MeiraGTx (NASDAQ:MGTX) Now Covered by Analysts at The Goldman Sachs Group

Investment analysts at The Goldman Sachs Group initiated coverage on shares of MeiraGTx (NASDAQ:MGTX) in a research note issued to investors on Thursday, MarketBeat Ratings reports. The brokerage set a “neutral” rating and a $16.00 price target on the stock. The Goldman Sachs Group’s price target indicates a potential upside of 46.65% from the stock’s previous close.

Other equities research analysts also recently issued reports about the company. HC Wainwright reaffirmed a “buy” rating and set a $20.00 price target on shares of MeiraGTx in a research note on Wednesday, July 8th. Zacks Research cut MeiraGTx from a “strong-buy” rating to a “hold” rating in a research note on Friday, September 11th. Royal Bank Of Canada increased their price objective on MeiraGTx from $26.00 to $27.00 and gave the stock an “outperform” rating in a report on Friday, August 14th. Wall Street Zen raised shares of MeiraGTx from a “hold” rating to a “buy” rating in a research report on Saturday, August 15th. Finally, Weiss Ratings upgraded shares of MeiraGTx from a “sell (d-)” rating to a “hold (c)” rating in a research note on Tuesday. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, MeiraGTx has an average rating of “Moderate Buy” and a consensus price target of $24.71.

MeiraGTx Stock Down 1.3%

Shares of MeiraGTx stock traded down $0.14 on Thursday, hitting $10.91. 1,555,566 shares of the company traded hands, compared to its average volume of 738,630. MeiraGTx has a 12-month low of $6.62 and a 12-month high of $15.35. The company has a quick ratio of 3.76, a current ratio of 3.76 and a debt-to-equity ratio of 0.46. The company has a market cap of $1.05 billion, a PE ratio of 15.37 and a beta of 1.27. The company has a 50-day moving average price of $13.07 and a 200 day moving average price of $11.06.

MeiraGTx (NASDAQ:MGTX) last announced its quarterly earnings data on Thursday, August 13th. The company reported $1.71 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.46) by $2.17. MeiraGTx had a return on equity of 283.85% and a net margin of 19.87%.The business had revenue of $321.43 million during the quarter, compared to analyst estimates of $0.70 million. Sell-side analysts predict that MeiraGTx will post 0.3 earnings per share for the current year.

Insider Buying and Selling at MeiraGTx

In other MeiraGTx news, CFO Richard Giroux sold 56,000 shares of the firm’s stock in a transaction on Tuesday, July 21st. The shares were sold at an average price of $12.51, for a total value of $700,560.00. Following the sale, the chief financial officer directly owned 908,530 shares in the company, valued at $11,365,710.30. This trade represents a 5.81% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Alexandria Forbes sold 62,000 shares of the stock in a transaction dated Tuesday, August 18th. The shares were sold at an average price of $13.86, for a total transaction of $859,320.00. Following the completion of the sale, the chief executive officer owned 1,325,695 shares of the company’s stock, valued at approximately $18,374,132.70. The trade was a 4.47% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 145,659 shares of company stock valued at $1,969,233 in the last ninety days. Company insiders own 7.40% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Opaleye Management Inc. lifted its position in MeiraGTx by 67.2% in the second quarter. Opaleye Management Inc. now owns 3,550,000 shares of the company’s stock worth $47,960,000 after purchasing an additional 1,426,741 shares during the period. Engineers Gate Manager LP increased its holdings in MeiraGTx by 157.8% in the 2nd quarter. Engineers Gate Manager LP now owns 69,092 shares of the company’s stock valued at $933,000 after buying an additional 42,292 shares during the period. Squarepoint Ops LLC raised its stake in shares of MeiraGTx by 773.9% in the 2nd quarter. Squarepoint Ops LLC now owns 162,412 shares of the company’s stock valued at $2,194,000 after buying an additional 143,828 shares in the last quarter. Arizona State Retirement System acquired a new position in shares of MeiraGTx in the 2nd quarter valued at $207,000. Finally, AXQ Capital LP acquired a new position in shares of MeiraGTx in the 2nd quarter valued at $421,000. 67.48% of the stock is currently owned by institutional investors and hedge funds.

MeiraGTx Company Profile

MeiraGTx Holdings plc is a clinical-stage biotechnology company focused on developing gene therapies for serious diseases with limited treatment options. The company uses adeno-associated virus (AAV) vectors and other genetic medicine technologies to deliver therapeutic genes to targeted tissues, with an emphasis on disorders affecting the central nervous system, the eye and other organs.

MeiraGTx’s pipeline has included botaretigene sparoparvovec, an investigational AAV-based gene therapy for X-linked retinitis pigmentosa caused by mutations in the RPGR gene.