Moderna, Bayer-backed Metagenomi tumbles after bottom-range IPO pricing

Metagenomi Therapeutics

09/02/2024 19:44

** Shares of genetic medicines firm Metagenomi Technologies
 MGX.O  tumble in debut on Fri after IPO priced at bottom of
expectations
    ** MGX opens at $10.25 vs $15 IPO price. Stock last down 29%
at $10.65
    ** Co, backed by Moderna  MRNA.O  and Bayer Healthcare
 BAYGn.DE , sold 6.25 mln shares at bottom of $15-$17 marketed
range for $93.75 mln raise
    ** Metagenomi, which is unprofitable, has derived its
revenue from 3 collaboration agreements, including one with
MRNA, and not from product sales
    ** JPMorgan  JPM.N , Jefferies, TD Cowen, Wells Fargo
 WFC.N  and BMO acting as jt bookrunners for the IPO

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))