MeiraGTx (NASDAQ:MGTX) Price Target Cut to $35.00 by Analysts at Chardan Capital

MeiraGTx (NASDAQ:MGTX - Get Free Report) had its price objective reduced by analysts at Chardan Capital from $38.00 to $35.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm currently has a "buy" rating on the stock.

Separately, Royal Bank of Canada raised their price target on MeiraGTx from $11.00 to $13.00 and gave the stock an "outperform" rating in a research report on Monday, March 17th.

MeiraGTx Trading Down 1.0%

NASDAQ:MGTX traded down $0.05 during mid-day trading on Wednesday, hitting $4.99. The company had a trading volume of 588,943 shares, compared to its average volume of 358,192. MeiraGTx has a fifty-two week low of $3.85 and a fifty-two week high of $8.75. The business's fifty day moving average is $6.29 and its two-hundred day moving average is $6.34. 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 firm has a market cap of $398.96 million, a P/E ratio of -4.12, a P/E/G ratio of 0.37 and a beta of 1.30.

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

Insider Activity at MeiraGTx

In related news, CFO Richard Giroux sold 24,000 shares of MeiraGTx 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 sale, 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 position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Alexandria Forbes sold 47,500 shares of MeiraGTx stock in a transaction that occurred on Tuesday, April 8th. The shares were sold at an average price of $5.34, for a total value of $253,650.00. Following the completion of the sale, the chief executive officer now directly owns 1,408,983 shares in the company, valued at approximately $7,523,969.22. This represents a 3.26% decrease in their position. The disclosure for this sale can be found here. 7.50% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of MGTX. Barclays PLC grew its stake in MeiraGTx by 107.1% in the third quarter. Barclays PLC now owns 147,827 shares of the company's stock valued at $618,000 after purchasing an additional 76,437 shares in the last quarter. JPMorgan Chase & Co. grew its stake in MeiraGTx by 1.2% in the third quarter. JPMorgan Chase & Co. now owns 342,667 shares of the company's stock valued at $1,429,000 after purchasing an additional 4,186 shares in the last quarter. SG Americas Securities LLC grew its stake in MeiraGTx by 13.3% in the fourth quarter. SG Americas Securities LLC now owns 22,240 shares of the company's stock valued at $135,000 after purchasing an additional 2,617 shares in the last quarter. Janney Montgomery Scott LLC bought a new position in MeiraGTx in the fourth quarter valued at approximately $459,000. Finally, China Universal Asset Management Co. Ltd. grew its stake in MeiraGTx by 11.3% in the fourth quarter. China Universal Asset Management Co. Ltd. now owns 16,571 shares of the company's stock valued at $101,000 after purchasing an additional 1,685 shares in the last quarter. 67.48% of the stock is currently owned by institutional investors.

MeiraGTx Company 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.