MeiraGTx (NASDAQ:MGTX) Stock Price Down 2.4% – Here’s What Happened

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

Analyst Ratings Changes

A number of equities analysts have commented on MGTX shares. Royal Bank of Canada lifted their price objective on shares of MeiraGTx from $11.00 to $13.00 and gave the stock an “outperform” rating in a report on Monday, March 17th. Chardan Capital reaffirmed a “buy” rating and issued a $36.00 price target on shares of MeiraGTx in a report on Monday, February 24th.

MeiraGTx Trading Up 1.3 %

The firm has a market cap of $614.28 million, a P/E ratio of -6.44, a P/E/G ratio of 0.37 and a beta of 1.23. The company has a debt-to-equity ratio of 0.86, a quick ratio of 2.34 and a current ratio of 2.34. The firm has a fifty day moving average of $6.75 and a 200-day moving average of $6.01.

MeiraGTx (NASDAQ:MGTX) last posted its earnings results on Thursday, March 13th. The company reported ($0.50) earnings per share (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 analyst estimates of $1.50 million. MeiraGTx had a negative net margin of 633.05% and a negative return on equity of 146.38%. Equities research 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 completion of the transaction, the chief financial officer now directly 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 document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Alexandria Forbes sold 35,839 shares of the company’s stock in a transaction dated Tuesday, January 7th. The shares were sold at an average price of $6.47, for a total transaction of $231,878.33. Following the completion of the sale, the chief executive officer now directly owns 1,395,102 shares of the company’s stock, valued at $9,026,309.94. The trade was a 2.50 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 8.40% of the stock is currently owned by insiders.

Hedge Funds Weigh In On MeiraGTx

A number of hedge funds have recently modified their holdings of MGTX. Summit Investment Advisors Inc. lifted its stake in MeiraGTx by 106.7% during the fourth quarter. Summit Investment Advisors Inc. now owns 4,871 shares of the company’s stock valued at $30,000 after buying an additional 2,515 shares in the last quarter. Tower Research Capital LLC TRC raised its position in MeiraGTx by 68.1% during the fourth 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 period. BNP Paribas Financial Markets increased its holdings in shares of MeiraGTx by 142.5% in the 3rd quarter. BNP Paribas Financial Markets now owns 9,319 shares of the company’s stock valued at $39,000 after purchasing an additional 5,476 shares during the period. Polymer Capital Management US LLC purchased a new position in MeiraGTx during the fourth quarter valued at approximately $88,000. Finally, China Universal Asset Management Co. Ltd. increased its stake in MeiraGTx by 11.3% in the 4th quarter. China Universal Asset Management Co. Ltd. now owns 16,571 shares of the company’s stock valued at $101,000 after buying an additional 1,685 shares during the period. 67.48% of the stock is currently owned by institutional investors and hedge funds.

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.