MeiraGTx (NASDAQ:MGTX) Now Covered by Raymond James Financial

Key Points

• Raymond James Financial has initiated coverage of MeiraGTx (NASDAQ:MGTX) with a "strong-buy" rating and a price target of $29.00, suggesting a potential upside of approximately 251.94%.
• MeiraGTx recently reported a loss per share of ($0.48), exceeding analysts' estimates, but revenues fell short of expectations at $3.69 million.
• Insider trading activity shows CEO Alexandria Forbes sold 47,500 shares of the company, indicating a 3.49% decrease in ownership, while institutional investors hold 67.48% of the stock.

Raymond James Financial assumed coverage on shares of MeiraGTx (NASDAQ:MGTX - Get Free Report) in a research note issued on Tuesday, Marketbeat Ratings reports. The brokerage set a "strong-buy" rating and a $29.00 price target on the stock. Raymond James Financial's price objective would suggest a potential upside of 251.94% from the company's previous close.

Several other research firms also recently commented on MGTX. Weiss Ratings reiterated a "sell (d-)" rating on shares of MeiraGTx in a research report on Wednesday, October 8th. Wall Street Zen upgraded MeiraGTx from a "sell" rating to a "hold" rating in a research report on Saturday, July 5th. Finally, Chardan Capital restated a "buy" rating and set a $35.00 price objective on shares of MeiraGTx in a research report on Friday, August 15th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has issued a Sell rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $25.67.

MeiraGTx Price Performance

MeiraGTx stock opened at $8.24 on Tuesday. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 26.29. The company has a market capitalization of $662.91 million, a PE ratio of -4.04 and a beta of 1.34. MeiraGTx has a 12 month low of $4.55 and a 12 month high of $8.98. The stock has a 50-day moving average price of $7.88 and a two-hundred day moving average price of $7.03.

MeiraGTx (NASDAQ:MGTX - Get Free Report) last posted its earnings results on Thursday, August 14th. The company reported ($0.48) EPS for the quarter, beating the consensus estimate of ($0.52) by $0.04. The firm had revenue of $3.69 million during the quarter, compared to the consensus estimate of $8.00 million. MeiraGTx had a negative return on equity of 314.44% and a negative net margin of 415.39%. Analysts expect that MeiraGTx will post -1.48 EPS for the current year.

Insiders Place Their Bets

In other MeiraGTx news, CEO Alexandria Forbes sold 47,500 shares of MeiraGTx stock in a transaction that occurred on Tuesday, October 7th. The stock was 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. The trade was a 3.49% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 7.50% of the company's stock.

Institutional Investors Weigh In On MeiraGTx

A number of hedge funds have recently added to or reduced their stakes in MGTX. Rubric Capital Management LP grew its stake in MeiraGTx by 109.8% in the second quarter. Rubric Capital Management LP now owns 3,726,451 shares of the company's stock valued at $24,296,000 after acquiring an additional 1,950,130 shares during the period. Adage Capital Partners GP L.L.C. grew its stake 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 valued at $38,202,000 after acquiring an additional 600,000 shares during the period. 22NW LP acquired a new stake in MeiraGTx in the second quarter valued at approximately $3,824,000. Invesco Ltd. boosted its position in shares of MeiraGTx by 1,628.7% during the first quarter. Invesco Ltd. now owns 350,401 shares of the company's stock valued at $2,376,000 after buying an additional 330,131 shares during the last quarter. Finally, Bank of America Corp DE boosted its position in shares of 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 buying an additional 221,755 shares during the last quarter. Institutional investors and hedge funds 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.

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