683 Capital Management LLC Buys 160,000 Shares of MeiraGTx Holdings PLC $MGTX

Key Points

• 683 Capital Management LLC increased its stake in MeiraGTx Holdings PLC by 6.6%, owning 2.575 million shares after acquiring an additional 160,000 shares during the first quarter.
• In recent insider activities, both the CFO and CEO of MeiraGTx sold shares, with the CFO selling 24,000 shares and the CEO selling 47,500 shares, marking decreases in their holdings.
• Analysts have set a consensus rating of "Buy" for MeiraGTx, with an average price target of $24.00, following varied ratings updates from different research firms.

683 Capital Management LLC raised its holdings in shares of MeiraGTx Holdings PLC (NASDAQ:MGTX - Free Report) by 6.6% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 2,575,000 shares of the company's stock after purchasing an additional 160,000 shares during the period. MeiraGTx accounts for 1.2% of 683 Capital Management LLC's portfolio, making the stock its 16th largest position. 683 Capital Management LLC owned approximately 3.22% of MeiraGTx worth $17,458,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Wellington Management Group LLP increased its stake in shares of MeiraGTx by 0.9% during the fourth quarter. Wellington Management Group LLP now owns 151,126 shares of the company's stock valued at $920,000 after purchasing an additional 1,379 shares in the last quarter. Tower Research Capital LLC TRC increased its position in shares of MeiraGTx by 68.1% during the fourth quarter. Tower Research Capital LLC TRC now owns 4,975 shares of the company's stock valued at $30,000 after acquiring an additional 2,016 shares in the last quarter. Rhumbline Advisers increased its position in shares of MeiraGTx by 6.1% during the first quarter. Rhumbline Advisers now owns 58,227 shares of the company's stock valued at $395,000 after acquiring an additional 3,336 shares in the last quarter. Bank of New York Mellon Corp increased its position in shares of MeiraGTx by 3.7% during the first quarter. Bank of New York Mellon Corp now owns 110,567 shares of the company's stock valued at $750,000 after acquiring an additional 3,985 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its position in shares of MeiraGTx by 3.6% during the first quarter. Charles Schwab Investment Management Inc. now owns 116,027 shares of the company's stock valued at $787,000 after acquiring an additional 4,006 shares in the last quarter. Institutional investors own 67.48% of the company's stock.

Analysts Set New Price Targets

MGTX has been the subject of several analyst reports. Chardan Capital reissued a "buy" rating and set a $35.00 price target on shares of MeiraGTx in a research report on Friday, August 15th. Wall Street Zen raised shares of MeiraGTx from a "sell" rating to a "hold" rating in a research report on Saturday, July 5th. Two research analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the stock has a consensus rating of "Buy" and an average target price of $24.00.

Insider Transactions at MeiraGTx

In other news, CEO Alexandria Forbes sold 47,500 shares of MeiraGTx stock in a transaction that occurred on Tuesday, July 8th. The stock was sold at an average price of $7.97, for a total value of $378,575.00. Following the completion of the transaction, the chief executive officer owned 1,361,483 shares in the company, valued at approximately $10,851,019.51. The trade was a 3.37% decrease in their position. The sale was disclosed in a document filed 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 dated Tuesday, July 22nd. The shares were sold at an average price of $8.52, for a total transaction of $204,480.00. Following the transaction, the chief financial officer owned 853,494 shares in the company, valued at $7,271,768.88. The trade was a 2.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 7.50% of the company's stock.

MeiraGTx Price Performance

Shares of MGTX traded down $0.03 during trading hours on Friday, reaching $7.69. 414,011 shares of the stock traded hands, compared to its average volume of 298,228. The company has a market cap of $618.66 million, a P/E ratio of -3.77 and a beta of 1.29. MeiraGTx Holdings PLC has a 52-week low of $3.86 and a 52-week high of $8.98. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 26.29. The company's 50-day moving average price is $7.89 and its two-hundred day moving average price is $6.82.

MeiraGTx (NASDAQ:MGTX - Get Free Report) last announced its quarterly earnings results on Thursday, August 14th. The company reported ($0.48) EPS for the quarter, topping the consensus estimate of ($0.52) by $0.04. The business had revenue of $3.69 million for the quarter, compared to analysts' expectations of $8.00 million. MeiraGTx had a negative net margin of 415.39% and a negative return on equity of 314.44%. On average, analysts anticipate that MeiraGTx Holdings PLC will post -1.48 earnings per share for the current year.

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.