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

Shares of MeiraGTx Holdings plc (NASDAQ:MGTX) dropped 2.4% on Monday . The stock 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 daily volume of 272,353 shares. The stock had previously closed at $7.56.

Analyst Upgrades and Downgrades

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

MeiraGTx Price Performance

The company’s 50-day simple moving average is $6.75 and its 200 day simple moving average is $6.01. The stock has a market capitalization of $614.28 million, a price-to-earnings ratio of -6.44, a P/E/G 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 issued its quarterly earnings data on Thursday, March 13th. The company reported ($0.50) EPS for the quarter, missing analysts’ consensus estimates of ($0.48) by ($0.02). MeiraGTx had a negative net margin of 633.05% and a negative return on equity of 146.38%. The company had revenue of $21.39 million for the quarter, compared to analyst estimates of $1.50 million. Equities research analysts forecast that MeiraGTx Holdings plc will post -1.48 EPS for the current year.

Insider Transactions at MeiraGTx

In related news, CFO Richard Giroux sold 24,000 shares of MeiraGTx stock in a transaction on Tuesday, January 21st. The shares were sold at an average price of $6.29, for a total value of $150,960.00. Following the transaction, the chief financial officer now owns 849,947 shares in the company, valued at $5,346,166.63. This trade represents a 2.75 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Alexandria Forbes sold 35,839 shares of the business’s stock in a transaction on Tuesday, January 7th. The stock was sold at an average price of $6.47, for a total transaction of $231,878.33. Following the transaction, the chief executive officer now directly 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 corporate insiders.

Institutional Trading of MeiraGTx

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Janney Montgomery Scott LLC bought a new stake in shares of MeiraGTx in the fourth quarter valued at approximately $459,000. 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 valued at $618,000 after purchasing an additional 76,437 shares during the period. State Street Corp grew its position in MeiraGTx by 0.9% in the 3rd 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. Garden State Investment Advisory Services LLC bought a new position in shares of MeiraGTx during the 3rd quarter worth about $1,636,000. Finally, JPMorgan Chase & Co. raised its position in shares of MeiraGTx by 1.2% during the third quarter. JPMorgan Chase & Co. now owns 342,667 shares of the company’s stock valued at $1,429,000 after buying an additional 4,186 shares during the last quarter. Institutional investors and hedge funds 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.