Metagenomi (NASDAQ:MGX) Issues Quarterly Earnings Results, Beats Expectations By $0.05 EPS

Metagenomi (NASDAQ:MGX) released its quarterly earnings results on Tuesday. The company reported ($0.55) earnings per share for the quarter, beating the consensus estimate of ($0.60) by $0.05, Zacks reports. Metagenomi had a negative net margin of 257.99% and a negative return on equity of 37.84%. The business had revenue of $8.66 million for the quarter.

Metagenomi Trading Down 15.7%

MGX stock traded down $0.35 during trading on Wednesday, reaching $1.86. 1,134,006 shares of the stock were exchanged, compared to its average volume of 672,339. The firm has a market capitalization of $69.62 million, a price-to-earnings ratio of -0.79 and a beta of 0.31. The business has a 50 day moving average price of $2.43 and a 200-day moving average price of $2.02. Metagenomi has a 1 year low of $1.23 and a 1 year high of $4.92.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in MGX. Bank of America Corp DE raised its position in Metagenomi by 482.9% in the fourth quarter. Bank of America Corp DE now owns 21,113 shares of the company’s stock valued at $76,000 after purchasing an additional 17,491 shares during the period. JPMorgan Chase & Co. increased its position in shares of Metagenomi by 4,155.7% during the 3rd quarter. JPMorgan Chase & Co. now owns 62,559 shares of the company’s stock worth $148,000 after purchasing an additional 61,089 shares during the last quarter. AQR Capital Management LLC purchased a new stake in Metagenomi in the 1st quarter valued at about $119,000. Marshall Wace LLP acquired a new position in Metagenomi in the second quarter valued at about $222,000. Finally, Jane Street Group LLC purchased a new position in Metagenomi during the second quarter worth about $235,000.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the stock. Wall Street Zen upgraded shares of Metagenomi from a “sell” rating to a “hold” rating in a research report on Saturday, October 25th. Chardan Capital reduced their target price on Metagenomi from $12.00 to $11.00 and set a “buy” rating on the stock in a report on Friday, August 15th. HC Wainwright reissued a “buy” rating and issued a $7.00 target price on shares of Metagenomi in a research report on Tuesday, August 19th. Zacks Research upgraded Metagenomi from a “hold” rating to a “strong-buy” rating in a research report on Friday, October 17th. Finally, Wells Fargo & Company reduced their price target on Metagenomi from $16.00 to $12.00 and set an “overweight” rating on the stock in a research note on Thursday, August 14th. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $10.00.

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.