MeiraGTx (NASDAQ:MGTX) Shares Gap Down - Here's Why

Shares of MeiraGTx Holdings PLC (NASDAQ:MGTX - Get Free Report) gapped down prior to trading on Friday . The stock had previously closed at $8.62, but opened at $8.25. MeiraGTx shares last traded at $8.58, with a volume of 61,108 shares trading hands.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on MGTX. Chardan Capital dropped their target price on MeiraGTx from $38.00 to $35.00 and set a "buy" rating on the stock in a research report on Wednesday, May 14th. Wall Street Zen upgraded shares of MeiraGTx from a "sell" rating to a "hold" rating in a research report on Saturday, July 5th. Finally, Royal Bank Of Canada upped their price objective on MeiraGTx from $11.00 to $13.00 and gave the stock an "outperform" rating in a research note on Monday, March 17th.

MeiraGTx Trading Up 5.0%

The company has a current ratio of 1.53, a quick ratio of 1.51 and a debt-to-equity ratio of 2.34. The company has a market capitalization of $714.40 million, a price-to-earnings ratio of -3.83 and a beta of 1.24. The firm has a 50-day moving average price of $6.16 and a 200-day moving average price of $6.36.

MeiraGTx (NASDAQ:MGTX - Get Free Report) last issued its quarterly earnings results on Tuesday, May 13th. The company reported ($0.51) EPS for the quarter, missing the consensus estimate of ($0.38) by ($0.13). MeiraGTx had a negative return on equity of 241.05% and a negative net margin of 484.90%. The business had revenue of $1.93 million during the quarter, compared to the consensus estimate of $4.44 million. As a group, sell-side analysts predict that MeiraGTx Holdings PLC will post -1.48 EPS for the current year.

Insider Buying and Selling

In related news, CFO Richard Giroux sold 24,000 shares of the firm's stock in a transaction that occurred on Tuesday, April 22nd. The shares were sold at an average price of $6.00, for a total transaction of $144,000.00. Following the completion of the sale, the chief financial officer directly owned 882,494 shares in the company, valued at approximately $5,294,964. This trade represents a 2.65% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Alexandria Forbes sold 47,500 shares of MeiraGTx stock in a transaction that occurred on Tuesday, July 8th. The stock was sold at an average price of $7.97, for a total transaction of $378,575.00. Following the completion of the transaction, the chief executive officer owned 1,361,483 shares in the company, valued at approximately $10,851,019.51. This trade represents a 3.37% decrease in their position. The disclosure for this sale can be found here. 7.50% of the stock is owned by insiders.

Institutional Investors Weigh In On MeiraGTx

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Bank of New York Mellon Corp boosted its position in shares of MeiraGTx by 10.6% in the 4th quarter. Bank of New York Mellon Corp now owns 106,582 shares of the company's stock valued at $649,000 after purchasing an additional 10,217 shares during the period. Charles Schwab Investment Management Inc. increased its position in shares of MeiraGTx by 13.1% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 112,021 shares of the company's stock worth $682,000 after acquiring an additional 12,961 shares in the last quarter. Privium Fund Management B.V. raised its holdings in shares of MeiraGTx by 5.2% during the fourth quarter. Privium Fund Management B.V. now owns 225,078 shares of the company's stock valued at $1,371,000 after acquiring an additional 11,118 shares during the period. Corebridge Financial Inc. lifted its position in shares of MeiraGTx by 11.6% in the 4th quarter. Corebridge Financial Inc. now owns 23,147 shares of the company's stock valued at $141,000 after acquiring an additional 2,405 shares in the last quarter. Finally, Geode Capital Management LLC boosted its stake in MeiraGTx by 16.4% in the 4th quarter. Geode Capital Management LLC now owns 570,646 shares of the company's stock worth $3,475,000 after purchasing an additional 80,407 shares during the period. 67.48% of the stock is owned by institutional investors and hedge funds.

MeiraGTx Company Profile

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.