MeiraGTx (NASDAQ:MGTX) Trading 8.6% Higher – What’s Next?

MeiraGTx Holdings plc (NASDAQ:MGTX) traded up 8.6% on Wednesday . The stock traded as high as $6.87 and last traded at $6.87. 224,701 shares changed hands during mid-day trading, a decline of 21% from the average session volume of 284,736 shares. The stock had previously closed at $6.32.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the company. Royal Bank of Canada increased their price target on MeiraGTx from $9.00 to $11.00 and gave the stock an “outperform” rating in a report on Thursday, November 14th. Chardan Capital reissued a “buy” rating and issued a $36.00 price objective on shares of MeiraGTx in a research note on Monday, November 18th.

MeiraGTx Price Performance

The company has a current ratio of 2.34, a quick ratio of 2.34 and a debt-to-equity ratio of 0.86. The firm has a market cap of $532.22 million, a P/E ratio of -5.63, a PEG ratio of 0.34 and a beta of 1.25. The firm has a 50-day simple moving average of $6.22 and a 200-day simple moving average of $5.41.

Insider Buying and Selling at MeiraGTx

In other news, CFO Richard Giroux sold 24,000 shares of the firm’s stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $6.29, for a total value of $150,960.00. Following the completion of the sale, the chief financial officer now owns 849,947 shares of the company’s stock, valued at $5,346,166.63. This trade represents a 2.75 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Alexandria Forbes sold 35,839 shares of the firm’s stock in a transaction on Tuesday, January 7th. The stock was sold at an average price of $6.47, for a total value of $231,878.33. Following the completion of the transaction, the chief executive officer now owns 1,395,102 shares of the company’s stock, valued at $9,026,309.94. This trade represents a 2.50 % decrease in their position. The disclosure for this sale can be found here. Insiders own 8.40% of the company’s stock.

Hedge Funds Weigh In On MeiraGTx

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. BNP Paribas Financial Markets raised its stake in MeiraGTx by 142.5% in the 3rd quarter. BNP Paribas Financial Markets now owns 9,319 shares of the company’s stock worth $39,000 after acquiring an additional 5,476 shares during the last quarter. China Universal Asset Management Co. Ltd. raised its stake in MeiraGTx by 97.0% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 14,886 shares of the company’s stock worth $62,000 after acquiring an additional 7,330 shares during the last quarter. The Manufacturers Life Insurance Company raised its stake in MeiraGTx by 19.0% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 17,763 shares of the company’s stock worth $75,000 after acquiring an additional 2,839 shares during the last quarter. SG Americas Securities LLC purchased a new position in MeiraGTx in the 3rd quarter worth $82,000. Finally, PUREfi Wealth LLC purchased a new position in MeiraGTx in the 4th quarter worth $122,000. Hedge funds and other institutional investors own 67.48% of the company’s stock.

MeiraGTx Company Profile

MeiraGTx Holdings plc, a clinical stage gene therapy company, focusing on developing treatments for patients with serious diseases. The company develops various therapies for ocular diseases, including inherited retinal diseases and large degenerative ocular diseases, neurodegenerative diseases, and xerostomia.