MeiraGTx (NASDAQ:MGTX) Shares Up 11.9% - Here's What Happened

MeiraGTx Holdings plc (NASDAQ:MGTX - Get Free Report)'s stock price shot up 11.9% during mid-day trading on Tuesday . The company traded as high as $6.34 and last traded at $6.32. 622,170 shares changed hands during trading, an increase of 95% from the average session volume of 319,486 shares. The stock had previously closed at $5.65.

Wall Street Analyst Weigh In

A number of research analysts have commented on MGTX shares. Chardan Capital reaffirmed a "buy" rating and issued a $36.00 target price on shares of MeiraGTx in a research report on Monday, February 24th. Royal Bank of Canada upped 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 Stock Performance

The company has a quick ratio of 2.34, a current ratio of 2.34 and a debt-to-equity ratio of 0.86. The firm has a 50-day moving average price of $6.54 and a 200 day moving average price of $6.30. The firm has a market capitalization of $528.33 million, a PE ratio of -5.54, a price-to-earnings-growth ratio of 0.37 and a beta of 1.21.

MeiraGTx (NASDAQ:MGTX - Get Free Report) last announced its earnings results on Thursday, March 13th. The company reported ($0.50) EPS for the quarter, missing analysts' consensus estimates of ($0.48) by ($0.02). The firm had revenue of $21.39 million for the quarter, compared to analysts' expectations of $1.50 million. MeiraGTx had a negative net margin of 633.05% and a negative return on equity of 146.38%. Research analysts expect that MeiraGTx Holdings plc will post -1.48 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO Alexandria Forbes sold 47,500 shares of the business's stock in a transaction on Tuesday, April 8th. The stock was 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 $7,523,969.22. The trade was a 3.26 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Richard Giroux sold 24,000 shares of the stock in a transaction dated Tuesday, April 22nd. The shares were sold at an average price of $6.00, for a total value of $144,000.00. Following the completion of 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 position. The disclosure for this sale can be found here. 8.40% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Summit Investment Advisors Inc. lifted its position in shares of MeiraGTx by 106.7% during 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 last quarter. Tower Research Capital LLC TRC raised its stake in MeiraGTx by 68.1% in the fourth quarter. Tower Research Capital LLC TRC now owns 4,975 shares of the company's stock valued at $30,000 after buying an additional 2,016 shares in the last quarter. GAMMA Investing LLC lifted its holdings in MeiraGTx by 3,606.7% during the 1st quarter. GAMMA Investing LLC now owns 4,448 shares of the company's stock worth $30,000 after buying an additional 4,328 shares during the last quarter. Polymer Capital Management US LLC acquired a new position in shares of MeiraGTx during the 4th quarter worth about $88,000. Finally, China Universal Asset Management Co. Ltd. increased its holdings in shares of MeiraGTx by 11.3% in the 4th quarter. China Universal Asset Management Co. Ltd. now owns 16,571 shares of the company's stock valued at $101,000 after acquiring an additional 1,685 shares during the last quarter. Hedge funds and other 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.