MeiraGTx (NASDAQ:MGTX) Shares Gap Up – Here’s What Happened

MeiraGTx Holdings plc (NASDAQ:MGTX) gapped up prior to trading on Monday . The stock had previously closed at $6.00, but opened at $6.30. MeiraGTx shares last traded at $6.28, with a volume of 229,302 shares changing hands.

Analyst Upgrades and Downgrades

Several research firms have weighed in on MGTX. Royal Bank of Canada raised their target price on MeiraGTx from $11.00 to $13.00 and gave the company an “outperform” rating in a report on Monday, March 17th. Chardan Capital reduced their price objective on MeiraGTx from $38.00 to $35.00 and set a “buy” rating on the stock in a research note on Wednesday, May 14th. Finally, Wall Street Zen downgraded shares of MeiraGTx from a “hold” rating to a “sell” rating in a research note on Thursday, May 22nd.

MeiraGTx Stock Performance

The stock’s 50-day moving average price is $5.67 and its 200 day moving average price is $6.24. The firm has a market cap of $507.91 million, a P/E ratio of -5.22, a price-to-earnings-growth ratio of 0.37 and a beta of 1.16. The company has a debt-to-equity ratio of 0.86, a current ratio of 2.34 and a quick ratio of 2.34.

MeiraGTx (NASDAQ:MGTX) last released its earnings results on Tuesday, May 13th. The company reported ($0.51) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.38) by ($0.13). MeiraGTx had a negative net margin of 633.05% and a negative return on equity of 146.38%. The company had revenue of $1.93 million during the quarter, compared to analyst estimates of $4.44 million. As a group, equities analysts predict that MeiraGTx Holdings plc will post -1.48 EPS for the current year.

Insider Transactions at MeiraGTx

In related news, CFO Richard Giroux sold 24,000 shares of MeiraGTx stock in a transaction that occurred on Tuesday, April 22nd. The shares were sold at an average price of $6.00, for a total transaction of $144,000.00. Following the sale, the chief financial officer now directly owns 882,494 shares of the company’s stock, valued at approximately $5,294,964. The trade was a 2.65% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Alexandria Forbes sold 47,500 shares of the company’s stock in a transaction dated Tuesday, April 8th. The stock was sold at an average price of $5.34, for a total value of $253,650.00. Following the completion of the transaction, the chief executive officer now directly owns 1,408,983 shares of the company’s stock, valued at approximately $7,523,969.22. The trade was a 3.26% decrease in their position. The disclosure for this sale can be found here. 7.50% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On MeiraGTx

Several large investors have recently added to or reduced their stakes in the business. Sanofi acquired a new stake in MeiraGTx in the fourth quarter worth $74,284,000. Woodline Partners LP acquired a new stake in shares of MeiraGTx in the 4th quarter valued at about $9,349,000. Adage Capital Partners GP L.L.C. increased its position in MeiraGTx by 11.9% in the 1st quarter. Adage Capital Partners GP L.L.C. now owns 5,634,578 shares of the company’s stock valued at $38,202,000 after buying an additional 600,000 shares in the last quarter. Invesco Ltd. raised its stake in MeiraGTx by 1,628.7% during 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, Long Focus Capital Management LLC bought a new position in MeiraGTx in the fourth quarter worth approximately $1,156,000. Institutional investors and hedge funds 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.