MeiraGTx (NASDAQ:MGTX) Downgraded to “Sell” Rating by Wall Street Zen

Wall Street Zen downgraded shares of MeiraGTx (NASDAQ:MGTX) from a hold rating to a sell rating in a report published on Thursday.

MGTX has been the subject of several other reports. Royal Bank of Canada boosted their target price on MeiraGTx from $11.00 to $13.00 and gave the stock an “outperform” rating in a report on Monday, March 17th. Chardan Capital reduced their target price on MeiraGTx from $38.00 to $35.00 and set a “buy” rating for the company in a report on Wednesday, May 14th.

MeiraGTx Stock Down 4.5%

Shares of MeiraGTx stock opened at $5.06 on Thursday. The firm has a market cap of $406.65 million, a price-to-earnings ratio of -4.18, a P/E/G ratio of 0.37 and a beta of 1.30. The company has a debt-to-equity ratio of 0.86, a current ratio of 2.34 and a quick ratio of 2.34. MeiraGTx has a 52-week low of $3.85 and a 52-week high of $8.75. The stock has a 50-day simple moving average of $6.11 and a 200-day simple moving average of $6.33.

MeiraGTx (NASDAQ:MGTX) last posted its earnings results on Tuesday, May 13th. The company reported ($0.51) earnings per share for the quarter, missing the consensus estimate of ($0.38) by ($0.13). MeiraGTx had a negative return on equity of 146.38% and a negative net margin of 633.05%. The company had revenue of $1.93 million during the quarter, compared to analyst estimates of $4.44 million. On average, equities research analysts expect that MeiraGTx will post -1.48 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CEO Alexandria Forbes sold 47,500 shares of the company’s stock in a transaction that occurred on Tuesday, April 8th. The stock was sold at an average price of $5.34, for a total transaction of $253,650.00. Following the completion of the transaction, the chief executive officer now directly owns 1,408,983 shares in the company, valued at $7,523,969.22. The trade was a 3.26% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Richard Giroux sold 24,000 shares of the company’s stock in a transaction that occurred on Tuesday, April 22nd. The stock was sold at an average price of $6.00, for a total value of $144,000.00. Following the transaction, the chief financial officer now owns 882,494 shares of the company’s stock, valued at approximately $5,294,964. This trade represents a 2.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 7.50% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of MGTX. JPMorgan Chase & Co. lifted its holdings in shares of MeiraGTx by 1.2% during the third quarter. JPMorgan Chase & Co. now owns 342,667 shares of the company’s stock worth $1,429,000 after buying an additional 4,186 shares during the last quarter. SG Americas Securities LLC lifted its holdings in shares of MeiraGTx by 13.3% during the fourth quarter. SG Americas Securities LLC now owns 22,240 shares of the company’s stock worth $135,000 after buying an additional 2,617 shares during the last quarter. Janney Montgomery Scott LLC acquired a new position in shares of MeiraGTx during the fourth quarter worth approximately $459,000. China Universal Asset Management Co. Ltd. lifted its holdings in shares of MeiraGTx by 11.3% during the fourth quarter. China Universal Asset Management Co. Ltd. now owns 16,571 shares of the company’s stock worth $101,000 after buying an additional 1,685 shares during the last quarter. Finally, DAVENPORT & Co LLC increased its position in shares of MeiraGTx by 6.9% during the fourth quarter. DAVENPORT & Co LLC now owns 77,200 shares of the company’s stock valued at $470,000 after purchasing an additional 5,000 shares during the period. 67.48% of the stock is currently owned by institutional investors and hedge funds.

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.