HC Wainwright Reaffirms “Buy” Rating for Metagenomi (NASDAQ:MGX)

Metagenomi (NASDAQ:MGX)‘s stock had its “buy” rating reissued by research analysts at HC Wainwright in a research note issued to investors on Friday, Benzinga reports. They currently have a $7.00 price objective on the stock. HC Wainwright’s target price suggests a potential upside of 141.38% from the stock’s previous close.

Several other equities research analysts have also recently issued reports on the stock. BMO Capital Markets cut their price objective on shares of Metagenomi from $22.00 to $17.00 and set an “outperform” rating for the company in a research report on Thursday, August 15th. Chardan Capital restated a “buy” rating and set a $15.00 price target on shares of Metagenomi in a report on Thursday. One analyst has rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $15.50.

Metagenomi Stock Performance

Shares of Metagenomi stock opened at $2.90 on Friday. The stock’s 50 day simple moving average is $3.82 and its 200-day simple moving average is $6.79. Metagenomi has a 1-year low of $2.63 and a 1-year high of $12.74.

Hedge Funds Weigh In On Metagenomi

A number of hedge funds have recently made changes to their positions in MGX. Novo Holdings A S raised its holdings in shares of Metagenomi by 3.5% in the 2nd quarter. Novo Holdings A S now owns 1,800,000 shares of the company’s stock valued at $7,344,000 after buying an additional 60,825 shares during the period. XTX Topco Ltd acquired a new position in Metagenomi in the 2nd quarter valued at about $66,000. Resolute Advisors LLC increased its stake in Metagenomi by 165.0% during the second quarter. Resolute Advisors LLC now owns 26,500 shares of the company’s stock worth $108,000 after purchasing an additional 16,500 shares during the period. Rhumbline Advisers acquired a new stake in shares of Metagenomi during the second quarter worth about $26,000. Finally, Farallon Capital Management LLC purchased a new position in shares of Metagenomi in the first quarter valued at approximately $14,171,000.

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.