MeiraGTx (NASDAQ:MGTX) Shares Gap Down – What’s Next?

MeiraGTx Holdings plc (NASDAQ:MGTX) shares gapped down before the market opened on Friday . The stock had previously closed at $7.39, but opened at $7.17. MeiraGTx shares last traded at $7.46, with a volume of 29,273 shares.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on MGTX. Royal Bank of Canada increased their price objective on MeiraGTx from $11.00 to $13.00 and gave the stock an “outperform” rating in a research note on Monday, March 17th. Chardan Capital reissued a “buy” rating and issued a $36.00 price target on shares of MeiraGTx in a research report on Monday, February 24th.

MeiraGTx Stock Up 0.2 %

The company has a current ratio of 2.34, a quick ratio of 2.34 and a debt-to-equity ratio of 0.86. The firm has a market capitalization of $584.00 million, a P/E ratio of -6.14, a P/E/G ratio of 0.37 and a beta of 1.23. The stock’s 50-day simple moving average is $6.81 and its 200-day simple moving average is $6.03.

MeiraGTx (NASDAQ:MGTX) last released its earnings results on Thursday, March 13th. The company reported ($0.50) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.48) by ($0.02). The business had revenue of $21.39 million during the quarter, compared to the consensus estimate of $1.50 million. MeiraGTx had a negative net margin of 633.05% and a negative return on equity of 146.38%. As a group, research analysts predict that MeiraGTx Holdings plc will post -1.48 earnings per share for the current fiscal year.

Insider Activity

In other MeiraGTx news, CFO Richard Giroux sold 24,000 shares of the stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $6.29, for a total transaction of $150,960.00. Following the completion of the transaction, the chief financial officer now directly owns 849,947 shares of the company’s stock, valued at approximately $5,346,166.63. This represents a 2.75 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Alexandria Forbes sold 35,839 shares of the firm’s stock in a transaction on 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 sale, the chief executive officer now directly owns 1,395,102 shares of the company’s stock, valued at $9,026,309.94. This represents a 2.50 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 8.40% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Summit Investment Advisors Inc. lifted its holdings in MeiraGTx by 106.7% during the fourth quarter. Summit Investment Advisors Inc. now owns 4,871 shares of the company’s stock valued at $30,000 after purchasing an additional 2,515 shares during the last quarter. Tower Research Capital LLC TRC lifted its stake in shares of MeiraGTx by 68.1% during the 4th quarter. Tower Research Capital LLC TRC now owns 4,975 shares of the company’s stock valued at $30,000 after buying an additional 2,016 shares in the last quarter. BNP Paribas Financial Markets lifted its stake in shares of MeiraGTx by 142.5% during the 3rd quarter. BNP Paribas Financial Markets now owns 9,319 shares of the company’s stock valued at $39,000 after buying an additional 5,476 shares in the last quarter. Polymer Capital Management US LLC bought a new position in MeiraGTx in the 4th quarter worth approximately $88,000. Finally, China Universal Asset Management Co. Ltd. grew its stake in MeiraGTx by 11.3% in the 4th quarter. China Universal Asset Management Co. Ltd. now owns 16,571 shares of the company’s stock valued at $101,000 after buying an additional 1,685 shares in the last quarter. Institutional investors 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.