Metagenomi (NASDAQ:MGX) Shares Down 7.7% – What’s Next?

Shares of Metagenomi, Inc. (NASDAQ:MGX) dropped 7.7% during mid-day trading on Friday. The stock traded as low as $1.0150 and last traded at $1.02. Approximately 121,801 shares traded hands during mid-day trading, a decline of 13% from the average session volume of 139,558 shares. The stock had previously closed at $1.1050.

Analyst Ratings Changes

A number of equities research analysts recently commented on MGX shares. Wells Fargo & Company dropped their price objective on shares of Metagenomi to $7.00 and set an “overweight” rating on the stock in a report on Tuesday, August 11th. Weiss Ratings lowered shares of Metagenomi from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Tuesday, September 22nd. Chardan Capital assumed coverage on Metagenomi in a research note on Tuesday, July 7th. They set a “buy” rating and a $5.00 price objective on the stock. Finally, Wall Street Zen cut shares of Metagenomi from a “sell” rating to a “strong sell” rating in a report on Saturday, August 22nd. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $6.00.

Metagenomi Stock Down 7.7%

The stock has a market cap of $38.54 million, a price-to-earnings ratio of -0.41 and a beta of 0.69. The company has a 50 day simple moving average of $1.18 and a 200 day simple moving average of $1.28.

Metagenomi (NASDAQ:MGX) last posted its earnings results on Monday, August 10th. The company reported ($0.73) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.55) by ($0.18). The company had revenue of ($0.26) million for the quarter, compared to the consensus estimate of $3.01 million. Metagenomi had a negative return on equity of 63.65% and a negative net margin of 384.61%. As a group, analysts predict that Metagenomi, Inc. will post -2.5 earnings per share for the current fiscal year.

Institutional Trading of Metagenomi

An institutional investor recently bought a new stake in Metagenomi stock. Marquette Asset Management LLC acquired a new position in shares of Metagenomi, Inc. (NASDAQ:MGX) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 72,121 shares of the company’s stock, valued at approximately $86,000. Marquette Asset Management LLC owned 0.19% of Metagenomi as of its most recent SEC filing.

About Metagenomi

Metagenomi, Inc is a biotechnology company developing genetic medicines using genome-editing technologies discovered through metagenomic research. The company searches genetic material from diverse microorganisms to identify naturally occurring editing systems and combines these discoveries with machine-learning tools to develop potential therapies.

Its research platform is designed to support the development of genome-editing medicines for a range of diseases, including programs intended to make precise changes to DNA in human cells.