Royal Bank of Canada Issues Positive Forecast for MeiraGTx (NASDAQ:MGTX) Stock Price

MeiraGTx (NASDAQ:MGTX) had its target price hoisted by investment analysts at Royal Bank of Canada from $9.00 to $11.00 in a note issued to investors on Thursday,Benzinga reports. The firm presently has an “outperform” rating on the stock. Royal Bank of Canada’s price target would suggest a potential upside of 61.29% from the company’s previous close.

Separately, Chardan Capital reissued a “buy” rating and issued a $36.00 price target on shares of MeiraGTx in a report on Wednesday, July 31st.

MeiraGTx Stock Performance

NASDAQ:MGTX traded down $0.22 during midday trading on Thursday, reaching $6.82. The stock had a trading volume of 93,192 shares, compared to its average volume of 201,162. The stock has a market capitalization of $442.61 million, a P/E ratio of -4.87 and a beta of 1.24. MeiraGTx has a 1-year low of $3.85 and a 1-year high of $7.60. The company has a debt-to-equity ratio of 1.04, a current ratio of 2.36 and a quick ratio of 2.36. The firm’s fifty day simple moving average is $5.03 and its 200-day simple moving average is $4.77.

MeiraGTx (NASDAQ:MGTX) last released its earnings results on Monday, August 12th. The company reported ($0.76) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.31) by ($0.45). The business had revenue of $0.28 million during the quarter, compared to analyst estimates of $16.38 million. MeiraGTx had a negative net margin of 1,146.81% and a negative return on equity of 152.82%. On average, equities research analysts forecast that MeiraGTx will post -0.63 EPS for the current fiscal year.

Institutional Investors Weigh In On MeiraGTx

Several institutional investors and hedge funds have recently bought and sold shares of MGTX. Acadian Asset Management LLC bought a new stake in MeiraGTx in the first quarter valued at about $25,000. BNP Paribas Financial Markets grew its stake in shares of MeiraGTx by 142.5% in the 3rd quarter. BNP Paribas Financial Markets now owns 9,319 shares of the company’s stock valued at $39,000 after purchasing an additional 5,476 shares during the period. China Universal Asset Management Co. Ltd. lifted its position in shares of MeiraGTx by 97.0% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 14,886 shares of the company’s stock worth $62,000 after buying an additional 7,330 shares during the period. The Manufacturers Life Insurance Company grew its position in MeiraGTx by 19.0% in the second quarter. The Manufacturers Life Insurance Company now owns 17,763 shares of the company’s stock valued at $75,000 after acquiring an additional 2,839 shares during the period. Finally, SG Americas Securities LLC acquired a new position in MeiraGTx during the third quarter worth $82,000. Institutional investors own 67.48% of the company’s stock.

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.