Chardan Capital Reiterates Buy Rating for MeiraGTx (NASDAQ:MGTX)

MeiraGTx (NASDAQ:MGTX)‘s stock had its “buy” rating reaffirmed by research analysts at Chardan Capital in a research note issued on Tuesday,Benzinga reports. They currently have a $35.00 target price on the stock. Chardan Capital’s price objective indicates a potential upside of 304.16% from the company’s previous close.

MGTX has been the topic of several other reports. Raymond James Financial started coverage on shares of MeiraGTx in a report on Tuesday, October 21st. They set a “strong-buy” rating and a $29.00 price objective on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of MeiraGTx in a research report on Wednesday, October 8th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $26.75.

MeiraGTx Stock Performance

NASDAQ:MGTX opened at $8.66 on Tuesday. The company has a market capitalization of $696.70 million, a P/E ratio of -4.25 and a beta of 1.35. The business has a fifty day simple moving average of $8.25 and a two-hundred day simple moving average of $7.40. The company has a debt-to-equity ratio of 26.29, a current ratio of 0.88 and a quick ratio of 0.88. MeiraGTx has a 1 year low of $4.55 and a 1 year high of $9.73.

MeiraGTx (NASDAQ:MGTX) last posted its quarterly earnings results on Thursday, August 14th. The company reported ($0.48) earnings per share for the quarter, topping the consensus estimate of ($0.52) by $0.04. MeiraGTx had a negative return on equity of 314.44% and a negative net margin of 415.39%.The company had revenue of $3.69 million during the quarter, compared to the consensus estimate of $8.00 million. On average, analysts expect that MeiraGTx will post -1.48 earnings per share for the current year.

Insider Activity at MeiraGTx

In other MeiraGTx news, CEO Alexandria Forbes sold 47,500 shares of the business’s stock in a transaction that occurred on Tuesday, October 7th. The stock was sold at an average price of $8.39, for a total value of $398,525.00. Following the completion of the sale, the chief executive officer owned 1,313,983 shares in the company, valued at approximately $11,024,317.37. The trade was a 3.49% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Richard Giroux sold 24,000 shares of the firm’s stock in a transaction that occurred on Tuesday, October 21st. The stock was sold at an average price of $8.87, for a total transaction of $212,880.00. Following the completion of the transaction, the chief financial officer owned 829,494 shares in the company, valued at $7,357,611.78. This represents a 2.81% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 7.50% of the company’s stock.

Hedge Funds Weigh In On MeiraGTx

Several hedge funds have recently made changes to their positions in the business. Rubric Capital Management LP lifted its stake in MeiraGTx by 109.8% in the second quarter. Rubric Capital Management LP now owns 3,726,451 shares of the company’s stock worth $24,296,000 after acquiring an additional 1,950,130 shares during the period. Adage Capital Partners GP L.L.C. raised its holdings in MeiraGTx by 11.9% in the 1st quarter. Adage Capital Partners GP L.L.C. now owns 5,634,578 shares of the company’s stock worth $38,202,000 after purchasing an additional 600,000 shares in the last quarter. 22NW LP purchased a new stake in shares of MeiraGTx in the 2nd quarter worth about $3,824,000. Invesco Ltd. lifted its position in shares of MeiraGTx by 1,628.7% in the 1st quarter. Invesco Ltd. now owns 350,401 shares of the company’s stock worth $2,376,000 after purchasing an additional 330,131 shares during the period. Finally, Bank of America Corp DE boosted its stake in shares of MeiraGTx by 493.8% during the 2nd quarter. Bank of America Corp DE now owns 266,666 shares of the company’s stock valued at $1,739,000 after purchasing an additional 221,755 shares in the last quarter. 67.48% of the stock is owned by hedge funds and other institutional investors.

About MeiraGTx

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.