MeiraGTx (NASDAQ:MGTX) Shares Up 6.6% After Analyst Upgrade

MeiraGTx Holdings PLC (NASDAQ:MGTX) shares shot up 6.6% during trading on Tuesday after Piper Sandler raised their price target on the stock from $28.00 to $30.00. Piper Sandler currently has an overweight rating on the stock. MeiraGTx traded as high as $9.09 and last traded at $9.1150. 248,587 shares were traded during mid-day trading, a decline of 49% from the average session volume of 490,015 shares. The stock had previously closed at $8.55.

Several other research firms have also issued reports on MGTX. Chardan Capital reaffirmed a “buy” rating and issued a $35.00 price objective on shares of MeiraGTx in a research note on Tuesday. Raymond James Financial initiated coverage on MeiraGTx in a research report on Tuesday, October 21st. They issued a “strong-buy” rating and a $29.00 price target for the company. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of MeiraGTx in a research report on Wednesday, October 8th. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $26.75.

Insider Buying and Selling at MeiraGTx

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

Institutional Investors Weigh In On MeiraGTx

Several large investors have recently added to or reduced their stakes in MGTX. Rubric Capital Management LP increased its position in shares of MeiraGTx by 109.8% during the second 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 during the period. Adage Capital Partners GP L.L.C. increased its holdings in MeiraGTx by 11.9% during the 1st 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 during the period. 22NW LP bought a new stake in MeiraGTx during the 2nd quarter valued at $3,824,000. Invesco Ltd. lifted its holdings in shares of MeiraGTx by 1,628.7% in the 1st quarter. Invesco Ltd. now owns 350,401 shares of the company’s stock worth $2,376,000 after buying an additional 330,131 shares during the period. Finally, Bank of America Corp DE grew its position 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 worth $1,739,000 after buying an additional 221,755 shares in the last quarter. 67.48% of the stock is owned by hedge funds and other institutional investors.

MeiraGTx Stock Performance

The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 26.29. The firm has a 50 day moving average price of $8.22 and a 200 day moving average price of $7.39. The stock has a market cap of $716.01 million, a PE ratio of -4.36 and a beta of 1.35.

MeiraGTx (NASDAQ:MGTX) last issued its earnings results on Thursday, August 14th. The company reported ($0.48) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.52) by $0.04. MeiraGTx had a negative net margin of 415.39% and a negative return on equity of 314.44%. The company had revenue of $3.69 million for the quarter, compared to analysts’ expectations of $8.00 million. As a group, research analysts forecast that MeiraGTx Holdings PLC will post -1.48 earnings per share for the current year.

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.