MeiraGTx (NASDAQ:MGTX) Stock Price Down 3.9% - Should You Sell?

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 was down 3.9% on Monday . The stock traded as low as $7.22 and last traded at $7.32. Approximately 41,365 shares were traded during trading, a decline of 92% from the average daily volume of 507,838 shares. The stock had previously closed at $7.61.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on MGTX shares. Wall Street Zen raised MeiraGTx from a "sell" rating to a "hold" rating in a report on Saturday, July 5th. Chardan Capital restated a "buy" rating and set a $35.00 target price on shares of MeiraGTx in a report on Friday, August 15th. Two investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the company currently has an average rating of "Buy" and an average target price of $24.00.

MeiraGTx Price Performance

The firm has a 50-day simple moving average of $7.88 and a two-hundred day simple moving average of $6.86. 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 company has a market capitalization of $608.20 million, a price-to-earnings ratio of -3.71 and a beta of 1.29.

MeiraGTx (NASDAQ:MGTX - Get Free Report) last released its earnings results on Thursday, August 14th. The company reported ($0.48) earnings per share for the quarter, topping analysts' consensus estimates of ($0.52) by $0.04. The business had revenue of $3.69 million for the quarter, compared to analyst estimates of $8.00 million. MeiraGTx had a negative net margin of 415.39% and a negative return on equity of 314.44%. As a group, analysts predict that MeiraGTx Holdings PLC will post -1.48 earnings per share for the current fiscal year.

Insider Activity at MeiraGTx

In other MeiraGTx news, CEO Alexandria Forbes sold 47,500 shares of the business'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. The trade was a 3.37% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Richard Giroux sold 24,000 shares of the business's stock in a transaction that occurred on Tuesday, July 22nd. The stock was sold at an average price of $8.52, for a total transaction of $204,480.00. Following the completion of the sale, the chief financial officer directly owned 853,494 shares of the company's stock, valued at $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. 7.50% of the stock is owned by corporate insiders.

Institutional Trading of MeiraGTx

Institutional investors and hedge funds have recently made changes to their positions in the company. Northern Trust Corp increased its position in shares of MeiraGTx by 18.9% in the fourth quarter. Northern Trust Corp now owns 315,665 shares of the company's stock worth $1,922,000 after purchasing an additional 50,267 shares during the last quarter. Bank of America Corp DE raised its holdings in MeiraGTx by 16.4% during the 4th quarter. Bank of America Corp DE now owns 63,892 shares of the company's stock valued at $389,000 after buying an additional 9,007 shares during the period. D. E. Shaw & Co. Inc. increased its stake in shares of MeiraGTx by 41.1% during the fourth quarter. D. E. Shaw & Co. Inc. now owns 123,643 shares of the company's stock valued at $753,000 after buying an additional 36,008 shares during the period. Deutsche Bank AG boosted its holdings in MeiraGTx by 45.1% in the fourth quarter. Deutsche Bank AG now owns 42,198 shares of the company's stock worth $257,000 after acquiring an additional 13,111 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of MeiraGTx by 23.6% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 26,275 shares of the company's stock worth $160,000 after purchasing an additional 5,010 shares during the period. Institutional investors own 67.48% of the company's stock.

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.