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

Metagenomi (NASDAQ:MGX) announced its earnings results on Tuesday. The company reported ($0.56) earnings per share for the quarter, topping the consensus estimate of ($0.64) by $0.08, FiscalAI reports. The business had revenue of $2.18 million during the quarter, compared to the consensus estimate of $2.58 million. Metagenomi had a negative net margin of 384.61% and a negative return on equity of 63.65%.

Metagenomi Stock Down 3.0%

Shares of NASDAQ MGX traded down $0.02 during midday trading on Tuesday, hitting $0.70. The company had a trading volume of 168,800 shares, compared to its average volume of 191,797. Metagenomi has a twelve month low of $0.60 and a twelve month high of $2.23. The business has a 50-day simple moving average of $0.99 and a two-hundred day simple moving average of $1.27. The firm has a market capitalization of $26.45 million, a price-to-earnings ratio of -0.28 and a beta of 0.82.

Analysts Set New Price Targets

MGX has been the topic of a number of analyst reports. Weiss Ratings lowered Metagenomi from a “sell (d-)” rating to a “sell (e+)” rating in a report on Tuesday, September 22nd. Wall Street Zen downgraded Metagenomi from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 22nd. Finally, Wells Fargo & Company reduced their price target on Metagenomi to $7.00 and set an “overweight” rating for the company in a report on Tuesday, August 11th. Two investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, Metagenomi presently has an average 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.