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

Wall Street Zen cut shares of MeiraGTx (NASDAQ:MGTX - Free Report) from a hold rating to a sell rating in a report issued on Thursday morning.

A number of other research firms have also recently issued reports on MGTX. Royal Bank of Canada raised their price objective on MeiraGTx from $11.00 to $13.00 and gave the company an "outperform" rating in a research report on Monday, March 17th. Chardan Capital cut their price objective on MeiraGTx from $38.00 to $35.00 and set a "buy" rating for the company in a research report on Wednesday, May 14th.

MeiraGTx Stock Up 0.8%

NASDAQ MGTX traded up $0.04 during trading hours on Thursday, hitting $5.14. 386,012 shares of the company traded hands, compared to its average volume of 362,175. The business's 50-day moving average is $6.01 and its 200-day moving average is $6.30. MeiraGTx has a twelve month low of $3.85 and a twelve month high of $8.75. The company has a debt-to-equity ratio of 0.86, a quick ratio of 2.34 and a current ratio of 2.34. The stock has a market capitalization of $413.08 million, a price-to-earnings ratio of -4.24, a P/E/G ratio of 0.37 and a beta of 1.30.

MeiraGTx (NASDAQ:MGTX - Get Free Report) last issued its quarterly earnings results on Tuesday, May 13th. The company reported ($0.51) EPS for the quarter, missing the consensus estimate of ($0.38) by ($0.13). MeiraGTx had a negative net margin of 633.05% and a negative return on equity of 146.38%. The company had revenue of $1.93 million for the quarter, compared to analyst estimates of $4.44 million. Sell-side analysts anticipate that MeiraGTx will post -1.48 earnings per share for the current year.

Insider Activity

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

Hedge Funds Weigh In On MeiraGTx

Large investors have recently made changes to their positions in the company. Janney Montgomery Scott LLC bought a new position in shares of MeiraGTx during the fourth quarter worth approximately $459,000. Charles Schwab Investment Management Inc. increased its stake in shares of MeiraGTx by 13.1% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 112,021 shares of the company's stock worth $682,000 after purchasing an additional 12,961 shares during the period. Geode Capital Management LLC increased its stake in shares of MeiraGTx by 16.4% during the fourth quarter. Geode Capital Management LLC now owns 570,646 shares of the company's stock worth $3,475,000 after purchasing an additional 80,407 shares during the period. JPMorgan Chase & Co. increased its stake 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 purchasing an additional 4,186 shares during the period. Finally, Rhumbline Advisers increased its stake in shares of MeiraGTx by 12.3% during the fourth quarter. Rhumbline Advisers now owns 54,891 shares of the company's stock worth $334,000 after purchasing an additional 5,993 shares during the period. Institutional investors 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.