MeiraGTx (NASDAQ:MGTX) Earns “Buy” Rating from Chardan Capital

MeiraGTx (NASDAQ:MGTX)‘s stock had its “buy” rating reissued by research analysts at Chardan Capital in a note issued to investors on Friday,Benzinga reports. They presently have a $35.00 target price on the stock. Chardan Capital’s price objective would suggest a potential upside of 328.40% from the stock’s previous close.

Separately, Wall Street Zen raised MeiraGTx from a “sell” rating to a “hold” rating in a research note on Saturday, July 5th.

MeiraGTx Price Performance

Shares of MGTX stock opened at $8.17 on Friday. The stock’s fifty day simple moving average is $7.58 and its 200 day simple moving average is $6.72. The company has a debt-to-equity ratio of 2.34, a current ratio of 1.53 and a quick ratio of 1.51. The firm has a market cap of $656.54 million, a price-to-earnings ratio of -4.00 and a beta of 1.25. MeiraGTx has a one year low of $3.85 and a one year high of $8.98.

MeiraGTx (NASDAQ:MGTX) last announced its quarterly earnings results on Thursday, August 14th. The company reported ($0.48) EPS for the quarter, beating the consensus estimate of ($0.52) by $0.04. The business had revenue of $3.69 million for the quarter, compared to analyst estimates of $8.00 million. MeiraGTx had a negative return on equity of 239.38% and a negative net margin of 415.39%. On average, analysts expect that MeiraGTx will post -1.48 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other MeiraGTx news, CEO Alexandria Forbes sold 47,500 shares of the business’s stock in a transaction on Tuesday, July 8th. The stock was sold at an average price of $7.97, for a total value of $378,575.00. Following the transaction, the chief executive officer owned 1,361,483 shares of the company’s stock, valued at approximately $10,851,019.51. The trade was a 3.37% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Richard Giroux sold 24,000 shares of the business’s stock in a transaction on Tuesday, July 22nd. The stock was sold at an average price of $8.52, for a total value of $204,480.00. Following the completion of the transaction, the chief financial officer directly owned 853,494 shares in the company, valued at approximately $7,271,768.88. This represents a 2.74% decrease in their position. The disclosure for this sale can be found here. 7.50% of the stock is currently owned by insiders.

Hedge Funds Weigh In On MeiraGTx

Institutional investors and hedge funds have recently bought and sold shares of the business. Geode Capital Management LLC raised its position in shares of MeiraGTx by 16.4% during the fourth quarter. Geode Capital Management LLC now owns 570,646 shares of the company’s stock worth $3,475,000 after acquiring an additional 80,407 shares during the last quarter. Wells Fargo & Company MN raised its position in shares of MeiraGTx by 58.6% during the fourth quarter. Wells Fargo & Company MN now owns 23,589 shares of the company’s stock worth $144,000 after acquiring an additional 8,714 shares during the last quarter. Invesco Ltd. raised its position in shares of MeiraGTx by 59.6% during the fourth quarter. Invesco Ltd. now owns 20,270 shares of the company’s stock worth $123,000 after acquiring an additional 7,569 shares during the last quarter. Summit Investment Advisors Inc. raised its position in shares of MeiraGTx by 106.7% during the fourth quarter. Summit Investment Advisors Inc. now owns 4,871 shares of the company’s stock worth $30,000 after acquiring an additional 2,515 shares during the last quarter. Finally, MetLife Investment Management LLC raised its position in shares of MeiraGTx by 69.5% during the fourth quarter. MetLife Investment Management LLC now owns 30,964 shares of the company’s stock worth $189,000 after acquiring an additional 12,701 shares during the last quarter. Institutional investors and hedge funds 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.