Metagenomi (NASDAQ:MGX) Downgraded to Neutral at JPMorgan Chase & Co.

Metagenomi (NASDAQ:MGX) was downgraded by analysts at JPMorgan Chase & Co. from an “overweight” rating to a “neutral” rating in a research report issued to clients and investors on Thursday, FinViz reports. They currently have a $6.00 price objective on the stock, down from their previous price objective of $16.00. JPMorgan Chase & Co.‘s price target suggests a potential downside of 14.77% from the company’s current price.

Several other equities analysts have also weighed in on the stock. Chardan Capital reiterated a “buy” rating and issued a $21.00 target price on shares of Metagenomi in a report on Thursday, March 28th. TD Cowen started coverage on Metagenomi in a research note on Tuesday, March 5th. They set an “outperform” rating on the stock. BMO Capital Markets initiated coverage on shares of Metagenomi in a research note on Tuesday, March 5th. They issued an “outperform” rating and a $22.00 price objective for the company. Wells Fargo & Company assumed coverage on Metagenomi in a research note on Tuesday, March 5th. They issued an “overweight” rating and a $25.00 price objective on the stock. Finally, Jefferies Financial Group assumed coverage on Metagenomi in a research note on Tuesday, March 5th. They set a “buy” rating and a $23.00 target price for the company. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $19.40.

Metagenomi Price Performance

NASDAQ MGX opened at $7.04 on Thursday. The company has a fifty day moving average price of $10.09. Metagenomi has a one year low of $6.50 and a one year high of $12.74.

Insiders Place Their Bets

In other news, major shareholder Holdings A/S Novo acquired 800,000 shares of the business’s stock in a transaction on Tuesday, February 13th. The stock was bought at an average price of $15.00 per share, for a total transaction of $12,000,000.00. Following the transaction, the insider now owns 1,739,175 shares in the company, valued at $26,087,625. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.

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.