MeiraGTx (NASDAQ:MGTX) Shares Up 7.2% - What's Next?

MeiraGTx Holdings plc (NASDAQ:MGTX - Get Free Report) shot up 7.2% on Tuesday . The stock traded as high as $6.83 and last traded at $6.77. 185,180 shares were traded during mid-day trading, a decline of 65% from the average session volume of 529,288 shares. The stock had previously closed at $6.32.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on MGTX. Wall Street Zen cut MeiraGTx from a "hold" rating to a "sell" rating in a research note on Thursday, May 22nd. Royal Bank of Canada increased their price objective on MeiraGTx from $11.00 to $13.00 and gave the stock an "outperform" rating in a research report on Monday, March 17th. Finally, Chardan Capital cut their price target on MeiraGTx from $38.00 to $35.00 and set a "buy" rating for the company in a report on Wednesday, May 14th.

MeiraGTx Stock Performance

The company has a market cap of $534.03 million, a P/E ratio of -5.49, a P/E/G ratio of 0.37 and a beta of 1.16. The company has a debt-to-equity ratio of 0.86, a quick ratio of 2.34 and a current ratio of 2.34. The firm has a 50 day moving average price of $5.68 and a 200-day moving average price of $6.24.

MeiraGTx (NASDAQ:MGTX - Get Free Report) last issued its earnings results on Tuesday, May 13th. The company reported ($0.51) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.38) by ($0.13). The company had revenue of $1.93 million during the quarter, compared to analyst estimates of $4.44 million. MeiraGTx had a negative return on equity of 146.38% and a negative net margin of 633.05%. On average, research analysts predict that MeiraGTx Holdings plc will post -1.48 EPS for the current year.

Insider Activity

In related news, CEO Alexandria Forbes sold 47,500 shares of the firm'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. This trade represents a 3.26% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Richard Giroux sold 24,000 shares of the firm's stock in a transaction that occurred on Tuesday, April 22nd. The stock was sold at an average price of $6.00, for a total transaction of $144,000.00. Following the sale, the chief financial officer now directly owns 882,494 shares of the company's stock, valued at approximately $5,294,964. This trade represents a 2.65% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 7.50% of the company's stock.

Hedge Funds Weigh In On MeiraGTx

Several hedge funds have recently modified their holdings of MGTX. Sanofi purchased a new position in MeiraGTx during the fourth quarter valued at approximately $74,284,000. Woodline Partners LP bought a new stake in shares of MeiraGTx in the fourth quarter worth about $9,349,000. Adage Capital Partners GP L.L.C. lifted its stake in MeiraGTx by 11.9% in 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. lifted its holdings in MeiraGTx by 1,628.7% in the first quarter. Invesco Ltd. now owns 350,401 shares of the company's stock worth $2,376,000 after buying an additional 330,131 shares during the period. Finally, Long Focus Capital Management LLC bought a new position in MeiraGTx in the fourth quarter worth $1,156,000. 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.