MeiraGTx (NASDAQ:MGTX) Reaches New 52-Week High - What's Next?

MeiraGTx Holdings PLC (NASDAQ:MGTX - Get Free Report)'s stock price hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $8.98 and last traded at $8.57, with a volume of 334105 shares traded. The stock had previously closed at $8.89.

Analyst Ratings Changes

MGTX has been the topic of a number of recent research reports. Wall Street Zen upgraded shares of MeiraGTx from a "sell" rating to a "hold" rating in a research note on Saturday, July 5th. Chardan Capital cut their target price on shares of MeiraGTx from $38.00 to $35.00 and set a "buy" rating on the stock in a research note on Wednesday, May 14th.

MeiraGTx Stock Performance

The company has a quick ratio of 1.51, a current ratio of 1.53 and a debt-to-equity ratio of 2.34. The company has a fifty day moving average of $6.45 and a two-hundred day moving average of $6.45. The stock has a market capitalization of $692.75 million, a price-to-earnings ratio of -3.72 and a beta of 1.24.

MeiraGTx (NASDAQ:MGTX - Get Free Report) last issued its quarterly 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 analyst estimates of $4.44 million. MeiraGTx had a negative return on equity of 241.05% and a negative net margin of 484.90%. On average, research analysts expect that MeiraGTx Holdings PLC will post -1.48 EPS for the current year.

Insider Buying and Selling at MeiraGTx

In other news, CEO Alexandria Forbes sold 47,500 shares of the firm's stock in a transaction 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 $10,851,019.51. This trade represents a 3.37% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Richard Giroux sold 24,000 shares of the firm's stock in a transaction on Tuesday, April 22nd. The shares were sold at an average price of $6.00, for a total value of $144,000.00. Following the completion of the transaction, the chief financial officer owned 882,494 shares of the company's stock, valued at approximately $5,294,964. This represents a 2.65% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 7.50% of the company's stock.

Institutional Trading of MeiraGTx

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MGTX. Bank of New York Mellon Corp boosted its stake in MeiraGTx by 10.6% in the 4th quarter. Bank of New York Mellon Corp now owns 106,582 shares of the company's stock worth $649,000 after buying an additional 10,217 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in MeiraGTx by 13.1% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 112,021 shares of the company's stock worth $682,000 after buying an additional 12,961 shares during the last quarter. Corebridge Financial Inc. boosted its stake in MeiraGTx by 11.6% in the 4th quarter. Corebridge Financial Inc. now owns 23,147 shares of the company's stock worth $141,000 after buying an additional 2,405 shares during the last quarter. Geode Capital Management LLC boosted its stake in MeiraGTx by 16.4% in the 4th quarter. Geode Capital Management LLC now owns 570,646 shares of the company's stock worth $3,475,000 after buying an additional 80,407 shares during the last quarter. Finally, Trexquant Investment LP acquired a new stake in MeiraGTx in the 4th quarter worth about $240,000. Hedge funds and other institutional investors own 67.48% of the company's stock.

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.