MeiraGTx (NASDAQ:MGTX) Shares Up 8.6% – Here’s Why

MeiraGTx Holdings plc (NASDAQ:MGTX) shares shot up 8.6% during mid-day trading on Wednesday . The company traded as high as $6.87 and last traded at $6.87. 224,701 shares were traded during mid-day trading, a decline of 21% from the average session volume of 284,736 shares. The stock had previously closed at $6.32.

Analyst Upgrades and Downgrades

MGTX has been the subject of a number of research analyst reports. Chardan Capital reiterated a “buy” rating and set a $36.00 price target on shares of MeiraGTx in a report on Monday, November 18th. Royal Bank of Canada upped their target price on shares of MeiraGTx from $9.00 to $11.00 and gave the company an “outperform” rating in a research note on Thursday, November 14th.

MeiraGTx Stock Performance

The firm has a fifty day simple moving average of $6.21 and a 200 day simple moving average of $5.37. 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 has a market cap of $536.50 million, a price-to-earnings ratio of -5.67, a PEG ratio of 0.34 and a beta of 1.25.

Insider Activity at MeiraGTx

In related news, CFO Richard Giroux sold 24,000 shares of the stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $6.29, for a total value of $150,960.00. Following the completion of the transaction, the chief financial officer now owns 849,947 shares of the company’s stock, valued at $5,346,166.63. This represents a 2.75 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Alexandria Forbes sold 35,839 shares of MeiraGTx stock in a transaction that occurred 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 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 disclosure for this sale can be found here. 8.40% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of MGTX. Knoll Capital Management LLC bought a new stake in shares of MeiraGTx in the 3rd quarter worth about $5,212,000. Erste Asset Management GmbH bought a new stake in MeiraGTx during the third quarter worth about $2,795,000. Garden State Investment Advisory Services LLC bought a new stake in MeiraGTx during the third quarter worth about $1,636,000. Barclays PLC increased its holdings in shares of MeiraGTx by 107.1% during the third quarter. Barclays PLC now owns 147,827 shares of the company’s stock worth $618,000 after buying an additional 76,437 shares in the last quarter. Finally, Janney Montgomery Scott LLC bought a new position in shares of MeiraGTx in the fourth quarter valued at approximately $459,000. 67.48% of the stock is currently 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.