MeiraGTx (NASDAQ:MGTX) Shares Gap Down – Should You Sell?

MeiraGTx Holdings plc (NASDAQ:MGTX)’s stock price gapped down before the market opened 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.

Analysts Set New Price Targets

A number of analysts recently weighed in on the company. Royal Bank of Canada increased their price objective on MeiraGTx from $11.00 to $13.00 and gave the company an “outperform” rating in a report on Monday, March 17th. Chardan Capital restated a “buy” rating and set a $36.00 price objective on shares of MeiraGTx in a research report on Monday, February 24th.

MeiraGTx Stock Performance

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’s 50 day moving average price is $6.83 and its 200 day moving average price is $6.07. The company has a market capitalization of $578.01 million, a P/E 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 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 the consensus estimate of $1.50 million. As a group, equities analysts expect that MeiraGTx Holdings plc will post -1.48 EPS 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 of the company’s stock, valued at $5,346,166.63. This trade represents a 2.75 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Alexandria Forbes sold 35,839 shares of the business’s 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 transaction, the chief executive officer now owns 1,395,102 shares in the company, valued at $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 currently owned by insiders.

Hedge Funds Weigh In On MeiraGTx

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Wellington Management Group LLP raised its stake in 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 buying an additional 1,379 shares during the period. Woodline Partners LP bought a new stake in shares of MeiraGTx during the fourth quarter valued at approximately $9,349,000. Sanofi acquired a new position in shares of MeiraGTx during the fourth quarter worth approximately $74,284,000. ProShare Advisors LLC lifted its holdings in shares of MeiraGTx by 41.2% in the 4th quarter. ProShare Advisors LLC now owns 16,814 shares of the company’s stock worth $102,000 after purchasing an additional 4,910 shares in the last quarter. Finally, Nuveen Asset Management LLC grew its position in MeiraGTx by 43.2% in the 4th quarter. Nuveen Asset Management LLC now owns 191,311 shares of the company’s stock valued at $1,165,000 after purchasing an additional 57,737 shares during the period. Institutional investors own 67.48% of the company’s stock.

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.