MeiraGTx (NASDAQ:MGTX) Cut to Hold at Wall Street Zen

Wall Street Zen downgraded shares of MeiraGTx (NASDAQ:MGTX) from a buy rating to a hold rating in a research report sent to investors on Saturday,Wall Street Zen reports.

Several other equities analysts have also commented on MGTX. HC Wainwright reaffirmed a “buy” rating and issued a $20.00 price objective on shares of MeiraGTx in a research report on Wednesday, July 8th. Royal Bank Of Canada boosted their target price on shares of MeiraGTx from $26.00 to $27.00 and gave the stock an “outperform” rating in a research report on Friday, August 14th. The Goldman Sachs Group assumed coverage on shares of MeiraGTx in a research note on Thursday. They set a “neutral” rating and a $16.00 price target on the stock. Zacks Research cut shares of MeiraGTx from a “strong-buy” rating to a “hold” rating in a report on Friday, September 11th. Finally, Weiss Ratings upgraded shares of MeiraGTx from a “sell (d-)” rating to a “hold (c)” rating in a research note on Tuesday, September 22nd. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $24.71.

MeiraGTx Stock Performance

Shares of MGTX opened at $11.11 on Friday. The company has a current ratio of 3.76, a quick ratio of 3.76 and a debt-to-equity ratio of 0.46. The firm has a market cap of $1.07 billion, a PE ratio of 15.65 and a beta of 1.27. MeiraGTx has a 12 month low of $6.62 and a 12 month high of $15.35. The stock has a fifty day moving average price of $13.02 and a 200-day moving average price of $11.11.

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

Insider Activity at MeiraGTx

In other MeiraGTx news, CEO Alexandria Forbes sold 62,000 shares of MeiraGTx stock in a transaction that occurred on 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 directly owned 1,325,695 shares in the company, valued at approximately $18,374,132.70. The trade was a 4.47% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Stuart Naylor sold 27,659 shares of the company’s stock in a transaction on Tuesday, July 7th. The shares were sold at an average price of $14.80, for a total transaction of $409,353.20. Following the completion of the sale, the insider directly owned 640,846 shares in the company, valued at $9,484,520.80. This trade represents a 4.14% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 145,659 shares of company stock worth $1,969,233 over the last quarter. Insiders own 7.40% of the company’s stock.

Institutional Investors Weigh In On MeiraGTx

Several hedge funds have recently added to or reduced their stakes in the business. ProShare Advisors LLC purchased a new position in shares of MeiraGTx during the 4th quarter valued at about $94,000. Bank of Nova Scotia purchased a new stake in shares of MeiraGTx in the first quarter worth about $105,000. Algert Global LLC boosted its stake in shares of MeiraGTx by 13.9% in the second quarter. Algert Global LLC now owns 11,700 shares of the company’s stock worth $158,000 after buying an additional 1,430 shares during the last quarter. Perigon Wealth Management LLC acquired a new stake in MeiraGTx during the second quarter worth about $203,000. Finally, Arizona State Retirement System acquired a new stake in MeiraGTx during the second quarter worth about $207,000. 67.48% of the stock is owned by hedge funds and other institutional investors.

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.