Metagenomi (NASDAQ:MGX) Shares Up 1.9% - Here's Why

Shares of Metagenomi, Inc. (NASDAQ:MGX - Get Free Report) were up 1.9% during mid-day trading on Wednesday . The stock traded as high as $2.30 and last traded at $2.15. Approximately 491,410 shares were traded during trading, an increase of 81% from the average daily volume of 272,077 shares. The stock had previously closed at $2.11.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on MGX shares. Chardan Capital reissued a "buy" rating and issued a $15.00 target price on shares of Metagenomi in a report on Thursday, September 5th. HC Wainwright reiterated a "buy" rating and issued a $7.00 price objective on shares of Metagenomi in a research note on Tuesday, October 15th. Finally, BMO Capital Markets decreased their price objective on Metagenomi from $22.00 to $17.00 and set an "outperform" rating for the company in a report on Thursday, August 15th. One analyst has rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $15.50.

Metagenomi Stock Performance

The business has a 50-day simple moving average of $2.27 and a two-hundred day simple moving average of $4.09.

Metagenomi (NASDAQ:MGX - Get Free Report) last issued its quarterly earnings results on Wednesday, August 14th. The company reported ($0.29) earnings per share for the quarter, topping the consensus estimate of ($0.59) by $0.30. The company had revenue of $20.01 million for the quarter, compared to analyst estimates of $14.80 million. Equities analysts predict that Metagenomi, Inc. will post -3.04 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Metagenomi

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Novo Holdings A S boosted its position in shares of Metagenomi by 3.5% during the 2nd quarter. Novo Holdings A S now owns 1,800,000 shares of the company's stock worth $7,344,000 after purchasing an additional 60,825 shares in the last quarter. RA Capital Management L.P. purchased a new stake in Metagenomi during the first quarter worth about $18,404,000. Farallon Capital Management LLC purchased a new stake in Metagenomi during the first quarter worth about $14,171,000. Hhlr Advisors LTD. acquired a new position in Metagenomi during the first quarter worth about $8,205,000. Finally, Artal Group S.A. purchased a new position in Metagenomi in the first quarter valued at about $3,165,000.

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.