HC Wainwright Issues Pessimistic Forecast for Metagenomi (NASDAQ:MGX) Stock Price

Metagenomi (NASDAQ:MGX) had its price objective cut by analysts at HC Wainwright from $14.00 to $7.00 in a note issued to investors on Thursday,Benzinga reports. The firm currently has a “buy” rating on the stock. HC Wainwright’s price objective points to a potential upside of 426.32% from the stock’s current price.

Separately, Wells Fargo & Company lowered their price target on Metagenomi from $25.00 to $20.00 and set an “overweight” rating for the company in a research note on Tuesday, March 18th. One analyst has rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, Metagenomi currently has a consensus rating of “Moderate Buy” and a consensus price target of $13.00.

Metagenomi Stock Performance

Shares of MGX stock opened at $1.33 on Thursday. The firm’s 50 day moving average price is $2.16 and its two-hundred day moving average price is $2.40. Metagenomi has a 52-week low of $1.29 and a 52-week high of $10.94. The stock has a market cap of $49.72 million and a PE ratio of -0.51.

Metagenomi (NASDAQ:MGX) last posted its quarterly earnings results 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 company had revenue of $9.61 million during the quarter, compared to the consensus estimate 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 quarter in the prior year, the business earned ($20.05) earnings per share. As a group, sell-side analysts predict that Metagenomi will post -2.46 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Pinnacle Wealth Planning Services Inc. bought a new position in shares of Metagenomi during the 4th quarter valued at about $92,000. Nuveen Asset Management LLC acquired a new stake in Metagenomi during the 4th quarter worth approximately $228,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in Metagenomi by 338.7% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 15,193 shares of the company’s stock valued at $55,000 after buying an additional 11,730 shares in the last quarter. Focus Partners Wealth acquired a new position in shares of Metagenomi in the fourth quarter valued at approximately $99,000. Finally, Bank of America Corp DE increased its position in shares of Metagenomi by 482.9% during the fourth quarter. Bank of America Corp DE now owns 21,113 shares of the company’s stock worth $76,000 after acquiring an additional 17,491 shares in the last quarter.

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.