Metagenomi (NASDAQ:MGX) Issues Quarterly Earnings Results, Misses Expectations By $0.01 EPS

Metagenomi (NASDAQ:MGX - Get Free Report) released its quarterly earnings data on Monday. The company reported ($0.63) EPS for the quarter, missing the consensus estimate of ($0.62) by ($0.01), Zacks reports. Metagenomi had a negative net margin of 134.27% and a negative return on equity of 43.23%. The business had revenue of $9.61 million for the quarter, compared to analysts' expectations of $13.18 million. During the same period last year, the company earned ($20.05) earnings per share.

Metagenomi Stock Performance

Shares of MGX traded down $0.04 during trading hours on Friday, hitting $1.64. The company had a trading volume of 213,322 shares, compared to its average volume of 731,548. The firm has a fifty day moving average price of $2.40 and a 200-day moving average price of $2.49. The stock has a market capitalization of $61.31 million and a price-to-earnings ratio of -0.63. Metagenomi has a 52-week low of $1.61 and a 52-week high of $11.86.

Analyst Ratings Changes

Several research analysts recently weighed in on MGX shares. Wells Fargo & Company decreased their price objective on shares of Metagenomi from $25.00 to $20.00 and set an "overweight" rating on the stock in a research report on Tuesday. HC Wainwright upped their price objective on shares of Metagenomi from $7.00 to $14.00 and gave the stock a "buy" rating in a research report on Tuesday, December 10th. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, Metagenomi has an average rating of "Moderate Buy" and a consensus price target of $14.40.

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Institutional Investors Weigh In On Metagenomi

An institutional investor recently raised its position in Metagenomi stock. Bank of America Corp DE grew its holdings in shares of Metagenomi, Inc. (NASDAQ:MGX - Free Report) by 482.9% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 21,113 shares of the company's stock after purchasing an additional 17,491 shares during the quarter. Bank of America Corp DE owned approximately 0.06% of Metagenomi worth $76,000 as of its most recent filing with the Securities & Exchange Commission.

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.