MeiraGTx (NASDAQ:MGTX) Sees Strong Trading Volume - Time to Buy?

Key Points

• Trading surge: Mid-day volume rose 41% to 554,594 shares and the stock was trading up about 6.8% at $7.83 (prior close $7.37).
• Mixed analyst views but bullish consensus: Analysts' ratings vary (one Strong Buy, four Buy, two Sell) but the MarketBeat consensus is a “Moderate Buy” with a $26.00 average price target and individual targets ranging roughly $16–$30.
• Company snapshot: market cap ~$633.3M, negative P/E (-3.73), low liquidity ratios (current and quick ~0.22), and ~67.5% institutional ownership with several funds recently adding positions.

MeiraGTx Holdings PLC (NASDAQ:MGTX - Get Free Report) shares saw an uptick in trading volume on Tuesday . 554,594 shares were traded during mid-day trading, an increase of 41% from the previous session's volume of 392,908 shares.The stock last traded at $7.8320 and had previously closed at $7.37.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the stock. Royal Bank Of Canada raised their target price on shares of MeiraGTx from $12.00 to $16.00 and gave the company an "outperform" rating in a research note on Friday, November 14th. HC Wainwright started coverage on MeiraGTx in a research report on Monday, November 24th. They issued a "buy" rating and a $20.00 price target on the stock. Weiss Ratings reiterated a "sell (d-)" rating on shares of MeiraGTx in a research note on Thursday, January 22nd. Wall Street Zen downgraded MeiraGTx from a "hold" rating to a "sell" rating in a research note on Saturday, November 15th. Finally, Piper Sandler raised their target price on MeiraGTx from $28.00 to $30.00 and gave the company an "overweight" rating in a report on Tuesday, November 11th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, MeiraGTx has a consensus rating of "Moderate Buy" and a consensus price target of $26.00.

MeiraGTx Trading Up 6.8%

The company has a debt-to-equity ratio of 26.29, a quick ratio of 0.22 and a current ratio of 0.22. The company has a market cap of $633.30 million, a price-to-earnings ratio of -3.73 and a beta of 1.37. The business's 50 day moving average price is $7.59 and its 200-day moving average price is $7.94.

Hedge Funds Weigh In On MeiraGTx

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. AQR Capital Management LLC acquired a new position in shares of MeiraGTx in the 1st quarter worth approximately $557,000. Rhumbline Advisers grew its holdings in MeiraGTx by 9.4% during the 2nd quarter. Rhumbline Advisers now owns 63,715 shares of the company's stock worth $415,000 after acquiring an additional 5,488 shares during the period. Kennedy Capital Management LLC grew its stake in shares of MeiraGTx by 3.8% during the second quarter. Kennedy Capital Management LLC now owns 35,189 shares of the company's stock worth $229,000 after purchasing an additional 1,287 shares during the period. Brown Advisory Inc. acquired a new position in shares of MeiraGTx during the 2nd quarter worth about $326,000. Finally, 22NW LP bought a new stake in MeiraGTx in the second quarter valued at approximately $3,824,000. 67.48% of the stock is currently owned by institutional investors and hedge funds.

MeiraGTx Company Profile

MeiraGTx Holdings plc is a clinical-stage biotechnology company dedicated to developing gene therapies for the treatment of rare diseases. Founded in 2014 as an outgrowth of research at University College London, the company focuses on leveraging adeno-associated virus (AAV) vectors to deliver functional genes to target tissues. MeiraGTx's pipeline spans ocular, central nervous system and systemic indications, addressing conditions such as inherited retinal dystrophies and neurodegenerative disorders that currently lack effective therapies.

The company's lead programs include AAV-based candidates designed to restore or replace defective genes underlying rare retinal diseases and to modulate cellular pathways in neurological disorders.

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