Metagenomi (NASDAQ:MGX) Shares Up 22% - Should You Buy?

Metagenomi, Inc. (NASDAQ:MGX - Get Free Report)'s share price shot up 22% during trading on Wednesday . The company traded as high as $2.47 and last traded at $2.33. 3,905,574 shares changed 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.

Analysts Set New Price Targets

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

Metagenomi Stock Down 5.2%

The firm has a market capitalization of $82.61 million, a PE ratio of -1.05 and a beta of -0.38. The company's fifty day simple moving average is $1.60 and its 200 day simple moving average is $2.06.

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

Institutional Investors Weigh In On Metagenomi

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Rhumbline Advisers grew its stake in shares of Metagenomi by 123.3% in the fourth quarter. Rhumbline Advisers now owns 11,998 shares of the company's stock worth $43,000 after acquiring an additional 6,626 shares during the last quarter. Bank of New York Mellon Corp bought a new position in shares of Metagenomi in the fourth quarter worth about $130,000. Charles Schwab Investment Management Inc. raised its stake in shares of Metagenomi by 344.9% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 65,753 shares of the company's stock worth $237,000 after buying an additional 50,974 shares during the period. Sei Investments Co. bought a new position in shares of Metagenomi in the fourth quarter worth about $100,000. Finally, Corebridge Financial Inc. raised its stake in shares of Metagenomi by 303.1% in the fourth quarter. Corebridge Financial Inc. now owns 13,602 shares of the company's stock worth $49,000 after buying an additional 10,228 shares during the 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.