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

JPMorgan Chase & Co. lowered shares of Metagenomi (NASDAQ:MGX) from an overweight rating to a neutral rating in a report released on Thursday, Marketbeat reports. JPMorgan Chase & Co. currently has $6.00 price target on the stock, down from their previous price target of $16.00.

Several other brokerages have also weighed in on MGX. Wells Fargo & Company assumed coverage on shares of Metagenomi in a research report on Tuesday, March 5th. They set an overweight rating and a $25.00 target price on the stock. Chardan Capital restated a buy rating and set a $21.00 price target on shares of Metagenomi in a research note on Thursday, March 28th. BMO Capital Markets initiated coverage on Metagenomi in a research note on Tuesday, March 5th. They issued an outperform rating and a $22.00 price objective on the stock. TD Cowen began coverage on Metagenomi in a research report on Tuesday, March 5th. They set an outperform rating for the company. Finally, Jefferies Financial Group initiated coverage on Metagenomi in a research note on Tuesday, March 5th. They issued a buy rating and a $23.00 price target on the stock. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of Moderate Buy and an average price target of $19.40.

Metagenomi Price Performance

MGX stock traded up $0.15 during midday trading on Thursday, hitting $6.32. The stock had a trading volume of 68,675 shares, compared to its average volume of 161,382. The stock’s 50-day simple moving average is $9.87. Metagenomi has a 52 week low of $5.50 and a 52 week high of $12.74.

Insider Transactions at Metagenomi

In other Metagenomi 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 purchased 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 approximately $26,087,625. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.

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.