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

MeiraGTx (NASDAQ:MGTX)‘s stock had its “buy” rating reaffirmed by research analysts at Chardan Capital in a research note issued to investors on Monday,Benzinga reports. They currently have a $36.00 price objective on the stock. Chardan Capital’s price target points to a potential upside of 491.13% from the company’s previous close.

Separately, Royal Bank of Canada increased their price target on MeiraGTx from $9.00 to $11.00 and gave the stock an “outperform” rating in a research report on Thursday.

MeiraGTx Stock Performance

Shares of MGTX traded down $0.39 during midday trading on Monday, reaching $6.09. 238,730 shares of the stock were exchanged, compared to its average volume of 202,998. The company has a quick ratio of 2.36, a current ratio of 2.34 and a debt-to-equity ratio of 0.86. The stock’s 50 day simple moving average is $5.13 and its 200 day simple moving average is $4.79. MeiraGTx has a twelve month low of $3.85 and a twelve month high of $7.60. The company has a market cap of $475.95 million, a P/E ratio of -5.03 and a beta of 1.24.

Hedge Funds Weigh In On MeiraGTx

Hedge funds have recently bought and sold shares of the company. The Manufacturers Life Insurance Company boosted its position in shares of MeiraGTx by 19.0% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 17,763 shares of the company’s stock worth $75,000 after acquiring an additional 2,839 shares in the last quarter. Russell Investments Group Ltd. lifted its stake in MeiraGTx by 1.9% during the first quarter. Russell Investments Group Ltd. now owns 157,999 shares of the company’s stock worth $959,000 after purchasing an additional 2,994 shares during the last quarter. Acadian Asset Management LLC acquired a new stake in shares of MeiraGTx in the 1st quarter valued at $25,000. Rhumbline Advisers increased its stake in shares of MeiraGTx by 10.8% in the 2nd quarter. Rhumbline Advisers now owns 52,996 shares of the company’s stock valued at $223,000 after purchasing an additional 5,178 shares during the last quarter. Finally, State Street Corp raised its holdings in shares of MeiraGTx by 0.9% during the 3rd quarter. State Street Corp now owns 574,727 shares of the company’s stock worth $2,397,000 after buying an additional 5,251 shares in the last quarter. 67.48% of the stock is owned by institutional investors.

MeiraGTx Company Profile

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.