Metagenomi, Inc.’s (NASDAQ:MGX) Lock-Up Period To Expire Tomorrow

Metagenomi’s (NASDAQ:MGX) lock-up period will end on Wednesday, August 7th. Metagenomi had issued 6,250,000 shares in its public offering on February 9th. The total size of the offering was $93,750,000 based on an initial share price of $15.00. Shares of the company owned by company insiders and major shareholders will be eligible for trade following the expiration of the lock-up period.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the company. HC Wainwright restated a “buy” rating and set a $10.00 price target on shares of Metagenomi in a research note on Monday, July 15th. JPMorgan Chase & Co. cut shares of Metagenomi from an “overweight” rating to a “neutral” rating and decreased their price target for the stock from $16.00 to $6.00 in a report on Thursday, May 2nd. One research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $17.83.

Metagenomi Price Performance

Shares of Metagenomi stock opened at $3.68 on Tuesday. The business’s fifty day simple moving average is $4.89. Metagenomi has a 1 year low of $3.34 and a 1 year high of $12.74.

Metagenomi (NASDAQ:MGX) last issued its earnings results on Tuesday, May 14th. The company reported ($1.19) EPS for the quarter, missing analysts’ consensus estimates of ($0.95) by ($0.24). The firm had revenue of $11.16 million during the quarter, compared to analysts’ expectations of $8.30 million. As a group, equities analysts anticipate that Metagenomi will post -3.22 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Metagenomi

A number of institutional investors have recently modified their holdings of MGX. Rhumbline Advisers acquired a new position in shares of Metagenomi during the second quarter valued at approximately $26,000. Resolute Advisors LLC acquired a new stake in Metagenomi during the 1st quarter worth $106,000. Altitude Crest Partners Inc. purchased a new stake in shares of Metagenomi during the first quarter worth $1,407,000. Vanguard Group Inc. purchased a new position in shares of Metagenomi in the first quarter worth about $1,894,000. Finally, Artal Group S.A. acquired a new stake in Metagenomi in the 1st quarter valued at about $3,165,000.

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.