Royal Bank of Canada Lowers MeiraGTx (NASDAQ:MGTX) Price Target to $9.00

MeiraGTx (NASDAQ:MGTX) had its price objective decreased by Royal Bank of Canada from $11.00 to $9.00 in a report issued on Tuesday morning, Benzinga reports. Royal Bank of Canada currently has an outperform rating on the stock.

Separately, Chardan Capital restated a buy rating and issued a $36.00 price objective on shares of MeiraGTx in a research note on Wednesday, July 31st.

MeiraGTx Stock Down 3.9 %

Shares of NASDAQ:MGTX opened at $4.23 on Tuesday. The company has a debt-to-equity ratio of 0.69, a quick ratio of 3.14 and a current ratio of 3.14. The company’s fifty day moving average is $4.46 and its two-hundred day moving average is $5.25. MeiraGTx has a 1-year low of $3.49 and a 1-year high of $7.60. The stock has a market capitalization of $272.02 million, a price-to-earnings ratio of -3.62 and a beta of 1.33.

MeiraGTx (NASDAQ:MGTX) last released its earnings results on Monday, August 12th. The company reported ($0.76) EPS for the quarter, missing the consensus estimate of ($0.31) by ($0.45). MeiraGTx had a negative net margin of 651.19% and a negative return on equity of 122.82%. The business had revenue of $0.28 million for the quarter, compared to analyst estimates of $16.38 million. Equities analysts anticipate that MeiraGTx will post -1.52 EPS for the current year.

Insider Transactions at MeiraGTx

In related news, Director Perceptive Advisors Llc acquired 1,250,000 shares of the company’s stock in a transaction that occurred on Monday, August 12th. The stock was acquired at an average price of $4.00 per share, for a total transaction of $5,000,000.00. Following the completion of the acquisition, the director now owns 12,531,103 shares of the company’s stock, valued at approximately $50,124,412. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 8.40% of the stock is currently owned by corporate insiders.

Institutional Trading of MeiraGTx

Institutional investors and hedge funds have recently bought and sold shares of the stock. Los Angeles Capital Management LLC acquired a new stake in MeiraGTx during the 1st quarter valued at $706,000. Russell Investments Group Ltd. raised its position in MeiraGTx by 1.9% during the first quarter. Russell Investments Group Ltd. now owns 157,999 shares of the company’s stock valued at $959,000 after purchasing an additional 2,994 shares in the last quarter. Sierra Summit Advisors LLC acquired a new position in shares of MeiraGTx during the 4th quarter worth $252,000. SG Americas Securities LLC lifted its holdings in shares of MeiraGTx by 30.8% in the fourth quarter. SG Americas Securities LLC now owns 15,950 shares of the company’s stock worth $112,000 after acquiring an additional 3,755 shares during the last quarter. Finally, BNP Paribas Financial Markets lifted its stake in MeiraGTx by 73.9% in the 1st quarter. BNP Paribas Financial Markets now owns 19,242 shares of the company’s stock valued at $117,000 after purchasing an additional 8,178 shares during the last quarter. 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.