Metagenomi (NASDAQ:MGX) Releases Earnings Results, Beats Estimates 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) issued its quarterly earnings results on Tuesday. The company reported ($0.54) EPS for the quarter, topping analysts' consensus estimates of ($0.68) by $0.14, Zacks reports. Metagenomi had a negative return on equity of 31.21% and a negative net margin of 172.21%. The company had revenue of $8.51 million during the quarter, compared to analyst estimates of $7.72 million.

Metagenomi Price Performance

Shares of NASDAQ:MGX opened at $1.88 on Wednesday. The business's fifty day moving average price is $1.88 and its two-hundred day moving average price is $1.87. The stock has a market capitalization of $70.27 million, a price-to-earnings ratio of -0.89 and a beta of -0.12. Metagenomi has a fifty-two week low of $1.23 and a fifty-two week high of $4.92.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on MGX. Wells Fargo & Company reiterated an "overweight" rating and set a $16.00 price target (down from $20.00) on shares of Metagenomi in a report on Wednesday, May 14th. Wall Street Zen cut Metagenomi from a "hold" rating to a "strong sell" rating in a research report on Thursday, May 22nd. Finally, Chardan Capital lowered their price objective on Metagenomi from $13.00 to $12.00 and set a "buy" rating on the stock in a research report on Thursday, May 15th. One analyst has rated the stock with a sell rating and four have issued a buy rating to the company's stock. Based on data from MarketBeat, Metagenomi currently has a consensus rating of "Moderate Buy" and an average target price of $13.00.

Institutional Trading of Metagenomi

An institutional investor recently raised its position in Metagenomi stock. Bank of America Corp DE grew its holdings in Metagenomi, Inc. (NASDAQ:MGX - Free Report) by 482.9% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 21,113 shares of the company's stock after acquiring an additional 17,491 shares during the quarter. Bank of America Corp DE owned 0.06% of Metagenomi worth $76,000 at the end of the most recent reporting period.

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.