MeiraGTx (NASDAQ:MGTX) Stock Price Expected to Rise, Royal Bank of Canada Analyst Says

MeiraGTx (NASDAQ:MGTX) had its price target hoisted by investment analysts at Royal Bank of Canada from $11.00 to $13.00 in a note issued to investors on Monday,Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Royal Bank of Canada’s target price would indicate a potential upside of 67.18% from the stock’s previous close.

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

MeiraGTx Stock Down 0.2 %

Shares of MGTX 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. The firm has a market cap of $607.72 million, a price-to-earnings ratio of -6.42, a P/E/G ratio of 0.37 and a beta of 1.23. The stock has a fifty day simple moving average of $6.54 and a 200 day simple moving average of $5.83. The company has a quick ratio of 2.34, a current ratio of 2.34 and a debt-to-equity ratio of 0.86. MeiraGTx has a 12-month low of $3.85 and a 12-month high of $8.75.

MeiraGTx (NASDAQ:MGTX) last posted its quarterly earnings data on Thursday, March 13th. The company reported ($0.50) earnings per share 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 during the quarter, compared to analysts’ expectations of $1.50 million. Sell-side analysts expect that MeiraGTx will post -1.48 EPS for the current fiscal year.

Insider Transactions at MeiraGTx

In related news, CEO Alexandria Forbes sold 35,839 shares of MeiraGTx stock in a transaction dated Tuesday, January 7th. The shares were sold at an average price of $6.47, for a total transaction of $231,878.33. Following the sale, the chief executive officer now directly owns 1,395,102 shares in the company, valued at $9,026,309.94. The trade was a 2.50 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Richard Giroux sold 24,000 shares of the company’s stock in a transaction dated Tuesday, January 21st. The stock was 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 directly owns 849,947 shares of the company’s stock, valued at $5,346,166.63. The trade was a 2.75 % decrease in their position. The disclosure for this sale can be found here. Insiders own 8.40% of the company’s stock.

Institutional Investors Weigh In On MeiraGTx

A number of institutional investors have recently added to or reduced their stakes in the company. China Universal Asset Management Co. Ltd. boosted its position in shares of MeiraGTx by 11.3% during the 4th quarter. China Universal Asset Management Co. Ltd. now owns 16,571 shares of the company’s stock valued at $101,000 after purchasing an additional 1,685 shares in the last quarter. Tower Research Capital LLC TRC lifted its stake in MeiraGTx by 68.1% during 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 last quarter. Corebridge Financial Inc. boosted its holdings in MeiraGTx by 11.6% during the fourth quarter. Corebridge Financial Inc. now owns 23,147 shares of the company’s stock worth $141,000 after buying an additional 2,405 shares in the last quarter. Summit Investment Advisors Inc. grew its position in MeiraGTx by 106.7% in the fourth quarter. Summit Investment Advisors Inc. now owns 4,871 shares of the company’s stock worth $30,000 after buying an additional 2,515 shares during the last quarter. Finally, SG Americas Securities LLC increased its holdings in shares of MeiraGTx by 13.3% in the fourth quarter. SG Americas Securities LLC now owns 22,240 shares of the company’s stock valued at $135,000 after buying an additional 2,617 shares in the last quarter. 67.48% of the stock is currently owned by institutional investors and hedge funds.

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.