MeiraGTx (NASDAQ:MGTX) Trading Down 9.6% – Here’s What Happened

MeiraGTx Holdings PLC (NASDAQ:MGTX) traded down 9.6% on Thursday . The company traded as low as $6.71 and last traded at $6.6950. 546,288 shares traded hands during mid-day trading, an increase of 44% from the average session volume of 380,298 shares. The stock had previously closed at $7.41.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. Zacks Research lowered MeiraGTx from a “hold” rating to a “strong sell” rating in a research report on Friday, January 30th. Weiss Ratings reiterated a “sell (d-)” rating on shares of MeiraGTx in a research report on Thursday, January 22nd. Chardan Capital reissued a “buy” rating and set a $35.00 price objective on shares of MeiraGTx in a research note on Tuesday, November 11th. Royal Bank Of Canada raised their target price on shares of MeiraGTx from $12.00 to $16.00 and gave the stock an “outperform” rating in a report on Friday, November 14th. Finally, Wall Street Zen lowered shares of MeiraGTx from a “hold” rating to a “sell” rating in a report on Saturday, November 15th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and two have given a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $26.00.

MeiraGTx Stock Up 0.1%

The company has a market capitalization of $563.43 million, a P/E ratio of -3.32 and a beta of 1.37. 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 company has a 50 day moving average of $7.60 and a 200-day moving average of $7.94.

Hedge Funds Weigh In On MeiraGTx

Hedge funds have recently made changes to their positions in the business. AQR Capital Management LLC bought a new position in shares of MeiraGTx during the first quarter valued at approximately $557,000. Rhumbline Advisers boosted its holdings in MeiraGTx by 9.4% in the second quarter. Rhumbline Advisers now owns 63,715 shares of the company’s stock valued at $415,000 after acquiring an additional 5,488 shares in the last quarter. Kennedy Capital Management LLC increased its position in MeiraGTx by 3.8% during the 2nd quarter. Kennedy Capital Management LLC now owns 35,189 shares of the company’s stock valued at $229,000 after purchasing an additional 1,287 shares during the period. Brown Advisory Inc. purchased a new position in MeiraGTx during the 2nd quarter valued at $326,000. Finally, 22NW LP bought a new position in MeiraGTx in the 2nd quarter worth $3,824,000. 67.48% of the stock is owned by hedge funds and other institutional investors.

About MeiraGTx

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.