MeiraGTx (NASDAQ:MGTX) Sets New 1-Year High - Here's Why

MeiraGTx Holdings PLC (NASDAQ:MGTX - Get Free Report)'s stock price reached a new 52-week high during mid-day trading on Thursday . The stock traded as high as $8.75 and last traded at $8.58, with a volume of 543358 shares traded. The stock had previously closed at $8.37.

Analysts Set New Price Targets

Several equities research analysts recently commented on MGTX shares. Wall Street Zen upgraded shares of MeiraGTx from a "sell" rating to a "hold" rating in a research report on Saturday, July 5th. Royal Bank Of Canada upped their price target on shares of MeiraGTx from $11.00 to $13.00 and gave the company an "outperform" rating in a report on Monday, March 17th. Finally, 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 research report on Wednesday, May 14th.

MeiraGTx Price Performance

The company has a debt-to-equity ratio of 2.34, a current ratio of 1.53 and a quick ratio of 1.51. The firm has a market capitalization of $696.36 million, a PE ratio of -3.74 and a beta of 1.24. The company has a 50-day moving average price of $6.11 and a 200-day moving average price of $6.33.

MeiraGTx (NASDAQ:MGTX - Get Free Report) last released its earnings results on Tuesday, May 13th. The company reported ($0.51) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.38) by ($0.13). The firm had revenue of $1.93 million during the quarter, compared to analysts' expectations of $4.44 million. MeiraGTx had a negative net margin of 484.90% and a negative return on equity of 241.05%. Sell-side analysts forecast that MeiraGTx Holdings PLC will post -1.48 EPS for the current year.

Insider Activity at MeiraGTx

In other MeiraGTx news, CFO Richard Giroux sold 24,000 shares of the stock in a transaction on Tuesday, April 22nd. The stock was sold at an average price of $6.00, for a total transaction of $144,000.00. Following the transaction, the chief financial officer owned 882,494 shares of the company's stock, valued at $5,294,964. This represents a 2.65% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Alexandria Forbes sold 47,500 shares of MeiraGTx 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 completion of the sale, the chief executive officer directly owned 1,361,483 shares of the company's stock, valued at approximately $10,851,019.51. This represents a 3.37% decrease in their position. The disclosure for this sale can be found here. 7.50% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of MGTX. Sanofi acquired a new position in MeiraGTx during the fourth quarter worth approximately $74,284,000. Adage Capital Partners GP L.L.C. grew its stake in shares of MeiraGTx by 11.9% during the 1st 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 buying an additional 600,000 shares during the period. 683 Capital Management LLC increased its holdings in shares of MeiraGTx by 6.6% during the 1st quarter. 683 Capital Management LLC now owns 2,575,000 shares of the company's stock worth $17,458,000 after buying an additional 160,000 shares during the last quarter. Woodline Partners LP purchased a new position in shares of MeiraGTx in the 4th quarter worth $9,349,000. Finally, Erste Asset Management GmbH boosted its holdings in MeiraGTx by 17.9% in the first quarter. Erste Asset Management GmbH now owns 789,702 shares of the company's stock valued at $5,366,000 after acquiring an additional 120,000 shares during the last quarter. 67.48% of the stock is currently owned by hedge funds and other 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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