Metagenomi (NASDAQ:MGX) Shares Up 22% - What's Next?

Shares of Metagenomi, Inc. (NASDAQ:MGX - Get Free Report) traded up 22% on Wednesday . The stock traded as high as $2.47 and last traded at $2.33. 3,905,574 shares traded hands during mid-day trading, an increase of 353% from the average session volume of 861,412 shares. The stock had previously closed at $1.91.

Analyst Ratings Changes

A number of research firms have recently issued reports on MGX. Chardan Capital dropped their price target on Metagenomi from $13.00 to $12.00 and set a "buy" rating on the stock in a research report on Thursday, May 15th. HC Wainwright lowered their price objective on shares of Metagenomi from $14.00 to $7.00 and set a "buy" rating for the company in a research note on Thursday, April 3rd. Wall Street Zen downgraded shares of Metagenomi from a "hold" rating to a "strong sell" rating in a research report on Thursday, May 22nd. Finally, Wells Fargo & Company restated an "overweight" rating and issued a $16.00 price target (down previously from $20.00) on shares of Metagenomi in a report on Wednesday, May 14th. One investment analyst has rated the stock with a sell rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $13.00.

Metagenomi Stock Performance

The stock has a market capitalization of $81.49 million, a PE ratio of -1.03 and a beta of -0.38. The business has a 50 day moving average of $1.63 and a two-hundred day moving average of $2.02.

Metagenomi (NASDAQ:MGX - Get Free Report) last announced its earnings results on Tuesday, May 13th. The company reported ($0.68) EPS for the quarter, missing analysts' consensus estimates of ($0.62) by ($0.06). The firm had revenue of $4.13 million during the quarter, compared to the consensus estimate of $8.75 million. Metagenomi had a negative return on equity of 31.21% and a negative net margin of 172.21%. On average, equities analysts expect that Metagenomi, Inc. will post -2.46 EPS for the current fiscal year.

Hedge Funds Weigh In On Metagenomi

A number of large investors have recently made changes to their positions in the business. Bank of New York Mellon Corp purchased a new stake in shares of Metagenomi during the fourth quarter worth about $130,000. Charles Schwab Investment Management Inc. grew its position in Metagenomi by 344.9% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 65,753 shares of the company's stock worth $237,000 after purchasing an additional 50,974 shares during the last quarter. Sei Investments Co. purchased a new stake in Metagenomi during the 4th quarter worth approximately $100,000. Corebridge Financial Inc. increased its stake in Metagenomi by 303.1% during the 4th quarter. Corebridge Financial Inc. now owns 13,602 shares of the company's stock valued at $49,000 after purchasing an additional 10,228 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its holdings in shares of Metagenomi by 811.6% in the fourth quarter. JPMorgan Chase & Co. now owns 73,031 shares of the company's stock worth $264,000 after buying an additional 65,020 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.