Metagenomi, Inc. (NASDAQ:MGX) Short Interest Down 23.0% in August

Metagenomi, Inc. (NASDAQ:MGX) was the target of a significant decline in short interest in the month of August. As of August 31st, there was short interest totalling 217,800 shares, a decline of 23.0% from the August 15th total of 282,900 shares. Approximately 1.2% of the shares of the company are short sold. Based on an average trading volume of 93,400 shares, the days-to-cover ratio is presently 2.3 days.

Institutional Investors Weigh In On Metagenomi

Several institutional investors and hedge funds have recently made changes to their positions in the company. Novo Holdings A S boosted its stake in shares of Metagenomi by 3.5% in the 2nd quarter. Novo Holdings A S now owns 1,800,000 shares of the company’s stock valued at $7,344,000 after purchasing an additional 60,825 shares in the last quarter. RA Capital Management L.P. acquired a new stake in shares of Metagenomi in the 1st quarter valued at $18,404,000. Farallon Capital Management LLC acquired a new position in Metagenomi during the 1st quarter worth about $14,171,000. Hhlr Advisors LTD. acquired a new position in Metagenomi during the 1st quarter worth about $8,205,000. Finally, Artal Group S.A. acquired a new position in Metagenomi during the 1st quarter worth about $3,165,000.

Metagenomi Price Performance

Shares of Metagenomi stock opened at $2.70 on Monday. The company’s fifty day moving average price is $3.64 and its two-hundred day moving average price is $6.31. Metagenomi has a 52-week low of $2.63 and a 52-week high of $12.74.

Metagenomi (NASDAQ:MGX) last announced its quarterly earnings results on Wednesday, August 14th. The company reported ($0.29) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.59) by $0.30. The business had revenue of $20.01 million during the quarter, compared to the consensus estimate of $14.80 million. As a group, research analysts anticipate that Metagenomi will post -3.04 EPS for the current year.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on MGX shares. BMO Capital Markets dropped their target price on shares of Metagenomi from $22.00 to $17.00 and set an “outperform” rating on the stock in a research report on Thursday, August 15th. HC Wainwright reaffirmed a “buy” rating and set a $7.00 target price on shares of Metagenomi in a research report on Friday, September 6th. Finally, Chardan Capital reaffirmed a “buy” rating and set a $15.00 target price on shares of Metagenomi in a research report on Thursday, September 5th. One equities research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $15.50.

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.