MeiraGTx (NASDAQ:MGTX) Sees Strong Trading Volume – Here’s Why

Shares of MeiraGTx Holdings PLC (NASDAQ:MGTX) saw strong trading volume on Wednesday . 1,826,237 shares changed hands during mid-day trading, an increase of 261% from the previous session’s volume of 505,229 shares.The stock last traded at $8.0250 and had previously closed at $7.58.

Analyst Ratings Changes

MGTX has been the subject of a number of recent analyst reports. Piper Sandler upped their price target on shares of MeiraGTx from $28.00 to $30.00 and gave the company an “overweight” rating in a report on Tuesday, November 11th. Chardan Capital restated a “buy” rating and issued a $35.00 price objective on shares of MeiraGTx in a research note on Tuesday, November 11th. Raymond James Financial assumed coverage on shares of MeiraGTx in a report on Tuesday, October 21st. They issued a “strong-buy” rating and a $29.00 price target for the company. Wall Street Zen downgraded shares of MeiraGTx from a “hold” rating to a “sell” rating in a report on Saturday, November 15th. Finally, Weiss Ratings reissued 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, four have given a Buy rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $26.00.

MeiraGTx Price Performance

The company has a quick ratio of 0.22, a current ratio of 0.22 and a debt-to-equity ratio of 26.29. The company’s fifty day moving average is $8.28 and its 200 day moving average is $7.50. The firm has a market cap of $648.75 million, a price-to-earnings ratio of -3.83 and a beta of 1.35.

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

Insider Transactions at MeiraGTx

In other MeiraGTx news, CFO Richard Giroux sold 24,000 shares of the business’s stock in a transaction dated Tuesday, October 21st. The shares were sold at an average price of $8.87, for a total value of $212,880.00. Following the transaction, the chief financial officer directly owned 829,494 shares in the company, valued at $7,357,611.78. The trade was a 2.81% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Alexandria Forbes sold 47,500 shares of the firm’s stock in a transaction 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 directly owned 1,313,983 shares of the company’s stock, valued at $11,024,317.37. This represents a 3.49% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Company insiders own 7.50% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Rubric Capital Management LP increased its position in MeiraGTx by 109.8% during the second quarter. Rubric Capital Management LP now owns 3,726,451 shares of the company’s stock valued at $24,296,000 after acquiring an additional 1,950,130 shares during the last quarter. Adage Capital Partners GP L.L.C. raised its position 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 acquiring an additional 600,000 shares during the period. 22NW LP purchased a new stake in MeiraGTx during the 2nd quarter valued at approximately $3,824,000. Invesco Ltd. raised its position in shares of MeiraGTx by 1,628.7% during the first 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 during the last quarter. Finally, Bank of America Corp DE boosted its position in shares of MeiraGTx by 493.8% during the second quarter. Bank of America Corp DE now owns 266,666 shares of the company’s stock worth $1,739,000 after acquiring an additional 221,755 shares during the last quarter. Institutional investors own 67.48% of the company’s stock.

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.