MeiraGTx’s (MGTX) Buy Rating Reaffirmed at Chardan Capital

Chardan Capital reissued their buy rating on shares of MeiraGTx (NASDAQ:MGTX) in a research note issued to investors on Tuesday morning,Benzinga reports. Chardan Capital currently has a $35.00 price objective on the stock.

Other research analysts have also recently issued reports about the company. Raymond James Financial started coverage on MeiraGTx in a research note on Tuesday, October 21st. They set a “strong-buy” rating and a $29.00 price target on the stock. Weiss Ratings restated 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 assigned a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $26.75.

MeiraGTx Trading Up 4.1%

MGTX opened at $8.90 on Tuesday. MeiraGTx has a 1-year low of $4.55 and a 1-year high of $9.73. The firm has a market capitalization of $716.01 million, a price-to-earnings ratio of -4.36 and a beta of 1.35. The company’s 50 day simple moving average is $8.22 and its two-hundred day simple moving average is $7.39. The company has a debt-to-equity ratio of 26.29, a current ratio of 0.88 and a quick ratio of 0.88.

MeiraGTx (NASDAQ:MGTX) last posted its quarterly earnings results on Thursday, August 14th. The company reported ($0.48) EPS for the quarter, topping 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 314.44% and a negative net margin of 415.39%. Analysts expect that MeiraGTx will post -1.48 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CFO Richard Giroux sold 24,000 shares of the firm’s stock in a transaction that occurred on Tuesday, October 21st. The shares were sold at an average price of $8.87, for a total transaction of $212,880.00. Following the completion of the transaction, the chief financial officer directly owned 829,494 shares of the company’s stock, valued at $7,357,611.78. This trade represents a 2.81% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Alexandria Forbes sold 47,500 shares of the company’s stock in a transaction on Tuesday, October 7th. The shares were 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 owned 1,313,983 shares in the company, valued at $11,024,317.37. This represents a 3.49% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 7.50% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in MGTX. Wellington Management Group LLP raised its stake in MeiraGTx by 37.0% during the first quarter. Wellington Management Group LLP now owns 206,980 shares of the company’s stock worth $1,403,000 after purchasing an additional 55,854 shares during the period. Rhumbline Advisers lifted its position in shares of MeiraGTx by 6.1% during the first quarter. Rhumbline Advisers now owns 58,227 shares of the company’s stock worth $395,000 after purchasing an additional 3,336 shares in the last quarter. 683 Capital Management LLC grew its stake in shares of MeiraGTx by 6.6% during the first quarter. 683 Capital Management LLC now owns 2,575,000 shares of the company’s stock valued at $17,458,000 after acquiring an additional 160,000 shares in the last quarter. Invesco Ltd. raised its position in shares of MeiraGTx by 1,628.7% in the 1st quarter. Invesco Ltd. now owns 350,401 shares of the company’s stock valued at $2,376,000 after purchasing an additional 330,131 shares in the last quarter. Finally, Erste Asset Management GmbH grew its holdings in MeiraGTx by 17.9% during the 1st quarter. Erste Asset Management GmbH now owns 789,702 shares of the company’s stock worth $5,366,000 after acquiring an additional 120,000 shares in the last quarter. Hedge funds and other 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.