MeiraGTx (NASDAQ:MGTX) Hits New 52-Week High - Time to Buy?

Key Points

• MeiraGTx Holdings PLC stock hit a new 52-week high of $9.10 during trading, closing at $8.75 with a volume of 78,932 shares exchanged.
• Analysts have mixed ratings on the stock, with a consensus rating of "Moderate Buy" and an average target price of $25.67, despite a recent "sell" rating by Weiss Ratings.
• CEO Alexandria Forbes sold 47,500 shares for approximately $398,525, reducing her ownership in the company by 3.49%.

MeiraGTx Holdings PLC (NASDAQ:MGTX - Get Free Report)'s stock price hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $9.10 and last traded at $8.75, with a volume of 78932 shares changing hands. The stock had previously closed at $8.24.

Analyst Ratings Changes

Several brokerages have issued reports on MGTX. Weiss Ratings reissued a "sell (d-)" rating on shares of MeiraGTx in a research note on Wednesday, October 8th. Chardan Capital reissued a "buy" rating and set a $35.00 target price on shares of MeiraGTx in a research note on Friday, August 15th. Raymond James Financial began coverage on shares of MeiraGTx in a research note on Tuesday. They set a "strong-buy" rating and a $29.00 target price on the stock. Finally, Wall Street Zen raised shares of MeiraGTx from a "sell" rating to a "hold" rating in a research note on Saturday, July 5th. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat, MeiraGTx presently has a consensus rating of "Moderate Buy" and an average price target of $25.67.

MeiraGTx Price Performance

The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 26.29. The firm has a market capitalization of $728.39 million, a price-to-earnings ratio of -4.41 and a beta of 1.34. The stock's 50 day moving average price is $7.88 and its two-hundred day moving average price is $7.03.

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

Insider Transactions at MeiraGTx

In related news, CEO Alexandria Forbes sold 47,500 shares of the company's stock in a transaction on Tuesday, October 7th. The shares were sold at an average price of $8.39, for a total value of $398,525.00. Following the completion of the sale, the chief executive officer directly owned 1,313,983 shares in the company, valued at approximately $11,024,317.37. This represents a 3.49% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 7.50% of the company's stock.

Institutional Investors Weigh In On MeiraGTx

A number of large investors have recently bought and sold shares of MGTX. Rubric Capital Management LP boosted its holdings in MeiraGTx by 109.8% in the second quarter. Rubric Capital Management LP now owns 3,726,451 shares of the company's stock worth $24,296,000 after purchasing an additional 1,950,130 shares in the last quarter. Adage Capital Partners GP L.L.C. boosted its holdings in MeiraGTx by 11.9% in the first quarter. Adage Capital Partners GP L.L.C. now owns 5,634,578 shares of the company's stock worth $38,202,000 after purchasing an additional 600,000 shares in the last quarter. 22NW LP bought a new stake in MeiraGTx in the second quarter worth $3,824,000. Invesco Ltd. boosted its holdings in MeiraGTx by 1,628.7% in the first quarter. Invesco Ltd. now owns 350,401 shares of the company's stock worth $2,376,000 after purchasing an additional 330,131 shares in the last quarter. Finally, Bank of America Corp DE boosted its holdings in MeiraGTx by 493.8% during the second quarter. Bank of America Corp DE now owns 266,666 shares of the company's stock valued at $1,739,000 after acquiring an additional 221,755 shares during the period. 67.48% of the stock is currently owned by institutional investors.

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.

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