Short Interest in Metagenomi, Inc. (NASDAQ:MGX) Drops By 29.8%

Metagenomi, Inc. (NASDAQ:MGX) saw a significant drop in short interest in the month of October. As of October 31st, there was short interest totalling 259,400 shares, a drop of 29.8% from the October 15th total of 369,500 shares. Based on an average daily volume of 246,700 shares, the short-interest ratio is presently 1.1 days. Approximately 1.4% of the shares of the company are sold short.

Metagenomi Price Performance

Shares of NASDAQ:MGX traded down $0.23 on Thursday, reaching $1.88. 773,859 shares of the company traded hands, compared to its average volume of 174,864. The company’s 50 day moving average is $2.20 and its 200-day moving average is $3.94. Metagenomi has a fifty-two week low of $1.85 and a fifty-two week high of $12.74.

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

Analysts Set New Price Targets

Several research analysts have recently issued reports on MGX shares. Chardan Capital reiterated a “buy” rating and issued a $15.00 price objective on shares of Metagenomi in a report on Thursday, September 5th. BMO Capital Markets decreased their price target on Metagenomi from $22.00 to $17.00 and set an “outperform” rating for the company in a research note on Thursday, August 15th. Finally, HC Wainwright reissued a “buy” rating and issued a $7.00 price objective on shares of Metagenomi in a research note on Tuesday, October 15th. One research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $15.50.

Institutional Investors Weigh In On Metagenomi

Several hedge funds have recently made changes to their positions in the company. Rhumbline Advisers acquired a new stake in Metagenomi during the 2nd quarter worth about $26,000. BNP Paribas Financial Markets boosted its holdings in shares of Metagenomi by 130.9% during the third quarter. BNP Paribas Financial Markets now owns 12,799 shares of the company’s stock worth $28,000 after purchasing an additional 7,256 shares during the period. XTX Topco Ltd purchased a new position in Metagenomi during the second quarter valued at approximately $66,000. Green Alpha Advisors LLC acquired a new position in Metagenomi in the 3rd quarter valued at approximately $69,000. Finally, Verition Fund Management LLC purchased a new stake in Metagenomi in the 3rd quarter worth approximately $82,000.

About Metagenomi

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.