MeiraGTx (NASDAQ:MGTX) Trading Down 8% – Here’s What Happened

Shares of MeiraGTx Holdings plc (NASDAQ:MGTX) traded down 8% during mid-day trading on Monday . The company traded as low as $6.63 and last traded at $6.75. 401,060 shares were traded during mid-day trading, an increase of 41% from the average session volume of 284,510 shares. The stock had previously closed at $7.33.

Wall Street Analysts Forecast Growth

MGTX has been the topic of several research analyst reports. Chardan Capital restated a “buy” rating and issued a $36.00 price objective on shares of MeiraGTx in a research report on Monday, February 24th. Royal Bank of Canada upped their price target on MeiraGTx from $11.00 to $13.00 and gave the stock an “outperform” rating in a research note on Monday, March 17th.

MeiraGTx Stock Up 3.2 %

The company has a fifty day moving average price of $6.84 and a 200-day moving average price of $6.11. The stock has a market capitalization of $501.52 million, a P/E ratio of -5.26, a PEG ratio of 0.37 and a beta of 1.23. The company has a quick ratio of 2.34, a current ratio of 2.34 and a debt-to-equity ratio of 0.86.

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

Insiders Place Their Bets

In other news, CFO Richard Giroux sold 24,000 shares of the business’s stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $6.29, for a total value 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. The trade was a 2.75 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Alexandria Forbes sold 35,839 shares of the stock in a transaction that occurred on Tuesday, January 7th. The shares were sold at an average price of $6.47, for a total transaction of $231,878.33. Following 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 position. The disclosure for this sale can be found here. 8.40% of the stock is owned by company insiders.

Institutional Trading of MeiraGTx

Institutional investors have recently bought and sold shares of the stock. Sanofi purchased a new position in shares of MeiraGTx in the fourth quarter worth $74,284,000. Woodline Partners LP purchased a new stake in shares of MeiraGTx in the 4th quarter valued at $9,349,000. Erste Asset Management GmbH acquired a new stake in shares of MeiraGTx in the third quarter worth $2,795,000. State Street Corp raised its holdings in shares of MeiraGTx by 0.9% during the third quarter. State Street Corp now owns 574,727 shares of the company’s stock worth $2,397,000 after purchasing an additional 5,251 shares during the last quarter. Finally, Geode Capital Management LLC lifted its position in MeiraGTx by 16.4% during the fourth quarter. Geode Capital Management LLC now owns 570,646 shares of the company’s stock valued at $3,475,000 after purchasing an additional 80,407 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.