MeiraGTx (NASDAQ:MGTX) Shares Gap Up - What's Next?

MeiraGTx Holdings plc (NASDAQ:MGTX - Get Free Report) gapped up before the market opened on Monday . The stock had previously closed at $6.00, but opened at $6.30. MeiraGTx shares last traded at $6.28, with a volume of 229,302 shares changing hands.

Analysts Set New Price Targets

A number of equities analysts have recently commented on MGTX shares. Chardan Capital dropped their target price on MeiraGTx from $38.00 to $35.00 and set a "buy" rating for the company in a report on Wednesday, May 14th. Royal Bank of Canada lifted their target price on MeiraGTx from $11.00 to $13.00 and gave the company an "outperform" rating in a research report on Monday, March 17th. Finally, Wall Street Zen lowered shares of MeiraGTx from a "hold" rating to a "sell" rating in a report on Thursday, May 22nd.

MeiraGTx Trading Down 5.5%

The company has a 50 day moving average of $5.68 and a two-hundred day moving average of $6.24. The stock has a market capitalization of $520.77 million, a PE ratio of -5.36, a P/E/G ratio of 0.37 and a beta of 1.16. The company has a debt-to-equity ratio of 0.86, a quick ratio of 2.34 and a current ratio of 2.34.

MeiraGTx (NASDAQ:MGTX - Get Free Report) last released its earnings results on Tuesday, May 13th. The company reported ($0.51) EPS for the quarter, missing analysts' consensus estimates of ($0.38) by ($0.13). The company had revenue of $1.93 million during the quarter, compared to analyst estimates of $4.44 million. MeiraGTx had a negative return on equity of 146.38% and a negative net margin of 633.05%. Sell-side analysts predict that MeiraGTx Holdings plc will post -1.48 EPS for the current year.

Insiders Place Their Bets

In other MeiraGTx news, CFO Richard Giroux sold 24,000 shares of the business'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 now directly owns 882,494 shares in the company, valued at $5,294,964. This represents a 2.65% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Alexandria Forbes sold 47,500 shares of the firm's stock in a transaction that occurred on Tuesday, April 8th. The shares were sold at an average price of $5.34, for a total transaction of $253,650.00. Following the completion of the transaction, the chief executive officer now directly owns 1,408,983 shares of the company's stock, valued at approximately $7,523,969.22. The trade was a 3.26% decrease in their position. The disclosure for this sale can be found here. Insiders own 7.50% of the company's stock.

Institutional Investors Weigh In On MeiraGTx

A number of hedge funds have recently added to or reduced their stakes in the business. Wellington Management Group LLP increased its position in shares of MeiraGTx by 0.9% during the fourth quarter. Wellington Management Group LLP now owns 151,126 shares of the company's stock worth $920,000 after acquiring an additional 1,379 shares during the period. Tower Research Capital LLC TRC increased its holdings in MeiraGTx by 68.1% during 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. Corebridge Financial Inc. increased its holdings in MeiraGTx by 11.6% during the 4th quarter. Corebridge Financial Inc. now owns 23,147 shares of the company's stock worth $141,000 after purchasing an additional 2,405 shares during the period. 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 valued at $30,000 after purchasing an additional 2,515 shares in the last quarter. Finally, SG Americas Securities LLC grew its stake in shares of MeiraGTx by 13.3% during the fourth quarter. SG Americas Securities LLC now owns 22,240 shares of the company's stock worth $135,000 after purchasing an additional 2,617 shares in the last quarter. 67.48% of the stock is currently 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.