Wells Fargo & Company Issues Pessimistic Forecast for Metagenomi (NASDAQ:MGX) Stock Price

Key Points

• Wells Fargo & Company has reduced its price target for Metagenomi's stock from $16.00 to $12.00, maintaining an "overweight" rating.
• Other analysts have also downgraded Metagenomi, with Wall Street Zen moving from a "hold" to a "strong sell" rating and Chardan Capital setting a buy rating while lowering their price target to $12.00.
• As of the latest trading data, Metagenomi shares are priced at $1.91, reflecting a 1.8% decline in value.

Metagenomi (NASDAQ:MGX - Get Free Report) had its price target reduced by analysts at Wells Fargo & Company from $16.00 to $12.00 in a research note issued on Thursday,Benzinga reports. The firm currently has an "overweight" rating on the stock.

Other analysts also recently issued research reports about the company. Wall Street Zen downgraded Metagenomi from a "hold" rating to a "strong sell" rating in a research report on Thursday, May 22nd. Chardan Capital reduced their price objective on Metagenomi from $13.00 to $12.00 and set a "buy" rating for the company in a report on Thursday, May 15th. One investment analyst has rated the stock with a sell rating and four have issued a buy rating to the company. According to data from MarketBeat.com, Metagenomi presently has an average rating of "Moderate Buy" and an average price target of $12.00.

Metagenomi Trading Down 1.8%

Shares of Metagenomi stock traded down $0.04 during trading on Thursday, reaching $1.91. The stock had a trading volume of 39,233 shares, compared to its average volume of 698,456. The company has a market capitalization of $71.21 million, a price-to-earnings ratio of -0.81 and a beta of -0.12. The stock has a fifty day moving average price of $1.89 and a two-hundred day moving average price of $1.87. Metagenomi has a 52 week low of $1.23 and a 52 week high of $4.92.

Metagenomi (NASDAQ:MGX - Get Free Report) last released its earnings results on Tuesday, August 12th. The company reported ($0.54) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.68) by $0.14. The business had revenue of $8.51 million for the quarter, compared to the consensus estimate of $7.72 million. Metagenomi had a negative return on equity of 36.28% and a negative net margin of 257.99%. On average, equities analysts forecast that Metagenomi will post -2.46 EPS for the current fiscal year.

Institutional Trading of Metagenomi

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Personalized Indexing Management LLC lifted its position in Metagenomi by 53.1% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 21,515 shares of the company's stock valued at $32,000 after acquiring an additional 7,458 shares in the last quarter. Voya Investment Management LLC bought a new stake in Metagenomi in the fourth quarter worth $37,000. Price T Rowe Associates Inc. MD bought a new position in shares of Metagenomi during the fourth quarter valued at about $39,000. Virtu Financial LLC bought a new position in shares of Metagenomi during the first quarter valued at about $43,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of 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 buying an additional 11,730 shares in 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.

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