Chardan lowered the firm’s price target on Metagenomi (MGX) to $17 from $21 and keeps a Buy rating on the shares after the company disclosed the termination of its collaboration with Moderna (MRNA) and the return to Metagenomi of global rights to its editing tech including base editing and RIGS. In addition to removing the Moderna collaboration from the firm’s model, the firm reduced its view on the odds of success for PH1 to 17.5% from 40% to reflect the increased uncertainty, the analyst tells investors. If Metagenomi chooses to advance PH1, the firm understands it would be using non-Moderna LNP and mRNA tech, so the mouse data generated by Moderna “may not necessarily reflect a future candidate profile,” the analyst added.
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