MeiraGTx (NASDAQ:MGTX) Stock Price Down 3.9% - What's Next?

Key Points

• MeiraGTx Holdings PLC experienced a stock price decline of 3.9%, trading as low as $7.22 during recent mid-day trading, with significantly reduced trading volume.
• Analysts maintain a consensus rating of "Buy" for MeiraGTx, with an average target price of $24.00, despite the company reporting a loss of ($0.48) earnings per share for the last quarter.
• Insider activity shows CEO Alexandria Forbes and CFO Richard Giroux selling shares, reducing their respective ownership stakes in the company.

MeiraGTx Holdings PLC (NASDAQ:MGTX - Get Free Report)'s stock price traded down 3.9% during mid-day trading on Monday . The stock traded as low as $7.22 and last traded at $7.32. 41,365 shares changed hands during trading, a decline of 92% from the average session volume of 507,838 shares. The stock had previously closed at $7.61.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the company. Chardan Capital reaffirmed a "buy" rating and set a $35.00 target price on shares of MeiraGTx in a research report on Friday, August 15th. Wall Street Zen raised MeiraGTx from a "sell" rating to a "hold" rating in a research report on Saturday, July 5th. Two investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the stock has a consensus rating of "Buy" and an average target price of $24.00.

MeiraGTx Stock Performance

The company has a 50-day moving average price of $7.95 and a two-hundred day moving average price of $6.83. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 26.29. The stock has a market capitalization of $589.70 million, a P/E ratio of -3.59 and a beta of 1.29.

MeiraGTx (NASDAQ:MGTX - Get Free Report) last posted its quarterly earnings data on Thursday, August 14th. The company reported ($0.48) earnings per share for the quarter, topping the consensus estimate of ($0.52) by $0.04. The firm had revenue of $3.69 million during the quarter, compared to analyst estimates of $8.00 million. MeiraGTx had a negative return on equity of 314.44% and a negative net margin of 415.39%. On average, equities analysts forecast that MeiraGTx Holdings PLC will post -1.48 earnings per share for the current year.

Insider Activity

In other news, CEO Alexandria Forbes sold 47,500 shares of the firm's stock in a transaction dated Tuesday, July 8th. The stock was 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 in the company, valued at $10,851,019.51. This trade represents a 3.37% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CFO Richard Giroux sold 24,000 shares of the firm's stock in a transaction dated Tuesday, July 22nd. The shares were sold at an average price of $8.52, for a total value of $204,480.00. Following the completion of the sale, the chief financial officer owned 853,494 shares of the company's stock, valued at approximately $7,271,768.88. This represents a 2.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 7.50% of the company's stock.

Institutional Trading of MeiraGTx

Several large investors have recently made changes to their positions in MGTX. GAMMA Investing LLC grew its stake in shares of MeiraGTx by 3,606.7% in the 1st quarter. GAMMA Investing LLC now owns 4,448 shares of the company's stock valued at $30,000 after buying an additional 4,328 shares during the period. BNP Paribas Financial Markets boosted its stake in MeiraGTx by 43.8% during the 2nd quarter. BNP Paribas Financial Markets now owns 4,810 shares of the company's stock valued at $31,000 after purchasing an additional 1,466 shares during the last quarter. Tower Research Capital LLC TRC boosted its stake in MeiraGTx by 390.9% during the 2nd quarter. Tower Research Capital LLC TRC now owns 8,797 shares of the company's stock valued at $57,000 after purchasing an additional 7,005 shares during the last quarter. CWM LLC boosted its stake in MeiraGTx by 1,737.7% during the 1st quarter. CWM LLC now owns 8,674 shares of the company's stock valued at $59,000 after purchasing an additional 8,202 shares during the last quarter. Finally, FNY Investment Advisers LLC acquired a new position in MeiraGTx during the 2nd quarter valued at about $61,000. 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.