Metagenomi (NASDAQ:MGX) Releases Quarterly Earnings Results, Beats Expectations By $0.08 EPS

Metagenomi (NASDAQ:MGX) released its quarterly earnings results on Tuesday. The company reported ($0.56) EPS for the quarter, beating the consensus estimate of ($0.64) by $0.08, FiscalAI reports. Metagenomi had a negative net margin of 384.61% and a negative return on equity of 63.65%. The business had revenue of $2.18 million for the quarter, compared to analyst estimates of $2.58 million.

Metagenomi Stock Performance

NASDAQ MGX traded down $0.02 during trading hours on Tuesday, hitting $0.70. 168,800 shares of the company’s stock were exchanged, compared to its average volume of 191,797. The business’s 50 day moving average is $0.99 and its 200-day moving average is $1.27. Metagenomi has a 12-month low of $0.60 and a 12-month high of $2.23. The firm has a market capitalization of $26.45 million, a P/E ratio of -0.28 and a beta of 0.82.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on MGX. Weiss Ratings downgraded Metagenomi from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Tuesday, September 22nd. Wells Fargo & Company reduced their price objective on shares of Metagenomi to $7.00 and set an “overweight” rating on the stock in a research note on Tuesday, August 11th. Finally, Wall Street Zen lowered shares of Metagenomi from a “sell” rating to a “strong sell” rating in a research report on Saturday, August 22nd. Two equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Metagenomi has an average rating of “Hold” and an average target price of $6.00.

Metagenomi Company Profile

Metagenomi, Inc. is a biotechnology company focused on developing genetic medicines using genome-editing technologies. The company uses metagenomics—the study of genetic material recovered from environmental microorganisms—to discover and characterize naturally occurring CRISPR systems and other programmable enzymes that may offer advantages over conventional gene-editing tools. Metagenomi’s technology platform is designed to support the development of therapies for genetic diseases by enabling targeted DNA editing, including gene insertion, deletion and correction.