MeiraGTx (NASDAQ:MGTX) Stock Price Up 8% – Time to Buy?

Shares of MeiraGTx Holdings plc (NASDAQ:MGTX) rose 8% during mid-day trading on Friday . The stock traded as high as $6.53 and last traded at $6.40. Approximately 40,619 shares changed hands during mid-day trading, a decline of 86% from the average daily volume of 281,484 shares. The stock had previously closed at $5.93.

Analyst Ratings Changes

A number of brokerages recently weighed in on MGTX. Chardan Capital restated a “buy” rating and issued a $36.00 price objective on shares of MeiraGTx in a report on Monday, November 18th. Royal Bank of Canada upped their price objective on shares of MeiraGTx from $9.00 to $11.00 and gave the company an “outperform” rating in a research note on Thursday, November 14th.

MeiraGTx Price Performance

The company has a debt-to-equity ratio of 0.86, a quick ratio of 2.34 and a current ratio of 2.34. The stock’s fifty day moving average price is $6.25 and its 200-day moving average price is $5.18. The firm has a market cap of $482.89 million, a PE ratio of -5.09, a P/E/G ratio of 0.34 and a beta of 1.26.

Insider Buying and Selling at MeiraGTx

In related news, CEO Alexandria Forbes sold 35,839 shares of the stock in a transaction dated Tuesday, January 7th. The stock was sold at an average price of $6.47, for a total value of $231,878.33. Following the completion of the transaction, the chief executive officer now 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 ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. 8.40% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Knoll Capital Management LLC bought a new stake in MeiraGTx during the 3rd quarter valued at $5,212,000. Erste Asset Management GmbH purchased a new position in MeiraGTx in the 3rd quarter worth about $2,795,000. Garden State Investment Advisory Services LLC purchased a new position in shares of MeiraGTx in the third quarter worth approximately $1,636,000. Barclays PLC lifted its position in shares of 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 acquiring an additional 76,437 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its position in shares of MeiraGTx by 14.6% in the second quarter. Dimensional Fund Advisors LP now owns 462,950 shares of the company’s stock worth $1,949,000 after buying an additional 58,854 shares during the period. 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.