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

Metagenomi (NASDAQ:MGX - Get Free Report) had its price target cut by research analysts at Wells Fargo & Company from $25.00 to $20.00 in a report issued on Tuesday,Benzinga reports. The firm currently has an "overweight" rating on the stock.

Other equities analysts also recently issued reports about the stock. HC Wainwright upped their price objective on shares of Metagenomi from $7.00 to $14.00 and gave the company a "buy" rating in a report on Tuesday, December 10th. Chardan Capital reiterated a "buy" rating and issued a $15.00 price target on shares of Metagenomi in a research note on Wednesday, November 20th. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $14.40.

Metagenomi Stock Down 2.4 %

Shares of NASDAQ MGX traded down $0.04 during trading hours on Tuesday, hitting $1.64. The company had a trading volume of 494,019 shares, compared to its average volume of 735,236. Metagenomi has a 1-year low of $1.61 and a 1-year high of $11.86. The firm's 50 day moving average is $2.37 and its 200-day moving average is $2.48. The stock has a market capitalization of $61.31 million and a P/E ratio of -0.63.

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Metagenomi (NASDAQ:MGX - Get Free Report) 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). 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 during the quarter, compared to the consensus estimate of $13.18 million. During the same quarter in the prior year, the company earned ($20.05) EPS. On average, sell-side analysts predict that Metagenomi will post -2.46 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the business. Geode Capital Management LLC grew its position in Metagenomi by 73.8% during the fourth quarter. Geode Capital Management LLC now owns 587,421 shares of the company's stock worth $2,121,000 after buying an additional 249,390 shares in the last quarter. Norges Bank acquired a new stake in shares of Metagenomi during the 4th quarter worth $1,300,000. Peapod Lane Capital LLC acquired a new stake in shares of Metagenomi during the 4th quarter worth $1,268,000. Northern Trust Corp increased its position in shares of Metagenomi by 185.6% in the fourth quarter. Northern Trust Corp now owns 223,934 shares of the company's stock worth $808,000 after purchasing an additional 145,536 shares during the period. Finally, Jacobs Levy Equity Management Inc. raised its stake in Metagenomi by 209.4% in the third quarter. Jacobs Levy Equity Management Inc. now owns 136,624 shares of the company's stock valued at $296,000 after purchasing an additional 92,468 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.