Metagenomi shares are trading lower after Moderna and the company mutually agreed to terminate their collaboration on primary hyperoxaluria type 1 and rights to develop the PH1 program. Also, JP Morgan downgraded the stock from Overweight to Neutral and lowered its price target from $16 to $6.
Portfolio Pulse from Benzinga Newsdesk
Metagenomi's shares dropped following the mutual termination of their collaboration with Moderna on the primary hyperoxaluria type 1 (PH1) program. Additionally, JP Morgan downgraded Metagenomi's stock from Overweight to Neutral and reduced the price target from $16 to $6.
May 02, 2024 | 3:59 pm
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NEGATIVE IMPACT
Metagenomi's stock is likely to experience a short-term decline due to the termination of its collaboration with Moderna on the PH1 program and a significant downgrade by JP Morgan.
The termination of the collaboration with Moderna removes a significant potential revenue and development milestone for Metagenomi, directly impacting its valuation and growth prospects. The downgrade by JP Morgan further exacerbates the negative sentiment, indicating a lack of confidence in the company's short-term performance and growth potential, leading to a likely decrease in stock price.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100