MeiraGTx (NASDAQ:MGTX) Trading Up 7.2% - Here's What Happened

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

Wall Street Analyst Weigh In

A number of research firms have recently commented on MGTX. Wall Street Zen downgraded shares of 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 shares of MeiraGTx from $11.00 to $13.00 and gave the stock an "outperform" rating in a research note on Monday, March 17th. Finally, Chardan Capital reduced their price objective on shares of MeiraGTx from $38.00 to $35.00 and set a "buy" rating for the company in a research note on Wednesday, May 14th.

MeiraGTx Stock Performance

The company has a market capitalization of $532.82 million, a price-to-earnings ratio of -5.48, a P/E/G ratio of 0.37 and a beta of 1.16. The stock's 50 day moving average price is $5.74 and its 200 day moving average price is $6.25. The company has a current ratio of 2.34, a quick ratio of 2.34 and a debt-to-equity ratio of 0.86.

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 the consensus estimate of ($0.38) by ($0.13). The firm had revenue of $1.93 million during the quarter, compared to analyst estimates of $4.44 million. MeiraGTx had a negative net margin of 633.05% and a negative return on equity of 146.38%. Analysts expect that MeiraGTx Holdings plc will post -1.48 earnings per share for the current year.

Insider Transactions at MeiraGTx

In other news, CFO Richard Giroux sold 24,000 shares of the business'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 completion of the sale, the chief financial officer now directly owns 882,494 shares of the company's stock, valued at $5,294,964. The trade was a 2.65% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Alexandria Forbes sold 47,500 shares of the company'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 completion of the sale, 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 ownership of the stock. The disclosure for this sale can be found here. Insiders own 7.50% of the company's stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. GAMMA Investing LLC lifted its stake in MeiraGTx by 3,606.7% in the 1st quarter. GAMMA Investing LLC now owns 4,448 shares of the company's stock worth $30,000 after purchasing an additional 4,328 shares in the last quarter. Summit Investment Advisors Inc. grew its holdings in MeiraGTx by 106.7% in 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 during the last quarter. Tower Research Capital LLC TRC grew its holdings in MeiraGTx by 68.1% in the 4th quarter. Tower Research Capital LLC TRC now owns 4,975 shares of the company's stock worth $30,000 after acquiring an additional 2,016 shares during the last quarter. CWM LLC boosted its stake in shares of MeiraGTx by 1,737.7% during the 1st quarter. CWM LLC now owns 8,674 shares of the company's stock valued at $59,000 after purchasing an additional 8,202 shares in the last quarter. Finally, Ieq Capital LLC bought a new stake in shares of MeiraGTx during the 1st quarter valued at about $83,000. 67.48% of the stock is owned by 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.