Zacks Investment Research Upgrades MeiraGTx (MGTX) to Hold

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MeiraGTx (NASDAQ:MGTX) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Tuesday, September 18th.

According to Zacks, “MeiraGTx Holdings plc focuses on operating as a holding company for MeiraGTx Limited which operates as a clinical stage gene therapy company. It develops novel gene therapy treatments for inherited and acquired disorders. The company’s product pipeline consists of AAV-CNGB3, AAV-CNGA3, AAV-RPE65, AAV-RPGR, AAV-AQP1, AAV-AQP1 and AAV-UPF1 which are in clinical stage. MeiraGTx Holdings plc is based in New York. “

Other analysts have also recently issued reports about the company. Bank of America initiated coverage on MeiraGTx in a report on Tuesday, July 3rd. They issued a “buy” rating for the company. Chardan Capital initiated coverage on MeiraGTx in a report on Thursday, August 23rd. They issued a “buy” rating for the company. Evercore ISI began coverage on MeiraGTx in a report on Monday, July 9th. They issued an “outperform” rating and a $21.00 target price for the company. Finally, Barclays began coverage on MeiraGTx in a research note on Tuesday, July 3rd. They issued an “overweight” rating and a $20.00 price target on the stock. One research analyst has rated the stock with a hold rating and four have given a buy rating to the stock. The company currently has an average rating of “Buy” and an average target price of $20.50.

Shares of MGTX traded down $0.06 during trading hours on Tuesday, hitting $13.37. 25,696 shares of the stock were exchanged, compared to its average volume of 66,026. MeiraGTx has a 12-month low of $7.98 and a 12-month high of $15.49.

MeiraGTx (NASDAQ:MGTX) last issued its quarterly earnings results on Wednesday, August 8th. The company reported ($2.20) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.58) by ($1.62). As a group, equities analysts predict that MeiraGTx will post -4.17 EPS for the current year.

Institutional investors have recently made changes to their positions in the company. Point72 Asset Management L.P. acquired a new position in MeiraGTx during the 2nd quarter worth about $229,000. Dean Capital Investments Management LLC acquired a new position in MeiraGTx during the 2nd quarter worth about $458,000. FMR LLC acquired a new position in MeiraGTx during the 2nd quarter worth about $664,000. Millennium Management LLC acquired a new position in MeiraGTx during the 2nd quarter worth about $923,000. Finally, Luminus Management LLC acquired a new position in MeiraGTx during the 2nd quarter worth about $2,267,000. 22.76% of the stock is currently owned by institutional investors and hedge funds.

MeiraGTx Company Profile

MeiraGTx Holdings plc, an integrated clinical stage gene therapy company, develops various gene therapy products for the lives of patients suffering from acquired and inherited disorders. The company focuses on various areas of unmet medical need comprising inherited retinal diseases, xerostomia, and neurodegenerative diseases.

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