MeiraGTx (NASDAQ:MGTX) Price Target Raised to $13.00

MeiraGTx (NASDAQ:MGTX) had its price objective boosted by Royal Bank of Canada from $11.00 to $13.00 in a report released on Monday,Benzinga reports. The brokerage currently has an outperform rating on the stock.

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

MeiraGTx Stock Performance

MGTX stock opened at $7.77 on Monday. The stock has a market capitalization of $612.70 million, a PE ratio of -6.42, a price-to-earnings-growth ratio of 0.37 and a beta of 1.23. MeiraGTx has a 12-month low of $3.85 and a 12-month high of $8.75. 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 simple moving average is $6.62 and its 200 day simple moving average is $5.90.

MeiraGTx (NASDAQ:MGTX) last released its quarterly earnings data on Thursday, March 13th. The company reported ($0.50) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.48) by ($0.02). The business 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%. As a group, research analysts forecast that MeiraGTx will post -1.48 earnings per share for the current fiscal year.

Insider Buying and Selling at MeiraGTx

In other MeiraGTx 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 transaction of $231,878.33. Following the completion of the sale, the chief executive officer now directly 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Richard Giroux sold 24,000 shares of the business’s stock in a transaction 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 sale, the chief financial officer now owns 849,947 shares of the company’s stock, valued at approximately $5,346,166.63. This represents a 2.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 8.40% of the company’s stock.

Institutional Investors Weigh In On MeiraGTx

Several hedge funds and other institutional investors have recently modified their holdings of MGTX. Sanofi purchased a new stake in shares of MeiraGTx in the 4th quarter worth $74,284,000. Woodline Partners LP purchased a new stake in shares of MeiraGTx in the 4th quarter worth $9,349,000. Knoll Capital Management LLC purchased a new stake in shares of MeiraGTx in the 3rd quarter worth $5,212,000. Erste Asset Management GmbH purchased a new stake in shares of MeiraGTx in the 3rd quarter worth $2,795,000. Finally, Garden State Investment Advisory Services LLC purchased a new stake in shares of MeiraGTx in the 3rd quarter worth $1,636,000. 67.48% of the stock is currently owned by hedge funds and other institutional investors.

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.