MeiraGTx (NASDAQ:MGTX) Trading 7.8% Higher - Should You Buy?

MeiraGTx Holdings PLC (NASDAQ:MGTX - Get Free Report)'s share price shot up 7.8% during trading on Wednesday . The company traded as high as $6.95 and last traded at $6.99. 123,721 shares changed hands during trading, a decline of 68% from the average session volume of 386,280 shares. The stock had previously closed at $6.48.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the company. Chardan Capital cut their target price on MeiraGTx from $38.00 to $35.00 and set a "buy" rating on the stock in a research report on Wednesday, May 14th. Royal Bank Of Canada increased their target price on shares of MeiraGTx from $11.00 to $13.00 and gave the stock an "outperform" rating in a report on Monday, March 17th. Finally, Wall Street Zen downgraded shares of MeiraGTx from a "hold" rating to a "sell" rating in a research report on Thursday, May 22nd.

MeiraGTx Price Performance

The firm has a market capitalization of $603.10 million, a PE ratio of -3.23 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 stock has a fifty day moving average price of $6.02 and a 200-day moving average price of $6.28.

MeiraGTx (NASDAQ:MGTX - Get Free Report) last issued its quarterly earnings data on Tuesday, May 13th. The company reported ($0.51) earnings per share for the quarter, missing analysts' consensus estimates 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. Sell-side analysts forecast that MeiraGTx Holdings PLC will post -1.48 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Richard Giroux sold 24,000 shares of the firm's 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 transaction, the chief financial officer directly owned 882,494 shares of the company's stock, valued at approximately $5,294,964. This trade represents a 2.65% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CEO Alexandria Forbes sold 47,500 shares of the business's stock in a transaction dated Tuesday, April 8th. The stock was sold at an average price of $5.34, for a total transaction of $253,650.00. Following the transaction, the chief executive officer owned 1,408,983 shares in the company, valued at $7,523,969.22. The trade was a 3.26% 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

A number of hedge funds have recently bought and sold shares of the business. Sanofi purchased a new stake in shares of MeiraGTx in the fourth quarter valued at about $74,284,000. Woodline Partners LP purchased a new stake in MeiraGTx during the 4th quarter worth approximately $9,349,000. Adage Capital Partners GP L.L.C. increased its position in shares of MeiraGTx by 11.9% during the first quarter. Adage Capital Partners GP L.L.C. now owns 5,634,578 shares of the company's stock worth $38,202,000 after acquiring an additional 600,000 shares during the period. Invesco Ltd. raised its position in MeiraGTx by 1,628.7% in the 1st quarter. Invesco Ltd. now owns 350,401 shares of the company's stock valued at $2,376,000 after purchasing an additional 330,131 shares in the last quarter. Finally, Long Focus Capital Management LLC acquired a new position in shares of MeiraGTx during the fourth quarter worth about $1,156,000. Institutional investors and hedge funds own 67.48% of the company's stock.

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.