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MeiraGTx (NASDAQ:MGTX) Research Coverage Started at BofA Securities

Last updated on Wednesday, September 16, 2020 | 2020 MarketBeat

Research analysts at BofA Securities assumed coverage on shares of MeiraGTx (NASDAQ:MGTX) in a research report issued to clients and investors on Tuesday, FinViz reports. The brokerage set a "buy" rating and a $20.00 price target on the stock. BofA Securities' target price would suggest a potential upside of 39.57% from the stock's previous close.

MGTX has been the topic of a number of other research reports. Zacks Investment Research raised shares of MeiraGTx from a "sell" rating to a "hold" rating in a research note on Thursday, August 20th. Chardan Capital reaffirmed a "buy" rating and set a $45.00 price objective on shares of MeiraGTx in a research note on Sunday, August 16th. Piper Sandler reissued a "buy" rating and issued a $40.00 price target on shares of MeiraGTx in a research note on Friday, July 17th. Bank of America assumed coverage on shares of MeiraGTx in a research note on Tuesday. They issued a "buy" rating and a $20.00 price target on the stock. Finally, BidaskClub raised shares of MeiraGTx from a "strong sell" rating to a "sell" rating in a research note on Wednesday, September 9th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and six have given a buy rating to the company's stock. The company currently has an average rating of "Buy" and a consensus price target of $29.33.

MGTX traded up $1.21 during trading on Tuesday, reaching $14.33. 3,480 shares of the company's stock were exchanged, compared to its average volume of 110,252. The stock has a market capitalization of $490.20 million, a P/E ratio of -9.48 and a beta of 1.41. MeiraGTx has a 1 year low of $8.82 and a 1 year high of $22.32. The company's fifty day simple moving average is $13.35 and its 200-day simple moving average is $13.56. The company has a debt-to-equity ratio of 0.11, a current ratio of 5.03 and a quick ratio of 5.03.

MeiraGTx (NASDAQ:MGTX) last issued its quarterly earnings data on Thursday, August 6th. The company reported ($0.69) EPS for the quarter, missing analysts' consensus estimates of ($0.46) by ($0.23). The firm had revenue of $2.47 million for the quarter. MeiraGTx had a negative return on equity of 30.69% and a negative net margin of 331.44%. Equities analysts forecast that MeiraGTx will post -2.39 EPS for the current year.

In other MeiraGTx news, insider Stuart Naylor sold 2,356 shares of the firm's stock in a transaction on Monday, July 20th. The stock was sold at an average price of $15.00, for a total value of $35,340.00. Following the transaction, the insider now owns 471,661 shares in the company, valued at approximately $7,074,915. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Thomas E. Shenk sold 6,667 shares of the firm's stock in a transaction on Monday, July 20th. The shares were sold at an average price of $15.00, for a total value of $100,005.00. The disclosure for this sale can be found here. Insiders sold a total of 24,482 shares of company stock worth $351,926 in the last 90 days. 16.50% of the stock is currently owned by insiders.

Hedge funds have recently made changes to their positions in the business. Los Angeles Capital Management & Equity Research Inc. purchased a new position in shares of MeiraGTx in the 1st quarter worth about $297,000. Aperio Group LLC purchased a new stake in shares of MeiraGTx during the 1st quarter valued at about $137,000. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. raised its holdings in shares of MeiraGTx by 25.8% during the 1st quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 11,186 shares of the company's stock valued at $150,000 after buying an additional 2,297 shares during the period. Private Advisors LLC raised its holdings in shares of MeiraGTx by 20.8% during the 1st quarter. Private Advisors LLC now owns 39,039 shares of the company's stock valued at $525,000 after buying an additional 6,723 shares during the period. Finally, State Street Corp raised its holdings in shares of MeiraGTx by 5.2% during the 1st quarter. State Street Corp now owns 357,488 shares of the company's stock valued at $4,805,000 after buying an additional 17,649 shares during the period. Institutional investors own 54.54% of the company's stock.

About MeiraGTx

MeiraGTx Holdings plc, a clinical-stage gene therapy company, focusing on developing treatments for patients living with serious diseases. The company develops various therapies for ocular diseases, including rare inherited blindness, as well as Xerostomia following radiation treatment for head and neck cancers; neurodegenerative diseases, such as amyothrophic lateral sclerosis; and Parkinson's diseases.

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