Wells Fargo & Company Issues Pessimistic Forecast for Metagenomi (NASDAQ:MGX) Stock Price

Metagenomi (NASDAQ:MGX) had its price objective lowered by stock analysts at Wells Fargo & Company from $25.00 to $20.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock.

Other research analysts have also issued reports about the company. Chardan Capital reaffirmed a “buy” rating and issued a $15.00 target price on shares of Metagenomi in a research report on Wednesday, November 20th. HC Wainwright upped their target price on Metagenomi from $7.00 to $14.00 and gave the stock a “buy” rating in a research report on Tuesday, December 10th. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, Metagenomi currently has a consensus rating of “Moderate Buy” and a consensus target price of $14.40.

Metagenomi Price Performance

Shares of Metagenomi stock opened at $1.71 on Tuesday. The stock has a 50-day moving average price of $2.43 and a 200 day moving average price of $2.49. Metagenomi has a 1 year low of $1.61 and a 1 year high of $11.86.

Metagenomi (NASDAQ:MGX) last announced 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). The business had revenue of $9.61 million during the quarter, compared to analysts’ expectations of $13.18 million. Metagenomi had a negative return on equity of 43.23% and a negative net margin of 134.27%. During the same period in the prior year, the company posted ($20.05) earnings per share. On average, equities analysts forecast that Metagenomi will post -2.46 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Rhumbline Advisers increased its holdings in shares of Metagenomi by 123.3% during the 4th quarter. Rhumbline Advisers now owns 11,998 shares of the company’s stock valued at $43,000 after acquiring an additional 6,626 shares during the last quarter. BNP Paribas Financial Markets increased its holdings in shares of Metagenomi by 130.9% during the 3rd quarter. BNP Paribas Financial Markets now owns 12,799 shares of the company’s stock valued at $28,000 after acquiring an additional 7,256 shares during the last quarter. Corebridge Financial Inc. grew its holdings in Metagenomi by 303.1% in the 4th quarter. Corebridge Financial Inc. now owns 13,602 shares of the company’s stock valued at $49,000 after buying an additional 10,228 shares during the last quarter. Voya Investment Management LLC acquired a new stake in Metagenomi in the 4th quarter valued at approximately $37,000. Finally, Price T Rowe Associates Inc. MD acquired a new stake in Metagenomi in the 4th quarter valued at approximately $39,000.

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.