MeiraGTx (NASDAQ:MGTX) Sees Unusually-High Trading Volume – Here’s What Happened

Shares of MeiraGTx Holdings PLC (NASDAQ:MGTX) saw unusually-high trading volume on Tuesday . Approximately 554,594 shares were traded during trading, an increase of 41% from the previous session’s volume of 392,908 shares.The stock last traded at $7.8320 and had previously closed at $7.37.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the company. Zacks Research cut MeiraGTx from a “hold” rating to a “strong sell” rating in a research report on Friday, January 30th. HC Wainwright initiated coverage on shares of MeiraGTx in a research note on Monday, November 24th. They set a “buy” rating and a $20.00 price objective on the stock. Royal Bank Of Canada lifted their price objective on shares of MeiraGTx from $12.00 to $16.00 and gave the stock an “outperform” rating in a research report on Friday, November 14th. Piper Sandler upped their target price on MeiraGTx from $28.00 to $30.00 and gave the company an “overweight” rating in a research report on Tuesday, November 11th. Finally, Chardan Capital reissued a “buy” rating and issued a $35.00 price objective on shares of MeiraGTx in a report on Tuesday, November 11th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $26.00.

MeiraGTx Price Performance

The company has a debt-to-equity ratio of 26.29, a current ratio of 0.22 and a quick ratio of 0.22. The stock has a market cap of $633.30 million, a price-to-earnings ratio of -3.73 and a beta of 1.37. The business’s 50-day simple moving average is $7.59 and its two-hundred day simple moving average is $7.94.

Institutional Investors Weigh In On MeiraGTx

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Perceptive Advisors LLC increased its position in MeiraGTx by 0.4% during the 2nd quarter. Perceptive Advisors LLC now owns 12,626,103 shares of the company’s stock valued at $82,231,000 after purchasing an additional 45,000 shares during the period. Rubric Capital Management LP lifted its stake in shares of MeiraGTx by 65.7% in the fourth quarter. Rubric Capital Management LP now owns 6,175,331 shares of the company’s stock valued at $49,094,000 after buying an additional 2,448,880 shares in the last quarter. Adage Capital Partners GP L.L.C. increased its holdings in MeiraGTx by 7.1% during the 2nd quarter. Adage Capital Partners GP L.L.C. now owns 6,034,578 shares of the company’s stock worth $39,345,000 after purchasing an additional 400,000 shares in the last quarter. Millennium Management LLC grew its stake in shares of MeiraGTx by 23.5% in the 4th quarter. Millennium Management LLC now owns 3,176,390 shares of the company’s stock worth $25,252,000 after acquiring an additional 604,121 shares in the last quarter. Finally, 683 Capital Management LLC lifted its position in shares of MeiraGTx by 4.5% during the second quarter. 683 Capital Management LLC now owns 2,690,000 shares of the company’s stock valued at $17,539,000 after purchasing an additional 115,000 shares in the last quarter. Institutional investors and hedge funds own 67.48% of the company’s stock.

MeiraGTx Company Profile

MeiraGTx Holdings plc is a clinical-stage biotechnology company dedicated to developing gene therapies for the treatment of rare diseases. Founded in 2014 as an outgrowth of research at University College London, the company focuses on leveraging adeno-associated virus (AAV) vectors to deliver functional genes to target tissues. MeiraGTx’s pipeline spans ocular, central nervous system and systemic indications, addressing conditions such as inherited retinal dystrophies and neurodegenerative disorders that currently lack effective therapies.

The company’s lead programs include AAV-based candidates designed to restore or replace defective genes underlying rare retinal diseases and to modulate cellular pathways in neurological disorders.