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Jefferies and BMO have initiated coverage of newly public Metagenomi (NASDAQ:MGX) with bullish ratings, citing the company’s comprehensive gene editing toolbox.
Jefferies said Metagenomi had a “diverse and largely wholly-owned” toolbox of next-generation editing tools, adding it believes the company has the “capabilities of Beam (BEAM), Verve (VERV), Prime Medicine (PRME) and beyond under one umbrella to make any type of edit.”
Also adding to Metagenomi’s appeal was upcoming NHP data, a cash runway into 2027 and discounted valuation. Jefferies rated the stock a buy, with a price target of $23.
BMO rated Metagenomi outperform, commenting the company could “potentially perform all known gene editing approaches.” It added that Metagenomi’s lead program could provide a differentiated therapy for Hemophilia A.
“Metagenomi’s partnerships with Ionis (IONS), Moderna (MRNA) and Affini-T offer early validation, while the world class metagenomics expertise of the CEO/founder increases Metagenomi’s probability of success,” BMO added.
BMO set a price target of $22 for the stock.
Metagenomi went public in February, raising nearly $94M through an initial public offering.