Metagenomi (NASDAQ:MGX) Stock Price Up 22% - Here's Why

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

Wall Street Analyst Weigh In

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

Metagenomi Trading Down 1.4%

The firm has a 50 day simple moving average of $1.63 and a 200 day simple moving average of $2.01. The firm has a market capitalization of $81.49 million, a PE ratio of -1.03 and a beta of -0.38.

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

Institutional Investors Weigh In On Metagenomi

Institutional investors and hedge funds have recently bought and sold shares of the business. Corebridge Financial Inc. grew its position in 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 acquiring an additional 10,228 shares in the last quarter. Voya Investment Management LLC bought a new position in shares of Metagenomi during the fourth quarter valued at approximately $37,000. Price T Rowe Associates Inc. MD purchased a new stake in Metagenomi in the fourth quarter worth $39,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in Metagenomi by 338.7% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 15,193 shares of the company's stock worth $55,000 after purchasing an additional 11,730 shares during the period. Finally, Bank of New York Mellon Corp increased its stake in Metagenomi by 39.6% in the first quarter. Bank of New York Mellon Corp now owns 50,387 shares of the company's stock worth $69,000 after purchasing an additional 14,296 shares during the period.

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.