Wells Fargo & Company Cuts Metagenomi (NASDAQ:MGX) Price Target to $20.00

Metagenomi (NASDAQ:MGX) had its price objective trimmed by Wells Fargo & Company from $25.00 to $20.00 in a research note published on Tuesday morning,Benzinga reports. The brokerage currently has an overweight rating on the stock.

MGX has been the subject of several other reports. HC Wainwright upped their price objective on Metagenomi from $7.00 to $14.00 and gave the stock a “buy” rating in a research report on Tuesday, December 10th. Chardan Capital reaffirmed a “buy” rating and set a $15.00 price objective on shares of Metagenomi in a research report on Wednesday, November 20th. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $14.40.

Metagenomi Stock Performance

NASDAQ:MGX opened at $1.68 on Tuesday. The stock has a 50-day simple moving average of $2.40 and a 200-day simple moving average of $2.49. The stock has a market cap of $62.80 million and a P/E ratio of -0.64. Metagenomi has a 1 year low of $1.61 and a 1 year high of $11.86.

Metagenomi (NASDAQ:MGX) last released its quarterly earnings data on Monday, March 17th. The company reported ($0.63) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.62) by ($0.01). The business had revenue of $9.61 million for the quarter, compared to analyst estimates of $13.18 million. Metagenomi had a negative return on equity of 43.23% and a negative net margin of 134.27%. During the same period in the prior year, the company posted ($20.05) earnings per share. On average, equities research analysts predict that Metagenomi will post -2.46 EPS for the current year.

Institutional Trading of Metagenomi

A number of large investors have recently made changes to their positions in MGX. Voya Investment Management LLC purchased a new stake in shares of Metagenomi in the fourth quarter valued at about $37,000. Price T Rowe Associates Inc. MD purchased a new stake in Metagenomi in the 4th quarter valued at approximately $39,000. Rhumbline Advisers increased its position in Metagenomi by 123.3% during the 4th quarter. Rhumbline Advisers now owns 11,998 shares of the company’s stock worth $43,000 after purchasing an additional 6,626 shares during the period. SG Americas Securities LLC purchased a new position in shares of Metagenomi during the 4th quarter worth approximately $43,000. Finally, BNP Paribas Financial Markets lifted its holdings in shares of Metagenomi by 130.9% in the 3rd quarter. BNP Paribas Financial Markets now owns 12,799 shares of the company’s stock valued at $28,000 after buying an additional 7,256 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.