Metagenomi, Inc. (NASDAQ:MGX) Sees Significant Drop in Short Interest

Metagenomi, Inc. (NASDAQ:MGX) was the target of a significant decrease in short interest in the month of August. As of August 31st, there was short interest totalling 217,800 shares, a decrease of 23.0% from the August 15th total of 282,900 shares. Currently, 1.2% of the company’s stock are sold short. Based on an average daily volume of 93,400 shares, the days-to-cover ratio is presently 2.3 days.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on MGX shares. BMO Capital Markets decreased their target price on shares of Metagenomi from $22.00 to $17.00 and set an “outperform” rating for the company in a research note on Thursday, August 15th. HC Wainwright reiterated a “buy” rating and set a $7.00 price objective on shares of Metagenomi in a research note on Friday, September 6th. Finally, Chardan Capital reiterated a “buy” rating and set a $15.00 price objective on shares of Metagenomi in a research note on Thursday, September 5th. One investment analyst has rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $15.50.

Institutional Trading of Metagenomi

Hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. purchased a new position in shares of Metagenomi in the first quarter worth approximately $1,894,000. Resolute Advisors LLC increased its position in shares of Metagenomi by 165.0% in the second quarter. Resolute Advisors LLC now owns 26,500 shares of the company’s stock worth $108,000 after acquiring an additional 16,500 shares in the last quarter. XTX Topco Ltd purchased a new position in shares of Metagenomi in the second quarter worth approximately $66,000. Rhumbline Advisers purchased a new position in shares of Metagenomi in the second quarter worth approximately $26,000. Finally, Novo Holdings A S increased its position in shares of Metagenomi by 3.5% in the second 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 in the last quarter.

Metagenomi Stock Up 0.4 %

MGX stock opened at $2.70 on Friday. Metagenomi has a fifty-two week low of $2.63 and a fifty-two week high of $12.74. The firm’s 50-day simple moving average is $3.64 and its 200 day simple moving average is $6.34.

Metagenomi (NASDAQ:MGX) last released its earnings results on Wednesday, August 14th. The company reported ($0.29) EPS for the quarter, beating 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. As a group, analysts forecast that Metagenomi will post -3.04 EPS for the current fiscal 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.