Metagenomi (NASDAQ:MGX) Rating Lowered to Neutral at JPMorgan Chase & Co.

Metagenomi (NASDAQ:MGX) was downgraded by investment analysts at JPMorgan Chase & Co. from an “overweight” rating to a “neutral” rating in a report issued on Thursday, FinViz reports. They currently have a $6.00 price target on the stock, down from their prior price target of $16.00. JPMorgan Chase & Co.‘s price target suggests a potential downside of 14.77% from the stock’s current price.

Several other brokerages also recently issued reports on MGX. Wells Fargo & Company began coverage on shares of Metagenomi in a report on Tuesday, March 5th. They set an “overweight” rating and a $25.00 price target for the company. BMO Capital Markets started coverage on shares of Metagenomi in a research report on Tuesday, March 5th. They issued an “outperform” rating and a $22.00 target price for the company. Chardan Capital reaffirmed a “buy” rating and set a $21.00 price target on shares of Metagenomi in a report on Thursday, March 28th. TD Cowen started coverage on Metagenomi in a report on Tuesday, March 5th. They issued an “outperform” rating for the company. Finally, Jefferies Financial Group initiated coverage on Metagenomi in a research report on Tuesday, March 5th. They issued a “buy” rating and a $23.00 target price on the stock. One research analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $19.40.

Metagenomi Stock Performance

Shares of NASDAQ MGX opened at $7.04 on Thursday. Metagenomi has a 12-month low of $6.50 and a 12-month high of $12.74. The business has a 50 day moving average of $10.09.

Insiders Place Their Bets

In other Metagenomi news, major shareholder Holdings A/S Novo purchased 800,000 shares of the company’s stock in a transaction on Tuesday, February 13th. The shares were purchased at an average cost of $15.00 per share, for a total transaction of $12,000,000.00. Following the completion of the transaction, the insider now owns 1,739,175 shares in the company, valued at $26,087,625. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.

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.