MeiraGTx (NASDAQ:MGTX) Stock Price Down 2.4% – What’s Next?

MeiraGTx Holdings plc (NASDAQ:MGTX) shares dropped 2.4% on Monday . The company traded as low as $7.44 and last traded at $7.38. Approximately 76,249 shares were traded during mid-day trading, a decline of 72% from the average daily volume of 272,353 shares. The stock had previously closed at $7.56.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on MGTX shares. Chardan Capital restated a “buy” rating and issued a $36.00 price target on shares of MeiraGTx in a research note on Monday, February 24th. Royal Bank of Canada lifted their target price on shares of MeiraGTx from $11.00 to $13.00 and gave the stock an “outperform” rating in a research report on Monday, March 17th.

MeiraGTx Stock Up 1.6 %

The company has a debt-to-equity ratio of 0.86, a current ratio of 2.34 and a quick ratio of 2.34. The company has a 50-day moving average price of $6.67 and a 200 day moving average price of $5.96. The firm has a market capitalization of $605.61 million, a PE ratio of -6.35, a P/E/G ratio of 0.37 and a beta of 1.23.

MeiraGTx (NASDAQ:MGTX) last posted its earnings results on Thursday, March 13th. The company reported ($0.50) EPS for the quarter, missing analysts’ consensus estimates of ($0.48) by ($0.02). The firm had revenue of $21.39 million for the quarter, compared to the consensus estimate of $1.50 million. MeiraGTx had a negative net margin of 633.05% and a negative return on equity of 146.38%. Analysts forecast that MeiraGTx Holdings plc will post -1.48 earnings per share for the current year.

Insiders Place Their Bets

In other MeiraGTx news, CFO Richard Giroux sold 24,000 shares of the stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $6.29, for a total transaction of $150,960.00. Following the sale, the chief financial officer now owns 849,947 shares of the company’s stock, valued at approximately $5,346,166.63. This trade represents a 2.75 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Alexandria Forbes sold 35,839 shares of the stock in a transaction on Tuesday, January 7th. The shares were sold at an average price of $6.47, for a total value of $231,878.33. Following the sale, the chief executive officer now owns 1,395,102 shares of the company’s stock, valued at approximately $9,026,309.94. This represents a 2.50 % decrease in their position. The disclosure for this sale can be found here. 8.40% of the stock is owned by insiders.

Institutional Trading of MeiraGTx

Large investors have recently added to or reduced their stakes in the company. Summit Investment Advisors Inc. increased its stake in shares of MeiraGTx by 106.7% in the fourth quarter. Summit Investment Advisors Inc. now owns 4,871 shares of the company’s stock worth $30,000 after acquiring an additional 2,515 shares during the period. Tower Research Capital LLC TRC raised its stake in shares of MeiraGTx by 68.1% during the 4th quarter. Tower Research Capital LLC TRC now owns 4,975 shares of the company’s stock valued at $30,000 after buying an additional 2,016 shares during the last quarter. BNP Paribas Financial Markets boosted its stake in shares of MeiraGTx by 142.5% in the third quarter. BNP Paribas Financial Markets now owns 9,319 shares of the company’s stock worth $39,000 after buying an additional 5,476 shares during the last quarter. Polymer Capital Management US LLC acquired a new stake in MeiraGTx during the fourth quarter worth about $88,000. Finally, China Universal Asset Management Co. Ltd. raised its position in MeiraGTx by 11.3% during the fourth quarter. China Universal Asset Management Co. Ltd. now owns 16,571 shares of the company’s stock valued at $101,000 after acquiring an additional 1,685 shares in the last quarter. Hedge funds and other institutional investors own 67.48% of the company’s stock.

MeiraGTx Company Profile

MeiraGTx Holdings plc, a clinical stage gene therapy company, focusing on developing treatments for patients with serious diseases. The company develops various therapies for ocular diseases, including inherited retinal diseases and large degenerative ocular diseases, neurodegenerative diseases, and xerostomia.