MeiraGTx (NASDAQ:MGTX) Reaches New 52-Week High – Here’s What Happened

MeiraGTx Holdings plc (NASDAQ:MGTX) shares hit a new 52-week high during trading on Thursday . The company traded as high as $8.49 and last traded at $7.52, with a volume of 2075054 shares trading hands. The stock had previously closed at $6.41.

Wall Street Analyst Weigh In

Separately, Chardan Capital restated a “buy” rating and set a $36.00 target price on shares of MeiraGTx in a research report on Monday, February 24th.

MeiraGTx Price Performance

The firm has a market capitalization of $608.81 million, a price-to-earnings ratio of -6.44, a price-to-earnings-growth ratio of 0.37 and a beta of 1.23. The company has a quick ratio of 2.34, a current ratio of 2.34 and a debt-to-equity ratio of 0.86. The company’s fifty day moving average is $6.54 and its two-hundred day moving average is $5.81.

MeiraGTx (NASDAQ:MGTX) last posted its quarterly 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). MeiraGTx had a negative return on equity of 146.38% and a negative net margin of 633.05%. Equities research analysts anticipate that MeiraGTx Holdings plc will post -1.48 earnings per share for the current fiscal year.

Insider Activity

In other news, CFO Richard Giroux sold 24,000 shares of the stock in a transaction on Tuesday, January 21st. The shares were sold at an average price of $6.29, for a total transaction of $150,960.00. Following the completion of the sale, the chief financial officer now owns 849,947 shares of the company’s stock, valued at $5,346,166.63. This represents a 2.75 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Alexandria Forbes sold 35,839 shares of the stock in a transaction dated Tuesday, January 7th. The stock was sold at an average price of $6.47, for a total value of $231,878.33. Following the transaction, the chief executive officer now owns 1,395,102 shares of the company’s stock, valued at approximately $9,026,309.94. This trade represents a 2.50 % decrease in their position. The disclosure for this sale can be found here. 8.40% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On MeiraGTx

Hedge funds and other institutional investors have recently bought and sold shares of the company. Royce & Associates LP grew its stake in shares of MeiraGTx by 5.3% during the 3rd quarter. Royce & Associates LP now owns 795,392 shares of the company’s stock worth $3,317,000 after acquiring an additional 40,000 shares in the last quarter. BNP Paribas Financial Markets grew its position in MeiraGTx by 142.5% in the third quarter. BNP Paribas Financial Markets now owns 9,319 shares of the company’s stock valued at $39,000 after purchasing an additional 5,476 shares in the last quarter. Knoll Capital Management LLC bought a new stake in MeiraGTx during the 3rd quarter worth about $5,212,000. Erste Asset Management GmbH acquired a new position in shares of MeiraGTx during the 3rd quarter worth about $2,795,000. Finally, Garden State Investment Advisory Services LLC bought a new position in shares of MeiraGTx in the 3rd quarter valued at about $1,636,000. 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.