MeiraGTx (NASDAQ:MGTX) Sees Strong Trading Volume – What’s Next?

MeiraGTx Holdings plc (NASDAQ:MGTX) shares saw unusually-high trading volume on Friday . Approximately 420,419 shares were traded during mid-day trading, an increase of 61% from the previous session’s volume of 261,715 shares.The stock last traded at $8.21 and had previously closed at $8.25.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on MGTX. Chardan Capital reaffirmed a “buy” rating and set a $36.00 target price on shares of MeiraGTx in a research note on Monday, February 24th. Royal Bank of Canada upped their price objective on MeiraGTx from $9.00 to $11.00 and gave the stock an “outperform” rating in a research report on Thursday, November 14th.

MeiraGTx Price Performance

The stock has a market capitalization of $637.34 million, a price-to-earnings ratio of -6.74, a price-to-earnings-growth ratio of 0.37 and a beta of 1.23. 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 company’s 50 day moving average is $6.47 and its 200 day moving average is $5.77.

MeiraGTx (NASDAQ:MGTX) last posted its quarterly earnings data on Thursday, March 13th. The company reported ($0.50) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.48) by ($0.02). MeiraGTx had a negative return on equity of 146.38% and a negative net margin of 633.05%. Research analysts anticipate that MeiraGTx Holdings plc will post -1.48 EPS for the current fiscal year.

Insider Buying and Selling at MeiraGTx

In related news, CFO Richard Giroux sold 24,000 shares of MeiraGTx stock in a transaction that occurred 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 sale, the chief financial officer now directly owns 849,947 shares in the company, valued at $5,346,166.63. The trade was a 2.75 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Alexandria Forbes sold 35,839 shares of the 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. The trade was a 2.50 % decrease in their position. The disclosure for this sale can be found here. 8.40% of the stock is currently owned by corporate insiders.

Institutional Trading of MeiraGTx

Several large investors have recently bought and sold shares of MGTX. Summit Investment Advisors Inc. boosted its position in shares of MeiraGTx by 106.7% in the 4th quarter. Summit Investment Advisors Inc. now owns 4,871 shares of the company’s stock worth $30,000 after buying an additional 2,515 shares in the last quarter. Tower Research Capital LLC TRC lifted its holdings in shares of MeiraGTx by 68.1% in the fourth quarter. Tower Research Capital LLC TRC now owns 4,975 shares of the company’s stock valued at $30,000 after purchasing an additional 2,016 shares in the last quarter. BNP Paribas Financial Markets grew its position in shares of MeiraGTx by 142.5% in the third quarter. BNP Paribas Financial Markets now owns 9,319 shares of the company’s stock valued at $39,000 after purchasing an additional 5,476 shares during the last quarter. Polymer Capital Management US LLC purchased a new position in shares of MeiraGTx during the 4th quarter worth approximately $88,000. Finally, China Universal Asset Management Co. Ltd. raised its position in shares of MeiraGTx by 11.3% during the 4th quarter. China Universal Asset Management Co. Ltd. now owns 16,571 shares of the company’s stock worth $101,000 after purchasing an additional 1,685 shares during the last quarter. Institutional investors and hedge funds 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.