MeiraGTx (NASDAQ:MGTX) Cut to Sell at Wall Street Zen

Wall Street Zen downgraded shares of MeiraGTx (NASDAQ:MGTX) from a hold rating to a sell rating in a research note released on Saturday morning.

MGTX has been the topic of several other research reports. Royal Bank Of Canada raised their target price on shares of MeiraGTx from $12.00 to $16.00 and gave the stock an “outperform” rating in a report on Friday. Piper Sandler increased their price target on shares of MeiraGTx from $28.00 to $30.00 and gave the company an “overweight” rating in a research report on Tuesday, November 11th. Chardan Capital reissued a “buy” rating and issued a $35.00 price target on shares of MeiraGTx in a report on Tuesday, November 11th. Raymond James Financial initiated coverage on shares of MeiraGTx in a research note on Tuesday, October 21st. They set a “strong-buy” rating and a $29.00 price objective for the company. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of MeiraGTx in a report on Wednesday, October 8th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $27.50.

MeiraGTx Stock Down 3.8%

MGTX opened at $7.88 on Friday. MeiraGTx has a 12 month low of $4.55 and a 12 month high of $9.73. The company has a current ratio of 0.22, a quick ratio of 0.22 and a debt-to-equity ratio of 26.29. The business’s 50-day moving average price is $8.28 and its 200-day moving average price is $7.43. The company has a market cap of $634.26 million, a P/E ratio of -3.73 and a beta of 1.35.

MeiraGTx (NASDAQ:MGTX) last issued its earnings results on Thursday, November 13th. The company reported ($0.62) earnings per share for the quarter, missing the consensus estimate of ($0.50) by ($0.12). The company had revenue of $0.41 million for the quarter, compared to analysts’ expectations of $7.71 million. MeiraGTx had a negative net margin of 615.27% and a negative return on equity of 1,065.47%. On average, equities analysts expect that MeiraGTx will post -1.48 EPS for the current year.

Insider Buying and Selling at MeiraGTx

In related news, CEO Alexandria Forbes sold 47,500 shares of the business’s stock in a transaction dated Tuesday, October 7th. The shares were sold at an average price of $8.39, for a total transaction of $398,525.00. Following the transaction, the chief executive officer owned 1,313,983 shares in the company, valued at $11,024,317.37. The trade was a 3.49% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Richard Giroux sold 24,000 shares of the stock in a transaction dated 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 directly owned 829,494 shares of the company’s stock, valued at approximately $7,357,611.78. The trade was a 2.81% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 7.50% of the stock is currently owned by corporate insiders.

Institutional Trading of MeiraGTx

Several large investors have recently bought and sold shares of the company. Rubric Capital Management LP raised its position in shares of MeiraGTx by 109.8% in the 2nd 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 in the last quarter. Adage Capital Partners GP L.L.C. raised its holdings in MeiraGTx by 11.9% in the first 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 position in MeiraGTx during the second quarter valued at $3,824,000. Invesco Ltd. boosted its holdings in shares of MeiraGTx by 1,628.7% during the 1st quarter. Invesco Ltd. now owns 350,401 shares of the company’s stock valued at $2,376,000 after buying an additional 330,131 shares in the last quarter. Finally, Bank of America Corp DE boosted its holdings 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 buying an additional 221,755 shares in the last quarter. 67.48% of the stock is owned by 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.