MeiraGTx (NASDAQ:MGTX) Shares Gap Up – Time to Buy?

MeiraGTx Holdings plc (NASDAQ:MGTX)’s stock price gapped up before the market opened on Friday . The stock had previously closed at $6.39, but opened at $6.60. MeiraGTx shares last traded at $6.55, with a volume of 7,006 shares changing hands.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on MGTX. Royal Bank of Canada raised their price target on MeiraGTx from $9.00 to $11.00 and gave the stock an “outperform” rating in a research report on Thursday, November 14th. Chardan Capital reiterated a “buy” rating and set a $36.00 price objective on shares of MeiraGTx in a research note on Monday, November 18th.

MeiraGTx Trading Up 2.1 %

The firm’s 50-day simple moving average is $5.49 and its 200 day simple moving average is $4.87. The company has a debt-to-equity ratio of 0.86, a current ratio of 2.34 and a quick ratio of 2.34. The firm has a market capitalization of $522.82 million, a price-to-earnings ratio of -5.50 and a beta of 1.24.

Hedge Funds Weigh In On MeiraGTx

A number of institutional investors have recently modified their holdings of MGTX. BNP Paribas Financial Markets boosted its stake in 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 buying an additional 5,476 shares in the last quarter. China Universal Asset Management Co. Ltd. lifted its holdings in shares of MeiraGTx by 97.0% in the third 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 lifted its holdings in shares of MeiraGTx by 19.0% in the second 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 acquired a new stake in shares of MeiraGTx in the 3rd quarter valued at approximately $82,000. Finally, Panagora Asset Management Inc. bought a new stake in shares of MeiraGTx during the 2nd quarter valued at approximately $97,000. Institutional investors and hedge funds own 67.48% of the company’s stock.

About MeiraGTx

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.