JPMorgan downgraded Metagenomi (MGX) to Neutral from Overweight with a price target of $6, down from $16. The firm cites the termination of the company’s partnership with Moderna (MRNA) for the downgrade. It is not clear what the exact driver behind the decision was, but it appeared that the decision was at least partly driven by strategic prioritization by its counterpart, the analyst tells investors in a research note. The firm says losing a key partner raises questions on Metagenomi’s platform.
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