MeiraGTx (NASDAQ:MGTX) Stock Bumped Up to Buy by Wall Street Zen

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

A number of other analysts have also commented on MGTX. HC Wainwright reaffirmed a “buy” rating and issued a $20.00 target price on shares of MeiraGTx in a research report on Wednesday, July 8th. Weiss Ratings upgraded MeiraGTx from a “hold (c)” rating to a “hold (c+)” rating in a research note on Thursday, October 8th. Zacks Research downgraded shares of MeiraGTx from a “strong-buy” rating to a “hold” rating in a report on Friday, September 11th. Royal Bank Of Canada lifted their price target on MeiraGTx from $26.00 to $27.00 and gave the stock an “outperform” rating in a report on Friday, August 14th. Finally, The Goldman Sachs Group initiated coverage on MeiraGTx in a research report on Thursday, September 24th. They issued a “neutral” rating and a $16.00 price objective on the stock. Five analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $24.00.

MeiraGTx Trading Down 5.7%

Shares of MGTX stock opened at $9.21 on Friday. The company has a market cap of $884.53 million, a P/E ratio of 12.97 and a beta of 1.35. The stock has a 50 day simple moving average of $12.18 and a two-hundred day simple moving average of $11.39. The company has a debt-to-equity ratio of 0.46, a quick ratio of 3.76 and a current ratio of 3.76. MeiraGTx has a fifty-two week low of $6.62 and a fifty-two week high of $15.35.

MeiraGTx (NASDAQ:MGTX) last posted its quarterly earnings results on Thursday, August 13th. The company reported $1.71 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.46) by $2.17. The firm had revenue of $321.43 million for the quarter, compared to analysts’ expectations of $0.70 million. MeiraGTx had a return on equity of 283.85% and a net margin of 19.87%. Research analysts forecast that MeiraGTx will post 0.30 earnings per share for the current year.

Insider Activity

In related news, CFO Richard Giroux sold 56,000 shares of MeiraGTx stock in a transaction on Tuesday, October 20th. The stock was sold at an average price of $9.95, for a total transaction of $557,200.00. Following the completion of the sale, the chief financial officer owned 852,530 shares of the company’s stock, valued at approximately $8,482,673.50. This trade represents a 6.16% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, 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 business’s stock in a transaction dated Tuesday, October 6th. The stock was sold at an average price of $10.64, for a total value of $294,291.76. Following the transaction, the insider owned 613,187 shares of the company’s stock, valued at approximately $6,524,309.68. The trade was a 4.32% 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. Over the last ninety days, insiders sold 145,659 shares of company stock worth $1,710,812. 7.40% of the stock is owned by company insiders.

Institutional Investors Weigh In On MeiraGTx

Hedge funds have recently bought and sold shares of the stock. Algert Global LLC lifted its holdings in shares of MeiraGTx by 13.9% during the 2nd quarter. Algert Global LLC now owns 11,700 shares of the company’s stock worth $158,000 after acquiring an additional 1,430 shares during the last quarter. Bank of Nova Scotia bought a new position in shares of MeiraGTx in the first quarter worth approximately $105,000. Perigon Wealth Management LLC bought a new stake in MeiraGTx in the 2nd quarter worth $203,000. Arizona State Retirement System bought a new stake in shares of MeiraGTx in the second quarter worth about $207,000. Finally, The Manufacturers Life Insurance Company purchased a new position in shares of MeiraGTx during the second quarter valued at approximately $230,000. 67.48% of the stock is currently owned by 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 and address the underlying causes of disease.

Its research and development activities have focused primarily on disorders of the central nervous system, including neurodegenerative diseases, as well as retinal and salivary-gland conditions.