MeiraGTx (NASDAQ:MGTX) Trading Up 8.1% – Time to Buy?

MeiraGTx Holdings plc (NASDAQ:MGTX)’s share price was up 8.1% during trading on Monday . The company traded as high as $6.47 and last traded at $6.41. Approximately 17,117 shares traded hands during trading, a decline of 92% from the average daily volume of 201,876 shares. The stock had previously closed at $5.93.

Analysts Set New Price Targets

MGTX has been the topic of several research reports. Royal Bank of Canada raised their target price on MeiraGTx from $9.00 to $11.00 and gave the stock an “outperform” rating in a research report on Thursday, November 14th. Chardan Capital restated a “buy” rating and set a $36.00 target price on shares of MeiraGTx in a research report on Monday, November 18th.

MeiraGTx Price Performance

The firm has a 50 day moving average price of $5.31 and a 200 day moving average price of $4.82. The stock has a market cap of $499.38 million, a P/E ratio of -5.30 and a beta of 1.24. The company has a quick ratio of 2.34, a current ratio of 2.34 and a debt-to-equity ratio of 0.86.

Hedge Funds Weigh In On MeiraGTx

A number of hedge funds have recently modified their holdings of the company. Barclays PLC boosted its holdings in MeiraGTx by 107.1% in the 3rd quarter. Barclays PLC now owns 147,827 shares of the company’s stock worth $618,000 after buying an additional 76,437 shares during the period. State Street Corp lifted its position in shares of MeiraGTx by 0.9% in the third quarter. State Street Corp now owns 574,727 shares of the company’s stock valued at $2,397,000 after acquiring an additional 5,251 shares in the last quarter. Garden State Investment Advisory Services LLC bought a new position in shares of MeiraGTx in the third quarter worth about $1,636,000. Erste Asset Management GmbH bought a new stake in MeiraGTx during the 3rd quarter valued at approximately $2,795,000. Finally, Knoll Capital Management LLC purchased a new position in MeiraGTx in the 3rd quarter worth approximately $5,212,000. 67.48% of the stock is currently owned by institutional investors.

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.