Metagenomi, Inc.’s (NASDAQ:MGX) Lock-Up Period To End on August 7th

Metagenomi’s (NASDAQ:MGX) lock-up period will expire on Wednesday, August 7th. Metagenomi had issued 6,250,000 shares in its initial 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 end of the lock-up period.

Wall Street Analysts Forecast Growth

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

Metagenomi Stock Performance

Shares of Metagenomi stock opened at $3.63 on Friday. Metagenomi has a 52 week low of $3.34 and a 52 week high of $12.74. The company has a 50 day moving average of $4.89.

Metagenomi (NASDAQ:MGX) last announced its quarterly earnings results on Tuesday, May 14th. The company reported ($1.19) EPS for the quarter, missing the consensus estimate of ($0.95) by ($0.24). The business had revenue of $11.16 million for the quarter, compared to the consensus estimate of $8.30 million. Analysts anticipate that Metagenomi will post -3.22 EPS for the current fiscal year.

Hedge Funds Weigh In On Metagenomi

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