Brokerages Set Metagenomi, Inc. (NASDAQ:MGX) Price Target at $15.50

Shares of Metagenomi, Inc. (NASDAQ:MGX) have earned a consensus rating of “Moderate Buy” from the seven brokerages that are currently covering the stock, Marketbeat.com reports. One equities research analyst has rated the stock with a hold rating and six have issued a buy rating on the company. The average 12 month price objective among analysts that have issued a report on the stock in the last year is $15.50.

A number of equities analysts have recently issued reports on MGX shares. Chardan Capital restated a “buy” rating and set a $15.00 target price on shares of Metagenomi in a research report on Thursday, September 5th. BMO Capital Markets lowered their price objective on shares of Metagenomi from $22.00 to $17.00 and set an “outperform” rating on the stock in a research report on Thursday, August 15th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $7.00 target price on shares of Metagenomi in a report on Tuesday, October 15th.

Hedge Funds Weigh In On Metagenomi

Several institutional investors have recently bought and sold shares of MGX. Novo Holdings A S lifted its stake 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 worth $7,344,000 after acquiring an additional 60,825 shares during the period. RA Capital Management L.P. purchased a new position in Metagenomi during the first quarter worth about $18,404,000. Farallon Capital Management LLC acquired a new stake in Metagenomi in the first quarter valued at about $14,171,000. Hhlr Advisors LTD. purchased a new stake in Metagenomi in the 1st quarter valued at approximately $8,205,000. Finally, Artal Group S.A. purchased a new stake in Metagenomi in the 1st quarter valued at approximately $3,165,000.

Metagenomi Stock Performance

NASDAQ MGX opened at $1.96 on Wednesday. The company has a fifty day moving average of $2.57 and a two-hundred day moving average of $4.71. Metagenomi has a 1 year low of $1.85 and a 1 year high of $12.74.

Metagenomi (NASDAQ:MGX) last announced its earnings results on Wednesday, August 14th. The company reported ($0.29) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.59) by $0.30. The firm had revenue of $20.01 million during the quarter, compared to analyst estimates of $14.80 million. As a group, analysts predict that Metagenomi will post -3.04 EPS for the current year.

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.