Metagenomi (NASDAQ:MGX) Shares Up 1.9% – Here’s What Happened

Metagenomi, Inc. (NASDAQ:MGX)’s stock price was up 1.9% during mid-day trading on Wednesday . The company 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.

Analyst Ratings Changes

A number of research analysts recently issued reports on MGX shares. Chardan Capital reaffirmed a “buy” rating and set a $15.00 target price on shares of Metagenomi in a report on Thursday, September 5th. HC Wainwright restated a “buy” rating and set a $7.00 price target on shares of Metagenomi in a report on Tuesday, October 15th. Finally, 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. One research analyst has rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $15.50.

Metagenomi Trading Up 1.9 %

The stock’s 50-day moving average price is $2.28 and its 200 day moving average price is $4.10.

Metagenomi (NASDAQ:MGX) last posted its earnings results on Wednesday, August 14th. The company reported ($0.29) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.59) by $0.30. The business had revenue of $20.01 million during the quarter, compared to the consensus estimate of $14.80 million. Sell-side analysts forecast that Metagenomi, Inc. will post -3.04 EPS for the current fiscal year.

Hedge Funds Weigh In On Metagenomi

Several institutional investors have recently added to or reduced their stakes in the company. Green Alpha Advisors LLC bought a new position in shares of Metagenomi in the third quarter valued at approximately $69,000. Novo Holdings A S lifted its position in shares of Metagenomi by 3.5% during the second 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. XTX Topco Ltd bought a new position in Metagenomi in the 2nd quarter worth approximately $66,000. Resolute Advisors LLC lifted its holdings in Metagenomi by 165.0% during the 2nd quarter. Resolute Advisors LLC now owns 26,500 shares of the company’s stock worth $108,000 after buying an additional 16,500 shares in the last quarter. Finally, Rhumbline Advisers acquired a new stake in shares of Metagenomi in the 2nd quarter valued at $26,000.

Metagenomi Company Profile

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.