MeiraGTx (NASDAQ:MGTX) Sees Large Volume Increase - Time to Buy?

Key Points

• MeiraGTx Holdings PLC experienced a significant increase in trading volume, with approximately 2 million shares traded, marking a 280% rise compared to the previous session.
• Analysts have varied opinions on the stock, with Chardan Capital lowering their price target from $38 to $35 while maintaining a "buy" rating, and Wall Street Zen upgrading it from "sell" to "hold."
• Recent financial results revealed a quarterly earnings miss, with a reported loss of ($0.51) EPS compared to an expectation of ($0.38), highlighting challenging financial performance for the company.

MeiraGTx Holdings PLC (NASDAQ:MGTX - Get Free Report) saw unusually-strong trading volume on Wednesday . Approximately 2,055,678 shares changed hands during trading, an increase of 280% from the previous session's volume of 541,517 shares.The stock last traded at $8.22 and had previously closed at $8.07.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on MGTX shares. Chardan Capital lowered their price target on shares of MeiraGTx from $38.00 to $35.00 and set a "buy" rating on the stock in a report on Wednesday, May 14th. Wall Street Zen raised shares of MeiraGTx from a "sell" rating to a "hold" rating in a report on Saturday, July 5th.

MeiraGTx Price 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 firm has a market cap of $624.00 million, a PE ratio of -3.34 and a beta of 1.24. The firm's fifty day simple moving average is $7.01 and its two-hundred day simple moving average is $6.57.

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). MeiraGTx had a negative net margin of 484.90% and a negative return on equity of 241.05%. The firm had revenue of $1.93 million for the quarter, compared to analysts' expectations of $4.44 million. As a group, 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 business's stock in a transaction on Tuesday, July 8th. The shares were sold at an average price of $7.97, for a total value of $378,575.00. Following the transaction, the chief executive officer owned 1,361,483 shares of the company's stock, valued at approximately $10,851,019.51. The trade was a 3.37% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Richard Giroux sold 24,000 shares of the business's stock in a transaction on Tuesday, July 22nd. The stock was sold at an average price of $8.52, for a total transaction of $204,480.00. Following the completion of the transaction, the chief financial officer directly owned 853,494 shares in the company, valued at $7,271,768.88. This trade represents a 2.74% decrease in their position. The disclosure for this sale can be found here. 7.50% of the stock is currently owned by insiders.

Hedge Funds Weigh In On MeiraGTx

Hedge funds have recently modified their holdings of the stock. Tower Research Capital LLC TRC lifted its holdings in shares of MeiraGTx by 68.1% in the fourth quarter. Tower Research Capital LLC TRC now owns 4,975 shares of the company's stock worth $30,000 after buying an additional 2,016 shares in the last quarter. Summit Investment Advisors Inc. increased its position in MeiraGTx by 106.7% during the fourth quarter. Summit Investment Advisors Inc. now owns 4,871 shares of the company's stock valued at $30,000 after acquiring an additional 2,515 shares during the last quarter. GAMMA Investing LLC increased its position in MeiraGTx by 3,606.7% during the first quarter. GAMMA Investing LLC now owns 4,448 shares of the company's stock valued at $30,000 after acquiring an additional 4,328 shares during the last quarter. CWM LLC increased its position in MeiraGTx by 1,737.7% during the first quarter. CWM LLC now owns 8,674 shares of the company's stock valued at $59,000 after acquiring an additional 8,202 shares during the last quarter. Finally, FNY Investment Advisers LLC bought a new position in MeiraGTx during the second quarter valued at $61,000. Hedge funds and other institutional investors 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.