Metagenomi (NASDAQ:MGX) Issues Earnings Results

Metagenomi (NASDAQ:MGX) released its quarterly earnings data 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. Metagenomi had a negative return on equity of 63.65% and a negative net margin of 384.61%. The company had revenue of $2.18 million for the quarter, compared to analyst estimates of $2.58 million.

Metagenomi Stock Down 3.0%

NASDAQ:MGX traded down $0.02 on Tuesday, reaching $0.70. The company’s stock had a trading volume of 168,800 shares, compared to its average volume of 191,850. Metagenomi has a 12-month low of $0.60 and a 12-month high of $2.23. The stock has a 50 day moving average price of $0.99 and a 200 day moving average price of $1.27. The firm has a market cap of $26.45 million, a price-to-earnings ratio of -0.28 and a beta of 0.82.

Analyst Ratings Changes

A number of equities analysts have commented on the stock. Weiss Ratings downgraded shares of Metagenomi from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Tuesday, September 22nd. Wells Fargo & Company dropped their price target on shares of 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 analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $6.00.

About Metagenomi

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.