Royal Bank of Canada Forecasts Strong Price Appreciation for MeiraGTx (NASDAQ:MGTX) Stock

MeiraGTx (NASDAQ:MGTX) had its price objective increased by Royal Bank of Canada from $11.00 to $13.00 in a research note issued on Monday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Royal Bank of Canada’s target price indicates a potential upside of 67.18% from the stock’s previous close.

Separately, Chardan Capital reissued a “buy” rating and issued a $36.00 price objective on shares of MeiraGTx in a research note on Monday, February 24th.

MeiraGTx Trading Down 0.2 %

MGTX stock traded down $0.01 during mid-day trading on Monday, reaching $7.78. 89,097 shares of the stock traded hands, compared to its average volume of 264,646. MeiraGTx has a 52-week low of $3.85 and a 52-week high of $8.75. The stock’s fifty day moving average is $6.54 and its 200-day moving average is $5.83. The company has a market cap of $607.72 million, a P/E ratio of -6.42, a P/E/G ratio of 0.37 and a beta of 1.23. 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) last released its quarterly earnings results on Thursday, March 13th. The company reported ($0.50) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.48) by ($0.02). MeiraGTx had a negative net margin of 633.05% and a negative return on equity of 146.38%. The firm had revenue of $21.39 million for the quarter, compared to analyst estimates of $1.50 million. As a group, sell-side analysts expect that MeiraGTx will post -1.48 earnings per share for the current year.

Insider Buying and Selling at MeiraGTx

In other MeiraGTx news, CFO Richard Giroux sold 24,000 shares of the company’s stock in a transaction that occurred on Tuesday, January 21st. The stock was sold at an average price of $6.29, for a total value of $150,960.00. Following the completion of the transaction, the chief financial officer now owns 849,947 shares of the company’s stock, valued at $5,346,166.63. This represents a 2.75 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Alexandria Forbes sold 35,839 shares of the stock in a transaction on Tuesday, January 7th. The shares were sold at an average price of $6.47, for a total transaction of $231,878.33. Following the completion of the transaction, the chief executive officer now owns 1,395,102 shares of the company’s stock, valued at approximately $9,026,309.94. This represents a 2.50 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 8.40% of the company’s stock.

Institutional Investors Weigh In On MeiraGTx

Several large investors have recently modified their holdings of the stock. Sanofi acquired a new stake in shares of MeiraGTx during the 4th quarter worth about $74,284,000. Woodline Partners LP bought a new stake in MeiraGTx during the 4th quarter worth approximately $9,349,000. Knoll Capital Management LLC acquired a new position in MeiraGTx in the third quarter worth $5,212,000. Erste Asset Management GmbH bought a new stake in shares of MeiraGTx during the third quarter worth $2,795,000. Finally, Garden State Investment Advisory Services LLC acquired a new stake in shares of MeiraGTx in the third quarter valued at $1,636,000. 67.48% of the stock is currently 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.