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 increased its holdings in MeiraGTx Holdings PLC (NASDAQ:MGTX - Free Report) by 6.6% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,575,000 shares of the company's stock after acquiring an additional 160,000 shares during the quarter. MeiraGTx comprises approximately 1.2% of 683 Capital Management LLC's portfolio, making the stock its 16th biggest position. 683 Capital Management LLC owned 3.22% of MeiraGTx worth $17,458,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in MGTX. Adage Capital Partners GP L.L.C. increased its position in shares of MeiraGTx by 11.9% during the first quarter. Adage Capital Partners GP L.L.C. now owns 5,634,578 shares of the company's stock valued at $38,202,000 after buying an additional 600,000 shares during the period. Long Focus Capital Management LLC grew its holdings in shares of MeiraGTx by 31.6% during the 1st quarter. Long Focus Capital Management LLC now owns 249,745 shares of the company's stock worth $1,693,000 after acquiring an additional 60,000 shares during the period. Trexquant Investment LP raised its position in shares of MeiraGTx by 12.6% in the 1st quarter. Trexquant Investment LP now owns 44,318 shares of the company's stock worth $300,000 after acquiring an additional 4,970 shares in the last quarter. Ieq Capital LLC purchased a new position in shares of MeiraGTx in the 1st quarter valued at approximately $83,000. Finally, Affinity Asset Advisors LLC bought a new stake in shares of MeiraGTx during the first quarter valued at approximately $1,017,000. 67.48% of the stock is currently owned by institutional investors.

Insider Activity

In related news, CEO Alexandria Forbes sold 47,500 shares of the firm's stock in a transaction that occurred on Tuesday, July 8th. The shares were sold at an average price of $7.97, for a total value of $378,575.00. Following the sale, the chief executive officer owned 1,361,483 shares in the company, valued at approximately $10,851,019.51. This trade represents a 3.37% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Richard Giroux sold 24,000 shares of the firm's stock in a transaction on Tuesday, July 22nd. The stock was sold at an average price of $8.52, for a total value of $204,480.00. Following the completion of the transaction, the chief financial officer owned 853,494 shares in the company, valued at approximately $7,271,768.88. This trade represents a 2.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. 7.50% of the stock is currently owned by corporate insiders.

MeiraGTx Stock Down 0.4%

NASDAQ MGTX traded down $0.03 during mid-day trading on Friday, reaching $7.69. The stock had a trading volume of 414,011 shares, compared to its average volume of 298,228. The stock has a market cap of $618.64 million, a PE ratio of -3.77 and a beta of 1.29. MeiraGTx Holdings PLC has a 1 year low of $3.86 and a 1 year high of $8.98. The company has a debt-to-equity ratio of 26.29, a current ratio of 0.88 and a quick ratio of 0.88. The company has a fifty day moving average price of $7.89 and a 200 day moving average price of $6.82.

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

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on MGTX shares. Chardan Capital reaffirmed a "buy" rating and issued a $35.00 target price on shares of MeiraGTx in a research report on Friday, August 15th. Wall Street Zen upgraded shares of MeiraGTx from a "sell" rating to a "hold" rating in a report on Saturday, July 5th. Two equities research analysts have rated the stock with a Buy rating, According to data from MarketBeat, the stock currently has an average rating of "Buy" and a consensus price target of $24.00.

MeiraGTx 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.