Chardan Capital Reaffirms Buy Rating for MeiraGTx (NASDAQ:MGTX)

Key Points

• Chardan Capital has reiterated a "buy" rating for MeiraGTx (MGTX), setting a price target of $35.00, indicating a potential upside of 320.17% from its previous close.
• MeiraGTx reported a loss of ($0.48) earnings per share in its latest quarterly earnings, slightly beating analyst estimates, with revenue of $3.69 million versus predictions of $8.00 million.
• Insider trading activity included the CFO selling 24,000 shares at an average price of $8.52 and the CEO selling 47,500 shares at an average price of $7.97, reflecting a decrease in their ownership positions.

Chardan Capital restated their buy rating on shares of MeiraGTx (NASDAQ:MGTX - Free Report) in a report released on Friday morning,Benzinga reports. Chardan Capital currently has a $35.00 target price on the stock.

Separately, Wall Street Zen upgraded shares of MeiraGTx from a "sell" rating to a "hold" rating in a report on Saturday, July 5th. Two analysts have rated the stock with a Buy rating, According to MarketBeat.com, MeiraGTx has an average rating of "Buy" and a consensus price target of $24.00.

MeiraGTx Stock Down 0.7%

Shares of MGTX stock traded down $0.0550 during trading on Friday, hitting $7.5250. 70,027 shares of the company were exchanged, compared to its average volume of 531,847. The business's 50-day simple moving average is $7.63 and its 200 day simple moving average is $6.74. MeiraGTx has a twelve month low of $3.85 and a twelve month high of $8.98. The firm has a market capitalization of $605.39 million, a price-to-earnings ratio of -3.69 and a beta of 1.25. The company has a debt-to-equity ratio of 26.29, a quick ratio of 1.51 and a current ratio of 0.88.

MeiraGTx (NASDAQ:MGTX - Get Free Report) last posted its earnings results on Thursday, August 14th. The company reported ($0.48) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.52) by $0.04. The firm had revenue of $3.69 million during the quarter, compared to analysts' expectations of $8.00 million. MeiraGTx had a negative net margin of 415.39% and a negative return on equity of 314.44%. As a group, analysts forecast that MeiraGTx will post -1.48 EPS for the current fiscal year.

Insider Activity

In other MeiraGTx news, CEO Alexandria Forbes sold 47,500 shares of the firm's stock in a transaction dated Tuesday, July 8th. The shares were sold at an average price of $7.97, for a total transaction of $378,575.00. Following the completion of the transaction, the chief executive officer owned 1,361,483 shares in the company, valued at $10,851,019.51. This trade represents a 3.37% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Richard Giroux sold 24,000 shares of the company's stock in a transaction that occurred on Tuesday, July 22nd. The shares were sold at an average price of $8.52, for a total value of $204,480.00. Following the completion of the sale, the chief financial officer owned 853,494 shares in the company, valued at approximately $7,271,768.88. This represents a 2.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 7.50% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of MGTX. Summit Investment Advisors Inc. grew its holdings in shares of 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 purchasing an additional 2,515 shares during the last quarter. Tower Research Capital LLC TRC boosted its position 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 grew its stake in MeiraGTx by 3,606.7% during the first 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. BNP Paribas Financial Markets raised its stake in shares of MeiraGTx by 43.8% in the second quarter. BNP Paribas Financial Markets now owns 4,810 shares of the company's stock valued at $31,000 after acquiring an additional 1,466 shares during the last quarter. Finally, Tower Research Capital LLC TRC boosted its holdings in shares of MeiraGTx by 390.9% in the 2nd quarter. Tower Research Capital LLC TRC now owns 8,797 shares of the company's stock worth $57,000 after acquiring an additional 7,005 shares in the last quarter. 67.48% of the stock is currently owned by institutional investors and hedge funds.

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.