Metagenomi (NASDAQ:MGX) Given New $12.00 Price Target at Wells Fargo & Company

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 cut by Wells Fargo & Company from $16.00 to $12.00 in a report issued on Thursday,Benzinga reports. The brokerage currently has an "overweight" rating on the stock.

Other equities analysts have also recently issued research reports about the stock. Chardan Capital cut their price objective on shares of Metagenomi from $13.00 to $12.00 and set a "buy" rating on the stock in a research report on Thursday, May 15th. Wall Street Zen cut shares of Metagenomi from a "hold" rating to a "strong sell" rating in a report on Thursday, May 22nd. Three equities research analysts have rated the stock with a Buy rating, Based on data from MarketBeat, Metagenomi has a consensus rating of "Buy" and an average price target of $10.00.

Metagenomi Stock Performance

Shares of NASDAQ:MGX traded down $0.07 during midday trading on Thursday, hitting $1.85. 252,650 shares of the stock were exchanged, compared to its average volume of 690,053. The business's 50-day moving average price is $1.90 and its 200 day moving average price is $1.84. Metagenomi has a 12 month low of $1.23 and a 12 month high of $4.92. The stock has a market capitalization of $69.43 million, a price-to-earnings ratio of -0.78 and a beta of -0.12.

Metagenomi (NASDAQ:MGX - Get Free Report) last posted its earnings results on Tuesday, August 12th. The company reported ($0.54) EPS for the quarter, topping the consensus estimate 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 net margin of 257.99% and a negative return on equity of 37.84%. As a group, sell-side analysts expect that Metagenomi will post -2.46 EPS for the current year.

Institutional Trading of Metagenomi

Hedge funds have recently bought and sold shares of the business. Vanguard Personalized Indexing Management LLC grew its stake 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 purchasing an additional 7,458 shares during the period. Voya Investment Management LLC bought a new position in Metagenomi during the fourth quarter valued at about $37,000. Price T Rowe Associates Inc. MD bought a new position in Metagenomi during the fourth quarter valued at about $39,000. Virtu Financial LLC purchased a new stake in Metagenomi during the first quarter worth about $43,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position 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 acquiring an additional 11,730 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.