MeiraGTx (NASDAQ:MGTX) Trading Down 8.7% - Here's What Happened

MeiraGTx Holdings plc (NASDAQ:MGTX - Get Free Report) was down 8.7% during trading on Monday . The stock traded as low as $7.11 and last traded at $6.62. Approximately 99,532 shares changed hands during trading, a decline of 70% from the average daily volume of 329,502 shares. The stock had previously closed at $7.25.

Analyst Ratings Changes

MGTX has been the topic of a number of recent analyst reports. Chardan Capital reaffirmed a "buy" rating and issued a $36.00 target price on shares of MeiraGTx in a research note on Monday, February 24th. Royal Bank of Canada upped their target price on shares of MeiraGTx from $11.00 to $13.00 and gave the stock an "outperform" rating in a research report on Monday, March 17th.

MeiraGTx Trading Up 2.2 %

The company has a market capitalization of $442.13 million, a P/E ratio of -4.57, a P/E/G ratio of 0.37 and a beta of 1.30. The company has a debt-to-equity ratio of 0.86, a current ratio of 2.34 and a quick ratio of 2.34. The stock's 50 day moving average is $6.46 and its 200-day moving average is $6.37.

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

Insider Activity at MeiraGTx

In other MeiraGTx news, CEO Alexandria Forbes sold 47,500 shares of the firm's stock in a transaction that occurred 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 owns 1,408,983 shares in the company, valued at $7,523,969.22. This trade represents a 3.26 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CFO Richard Giroux sold 24,000 shares of the company'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 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 disclosure for this sale can be found here. 8.40% of the stock is currently owned by insiders.

Hedge Funds Weigh In On MeiraGTx

A number of large investors have recently made changes to their positions in MGTX. Summit Investment Advisors Inc. grew its holdings in 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 acquiring an additional 2,515 shares in the last quarter. Tower Research Capital LLC TRC raised its stake in shares of 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 buying an additional 2,016 shares during the period. GAMMA Investing LLC increased its stake 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 in the last quarter. CWM LLC boosted its position in MeiraGTx by 1,737.7% during the first quarter. CWM LLC now owns 8,674 shares of the company's stock worth $59,000 after acquiring an additional 8,202 shares during the last quarter. Finally, Polymer Capital Management US LLC acquired a new position in shares of MeiraGTx during the 4th quarter valued at about $88,000. 67.48% of the stock is owned by hedge funds and other institutional investors.

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.