MeiraGTx (NASDAQ:MGTX) Shares Gap Down – Time to Sell?

MeiraGTx Holdings plc (NASDAQ:MGTX) shares gapped down prior to trading on Friday . The stock had previously closed at $7.39, but opened at $7.17. MeiraGTx shares last traded at $7.46, with a volume of 29,273 shares changing hands.

Analyst Upgrades and Downgrades

MGTX has been the subject of a number of research analyst reports. Chardan Capital restated a “buy” rating and set a $36.00 price objective on shares of MeiraGTx in a report on Monday, February 24th. Royal Bank of Canada boosted their target price on shares of MeiraGTx from $11.00 to $13.00 and gave the company an “outperform” rating in a research report on Monday, March 17th.

MeiraGTx Price Performance

The business’s 50 day simple moving average is $6.81 and its 200-day simple moving average is $6.03. The stock has a market capitalization of $584.00 million, a price-to-earnings ratio of -6.14, a P/E/G 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.

MeiraGTx (NASDAQ:MGTX) last released its earnings results on Thursday, March 13th. The company reported ($0.50) earnings per share 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%. The business had revenue of $21.39 million for the quarter, compared to the consensus estimate of $1.50 million. On average, research analysts forecast that MeiraGTx Holdings plc will post -1.48 earnings per share for the current year.

Insider Activity at MeiraGTx

In other news, CFO Richard Giroux sold 24,000 shares of the company’s 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 transaction, the chief financial officer now directly owns 849,947 shares in the company, valued at approximately $5,346,166.63. This represents a 2.75 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Alexandria Forbes sold 35,839 shares of the firm’s stock in a transaction on Tuesday, January 7th. The shares were sold at an average price of $6.47, for a total value of $231,878.33. Following the sale, the chief executive officer now directly owns 1,395,102 shares in the company, 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 insiders.

Hedge Funds Weigh In On MeiraGTx

Large investors have recently bought and sold shares of the company. Wellington Management Group LLP increased its stake in shares of MeiraGTx by 0.9% in the fourth quarter. Wellington Management Group LLP now owns 151,126 shares of the company’s stock valued at $920,000 after buying an additional 1,379 shares during the period. Woodline Partners LP acquired a new position in MeiraGTx in the 4th quarter valued at approximately $9,349,000. Sanofi bought a new position in shares of MeiraGTx during the fourth quarter valued at $74,284,000. ProShare Advisors LLC lifted its holdings in shares of MeiraGTx by 41.2% during the fourth quarter. ProShare Advisors LLC now owns 16,814 shares of the company’s stock worth $102,000 after purchasing an additional 4,910 shares during the period. Finally, Nuveen Asset Management LLC grew its stake in shares of MeiraGTx by 43.2% in the fourth quarter. Nuveen Asset Management LLC now owns 191,311 shares of the company’s stock worth $1,165,000 after purchasing an additional 57,737 shares during the last quarter. 67.48% of the stock is currently owned by institutional investors.

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.