MeiraGTx (NASDAQ:MGTX) Shares Gap Down – Here’s What Happened

MeiraGTx Holdings plc (NASDAQ:MGTX)’s share price gapped down prior to trading on Friday . The stock had previously closed at $7.39, but opened at $7.17. MeiraGTx shares last traded at $7.46, with a volume of 29,273 shares.

Analyst Ratings Changes

Several research analysts recently issued reports on the company. Royal Bank of Canada lifted their target price on MeiraGTx from $11.00 to $13.00 and gave the company an “outperform” rating in a research report on Monday, March 17th. Chardan Capital reaffirmed a “buy” rating and set a $36.00 price objective on shares of MeiraGTx in a report on Monday, February 24th.

MeiraGTx Stock Performance

The company’s 50 day simple moving average is $6.83 and its 200 day simple moving average is $6.07. The company has a debt-to-equity ratio of 0.86, a quick ratio of 2.34 and a current ratio of 2.34. The stock has a market cap of $578.01 million, a PE ratio of -6.06, a price-to-earnings-growth ratio of 0.37 and a beta of 1.23.

MeiraGTx (NASDAQ:MGTX) last issued its quarterly earnings results on Thursday, March 13th. The company reported ($0.50) EPS for the quarter, missing analysts’ consensus estimates of ($0.48) by ($0.02). MeiraGTx had a negative return on equity of 146.38% and a negative net margin of 633.05%. The business had revenue of $21.39 million for the quarter, compared to the consensus estimate of $1.50 million. Analysts expect that MeiraGTx Holdings plc will post -1.48 earnings per share for the current year.

Insider Buying and Selling

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

Institutional Trading of MeiraGTx

Large investors have recently bought and sold shares of the company. Wellington Management Group LLP grew its stake in shares of MeiraGTx by 0.9% during the 4th quarter. Wellington Management Group LLP now owns 151,126 shares of the company’s stock worth $920,000 after acquiring an additional 1,379 shares during the period. China Universal Asset Management Co. Ltd. increased its stake in shares of MeiraGTx by 11.3% in the fourth quarter. China Universal Asset Management Co. Ltd. now owns 16,571 shares of the company’s stock worth $101,000 after purchasing an additional 1,685 shares in the last quarter. Tower Research Capital LLC TRC raised its position in shares of 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 purchasing an additional 2,016 shares during the period. Corebridge Financial Inc. lifted its stake in shares of MeiraGTx by 11.6% during the 4th quarter. Corebridge Financial Inc. now owns 23,147 shares of the company’s stock valued at $141,000 after buying an additional 2,405 shares in the last quarter. Finally, Summit Investment Advisors Inc. lifted its stake in shares of MeiraGTx by 106.7% during the 4th quarter. Summit Investment Advisors Inc. now owns 4,871 shares of the company’s stock valued at $30,000 after buying an additional 2,515 shares in the last quarter. 67.48% of the stock is owned by hedge funds and other 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.