Metagenomi (NASDAQ:MGX) Issues Quarterly Earnings Results, Misses Expectations By $0.01 EPS

Metagenomi (NASDAQ:MGX) issued its earnings results on Monday. The company reported ($0.63) earnings per share for the quarter, missing the consensus estimate of ($0.62) by ($0.01), Zacks reports. The firm had revenue of $9.61 million during the quarter, compared to analyst estimates of $13.18 million. Metagenomi had a negative net margin of 134.27% and a negative return on equity of 43.23%. During the same period last year, the business earned ($20.05) EPS.

Metagenomi Price Performance

MGX stock opened at $1.73 on Wednesday. Metagenomi has a twelve month low of $1.61 and a twelve month high of $11.86. The company’s 50 day moving average is $2.46 and its two-hundred day moving average is $2.50.

Institutional Trading of Metagenomi

A hedge fund recently raised its stake in Metagenomi stock. Bank of America Corp DE lifted its holdings in shares of Metagenomi, Inc. (NASDAQ:MGX) by 482.9% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 21,113 shares of the company’s stock after acquiring an additional 17,491 shares during the period. Bank of America Corp DE owned 0.06% of Metagenomi worth $76,000 at the end of the most recent reporting period.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the stock. Wells Fargo & Company reduced their target price on shares of Metagenomi from $25.00 to $20.00 and set an “overweight” rating on the stock in a report on Tuesday. Chardan Capital reissued a “buy” rating and set a $15.00 price objective on shares of Metagenomi in a report on Wednesday, November 20th. Finally, HC Wainwright raised their price objective on shares of Metagenomi from $7.00 to $14.00 and gave the stock a “buy” rating in a report on Tuesday, December 10th. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, Metagenomi presently has an average rating of “Moderate Buy” and a consensus price target of $14.40.

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.