analysts have downgraded their price targets for Metagenomi, with Chardan Capital reducing it to $12.00 and Wells Fargo lowering it to $16.00.
• Shares of Metagenomi rose by 2.7% following the earnings announcement, reaching $1.88 during trading.

Metagenomi (NASDAQ:MGX - Get Free Report) posted its earnings results on Tuesday. The company reported ($0.54) EPS for the quarter, beating the consensus estimate of ($0.68) by $0.14, Zacks reports. The firm had revenue of $8.51 million for the quarter, compared to analyst estimates of $7.72 million. Metagenomi had a negative return on equity of 37.84% and a negative net margin of 257.99%.

Metagenomi Stock Performance

Shares of MGX stock traded down $0.04 during mid-day trading on Friday, hitting $1.86. 227,602 shares of the stock were exchanged, compared to its average volume of 631,177. The stock's fifty day simple moving average is $1.89 and its two-hundred day simple moving average is $1.85. The stock has a market capitalization of $69.81 million, a price-to-earnings ratio of -0.79 and a beta of -0.12. Metagenomi has a 12-month low of $1.23 and a 12-month high of $4.92.

Institutional Investors Weigh In On Metagenomi

Several hedge funds have recently made changes to their positions in the business. Jane Street Group LLC acquired a new stake in shares of Metagenomi during the second quarter worth about $235,000. Marshall Wace LLP acquired a new stake in shares of Metagenomi during the second quarter worth about $222,000. Norges Bank acquired a new stake in shares of Metagenomi during the second quarter worth about $373,000. AQR Capital Management LLC acquired a new stake in Metagenomi in the first quarter valued at about $119,000. Finally, Bank of America Corp DE lifted its position in Metagenomi by 482.9% in the fourth quarter. Bank of America Corp DE now owns 21,113 shares of the company's stock valued at $76,000 after purchasing an additional 17,491 shares during the period.

Analyst Upgrades and Downgrades

Several research firms recently commented on MGX. Wall Street Zen lowered Metagenomi from a "hold" rating to a "strong sell" rating in a report on Thursday, May 22nd. Chardan Capital dropped their price objective on Metagenomi from $12.00 to $11.00 and set a "buy" rating on the stock in a report on Friday. Finally, Wells Fargo & Company dropped their price objective on Metagenomi from $16.00 to $12.00 and set an "overweight" rating on the stock in a report on Thursday.

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.