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

MeiraGTx Holdings PLC (NASDAQ:MGTX - Get Free Report)'s share price gapped down before the market opened 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 changing hands.

Analyst Upgrades and Downgrades

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

MeiraGTx Price Performance

The company has a market cap of $680.65 million, a P/E ratio of -3.65 and a beta of 1.24. The company has a debt-to-equity ratio of 2.34, a quick ratio of 1.51 and a current ratio of 1.53. The firm's fifty day moving average is $6.16 and its two-hundred day moving average is $6.36.

MeiraGTx (NASDAQ:MGTX - Get Free Report) last released its quarterly earnings data 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 net margin of 484.90% and a negative return on equity of 241.05%. The company had revenue of $1.93 million for the quarter, compared to the consensus estimate of $4.44 million. As a group, analysts anticipate that MeiraGTx Holdings PLC will post -1.48 earnings per share for the current fiscal year.

Insider Activity

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

Institutional Trading of MeiraGTx

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MGTX. Summit Investment Advisors Inc. raised its position in MeiraGTx by 106.7% in the 4th quarter. Summit Investment Advisors Inc. now owns 4,871 shares of the company's stock worth $30,000 after purchasing an additional 2,515 shares during the period. Tower Research Capital LLC TRC raised its position in MeiraGTx by 68.1% in the 4th quarter. Tower Research Capital LLC TRC now owns 4,975 shares of the company's stock worth $30,000 after purchasing an additional 2,016 shares during the period. GAMMA Investing LLC increased its position in shares of MeiraGTx by 3,606.7% during the first quarter. GAMMA Investing LLC now owns 4,448 shares of the company's stock worth $30,000 after acquiring an additional 4,328 shares during the period. CWM LLC increased its position in shares of MeiraGTx by 1,737.7% during the first quarter. CWM LLC now owns 8,674 shares of the company's stock worth $59,000 after acquiring an additional 8,202 shares during the period. Finally, Ieq Capital LLC purchased a new position in shares of MeiraGTx during the first quarter worth approximately $83,000. 67.48% of the stock is 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.