MeiraGTx (NASDAQ:MGTX) Price Target Lowered to $35.00 at Chardan Capital

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

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

MeiraGTx Price Performance

NASDAQ:MGTX remained flat at $4.99 during trading hours on Wednesday. 181,436 shares of the company's stock traded hands, compared to its average volume of 358,671. The stock has a market cap of $401.02 million, a PE ratio of -4.12, a price-to-earnings-growth ratio of 0.37 and a beta of 1.30. MeiraGTx has a 12 month low of $3.85 and a 12 month high of $8.75. The company has a debt-to-equity ratio of 0.86, a current ratio of 2.34 and a quick ratio of 2.34. The company's 50-day moving average is $6.29 and its 200 day moving average is $6.35.

MeiraGTx (NASDAQ:MGTX - Get Free Report) last released 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). The company had revenue of $1.93 million for the quarter, compared to analysts' expectations of $4.44 million. MeiraGTx had a negative return on equity of 146.38% and a negative net margin of 633.05%. On average, equities analysts predict that MeiraGTx will post -1.48 earnings per share for the current year.

Insider Activity

In related news, CEO Alexandria Forbes sold 47,500 shares of the business's stock in a transaction 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 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 position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Richard Giroux sold 24,000 shares of the business's stock in a transaction on Tuesday, April 22nd. The shares were sold at an average price of $6.00, for a total transaction of $144,000.00. Following the completion of the transaction, the chief financial officer now owns 882,494 shares of the company's stock, valued at approximately $5,294,964. This represents a 2.65% 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.

Hedge Funds Weigh In On MeiraGTx

Large investors have recently made changes to their positions in the company. Barclays PLC raised its position in MeiraGTx by 107.1% during the third quarter. Barclays PLC now owns 147,827 shares of the company's stock worth $618,000 after acquiring an additional 76,437 shares during the period. JPMorgan Chase & Co. raised its position in 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 acquiring an additional 4,186 shares during the period. SG Americas Securities LLC raised its position in 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 acquiring an additional 2,617 shares during the period. Janney Montgomery Scott LLC acquired a new position in MeiraGTx during the fourth quarter worth $459,000. Finally, China Universal Asset Management Co. Ltd. raised its position in 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 acquiring an additional 1,685 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.