Short Interest in Metagenomi, Inc. (NASDAQ:MGX) Increases By 445.1%

Metagenomi, Inc. (NASDAQ:MGX) saw a large increase in short interest in the month of December. As of December 15th, there was short interest totalling 1,480,000 shares, an increase of 445.1% from the November 30th total of 271,500 shares. Based on an average daily trading volume, of 1,760,000 shares, the days-to-cover ratio is currently 0.8 days. Approximately 7.9% of the shares of the company are short sold.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on MGX. HC Wainwright raised their target price on shares of Metagenomi from $7.00 to $14.00 and gave the stock a “buy” rating in a report on Tuesday, December 10th. Chardan Capital reiterated a “buy” rating and set a $15.00 price objective on shares of Metagenomi in a research note on Wednesday, November 20th. One research analyst has rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $16.67.

Metagenomi Trading Up 6.9 %

MGX stock traded up $0.26 during mid-day trading on Thursday, hitting $4.03. 1,006,282 shares of the company were exchanged, compared to its average volume of 615,480. The business has a fifty day simple moving average of $2.43 and a 200-day simple moving average of $3.10. Metagenomi has a 12-month low of $1.61 and a 12-month high of $12.74.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in MGX. Rhumbline Advisers acquired a new stake in shares of Metagenomi during the second quarter worth about $26,000. BNP Paribas Financial Markets lifted its holdings in Metagenomi by 130.9% during the 3rd quarter. BNP Paribas Financial Markets now owns 12,799 shares of the company’s stock worth $28,000 after buying an additional 7,256 shares in the last quarter. Virtu Financial LLC purchased a new position in Metagenomi in the 3rd quarter valued at approximately $33,000. XTX Topco Ltd purchased a new position in shares of Metagenomi in the 2nd quarter valued at about $66,000. Finally, Green Alpha Advisors LLC acquired a new stake in shares of Metagenomi in the 3rd quarter valued at $69,000.

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.