MeiraGTx (NASDAQ:MGTX) Stock Price Down 8% – Here’s What Happened

MeiraGTx Holdings plc (NASDAQ:MGTX)’s stock price fell 8% during mid-day trading on Monday . The stock traded as low as $6.63 and last traded at $6.75. 401,060 shares traded hands during mid-day trading, an increase of 41% from the average session volume of 284,510 shares. The stock had previously closed at $7.33.

Wall Street Analysts Forecast Growth

MGTX has been the subject of a number of recent analyst reports. Chardan Capital restated a “buy” rating and issued a $36.00 price objective on shares of MeiraGTx in a research report on Monday, February 24th. Royal Bank of Canada boosted their target price on MeiraGTx from $11.00 to $13.00 and gave the stock an “outperform” rating in a report on Monday, March 17th.

MeiraGTx Stock Performance

The firm has a market cap of $534.64 million, a price-to-earnings ratio of -5.60, a price-to-earnings-growth 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. The stock’s 50 day moving average is $6.83 and its 200 day moving average is $6.08.

MeiraGTx (NASDAQ:MGTX) last announced its quarterly earnings data 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). The firm had revenue of $21.39 million during the quarter, compared to the consensus estimate of $1.50 million. MeiraGTx had a negative net margin of 633.05% and a negative return on equity of 146.38%. Analysts anticipate that MeiraGTx Holdings plc will post -1.48 earnings per share for the current year.

Insider Activity

In related news, 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 value 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 ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Richard Giroux sold 24,000 shares of the stock in a transaction dated Tuesday, January 21st. The stock was sold at an average price of $6.29, for a total value of $150,960.00. Following the sale, the chief financial officer now owns 849,947 shares of the company’s stock, valued at approximately $5,346,166.63. The trade was a 2.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 8.40% of the company’s stock.

Hedge Funds Weigh In On MeiraGTx

Institutional investors have recently added to or reduced their stakes in the business. Wellington Management Group LLP increased its stake in shares of MeiraGTx by 0.9% in the 4th quarter. Wellington Management Group LLP now owns 151,126 shares of the company’s stock valued at $920,000 after acquiring an additional 1,379 shares in the last quarter. Woodline Partners LP acquired a new position in shares of MeiraGTx during the fourth quarter valued at about $9,349,000. Sanofi bought a new position in shares of MeiraGTx during the 4th quarter worth about $74,284,000. ProShare Advisors LLC increased its position in MeiraGTx by 41.2% in the 4th quarter. ProShare Advisors LLC now owns 16,814 shares of the company’s stock valued at $102,000 after buying an additional 4,910 shares in the last quarter. Finally, Nuveen Asset Management LLC raised its stake in MeiraGTx by 43.2% during the 4th quarter. Nuveen Asset Management LLC now owns 191,311 shares of the company’s stock worth $1,165,000 after buying an additional 57,737 shares during the period. 67.48% of the stock is owned by institutional investors and hedge funds.

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.