Metagenomi, Inc.’s (NASDAQ:MGX) Quiet Period Set To End on March 20th

Metagenomi’s (NASDAQ:MGXGet Free Report) quiet period will end on Wednesday, March 20th. 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. During the company’s quiet period, underwriters and any insiders that worked on the IPO are restricted from issuing any earnings forecasts or research reports for the company because of SEC regulations. Following the expiration of the company’s quiet period, it’s expected that the brokerages that served as underwriters on the stock will initiate research coverage on the company.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on MGX shares. Chardan Capital started coverage on Metagenomi in a research report on Tuesday, March 5th. They issued a “buy” rating and a $21.00 target price for the company. Jefferies Financial Group began coverage on shares of Metagenomi in a research note on Tuesday, March 5th. They set a “buy” rating and a $23.00 target price on the stock. JPMorgan Chase & Co. assumed coverage on shares of Metagenomi in a research report on Tuesday, March 5th. They issued an “overweight” rating and a $16.00 price target for the company. TD Cowen assumed coverage on Metagenomi in a research report on Tuesday, March 5th. They set an “outperform” rating on the stock. Finally, BMO Capital Markets began coverage on Metagenomi in a research note on Tuesday, March 5th. They set an “outperform” rating and a $22.00 target price for the company. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of $21.40.

View Our Latest Analysis on MGX

Metagenomi Trading Down 5.4 %

MGX stock opened at $10.14 on Friday. Metagenomi has a twelve month low of $9.74 and a twelve month high of $12.74.

Insiders Place Their Bets

In related news, major shareholder Holdings A/S Novo acquired 800,000 shares of the firm’s stock in a transaction on Tuesday, February 13th. The stock was bought at an average cost of $15.00 per share, with a total value of $12,000,000.00. Following the transaction, the insider now owns 1,739,175 shares of the company’s stock, valued at $26,087,625. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

About Metagenomi

(Get Free Report)

Metagenomi, Inc, a gene editing biotechnology 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.

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