Metagenomi (NASDAQ:MGX) Releases Earnings Results, Beats Expectations By $0.08 EPS

Metagenomi (NASDAQ:MGX) released its quarterly earnings results on Tuesday. The company reported ($0.56) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.64) by $0.08, FiscalAI reports. The business had revenue of $2.18 million for the quarter, compared to analysts’ expectations of $2.58 million. Metagenomi had a negative return on equity of 69.10% and a negative net margin of 384.61%.

Metagenomi Stock Down 5.1%

Shares of MGX traded down $0.04 on Thursday, hitting $0.72. 84,228 shares of the stock traded hands, compared to its average volume of 193,373. Metagenomi has a 1 year low of $0.60 and a 1 year high of $1.87. The stock’s 50 day moving average is $0.97 and its two-hundred day moving average is $1.26. The firm has a market capitalization of $27.12 million, a P/E ratio of -0.29 and a beta of 0.82.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on MGX. Weiss Ratings lowered Metagenomi from a “sell (d-)” rating to a “sell (e+)” rating in a report on Tuesday, September 22nd. Wells Fargo & Company cut their price target on Metagenomi to $7.00 and set an “overweight” rating for the company in a research note on Tuesday, August 11th. Finally, Wall Street Zen downgraded shares of Metagenomi from a “sell” rating to a “strong sell” rating in a report on Saturday, August 22nd. Two research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $6.00.

Metagenomi Company Profile

Metagenomi, Inc. is a biotechnology company focused on developing genetic medicines using genome-editing technologies. The company uses metagenomics—the study of genetic material recovered from environmental microorganisms—to discover and characterize naturally occurring CRISPR systems and other programmable enzymes that may offer advantages over conventional gene-editing tools. Metagenomi’s technology platform is designed to support the development of therapies for genetic diseases by enabling targeted DNA editing, including gene insertion, deletion and correction.