MeiraGTx (NASDAQ:MGTX) Sees Strong Trading Volume – Here’s Why

MeiraGTx Holdings plc (NASDAQ:MGTX) shares saw unusually-strong trading volume on Friday . Approximately 420,419 shares were traded during trading, an increase of 61% from the previous session’s volume of 261,715 shares.The stock last traded at $8.21 and had previously closed at $8.25.

Wall Street Analysts Forecast Growth

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

MeiraGTx Price Performance

The stock has a 50 day moving average of $6.54 and a two-hundred day moving average of $5.82. The stock has a market cap of $608.81 million, a PE ratio of -6.44, a PEG ratio of 0.37 and a beta of 1.23. The company has a debt-to-equity ratio of 0.86, a quick ratio of 2.34 and a current ratio of 2.34.

MeiraGTx (NASDAQ:MGTX) last issued its quarterly earnings results 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). The company had revenue of $21.39 million during the quarter, compared to analysts’ expectations of $1.50 million. MeiraGTx had a negative return on equity of 146.38% and a negative net margin of 633.05%. Equities analysts anticipate that MeiraGTx Holdings plc will post -1.48 EPS for the current year.

Insiders Place Their Bets

In other MeiraGTx news, CFO Richard Giroux sold 24,000 shares of the firm’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 in the company, valued at approximately $5,346,166.63. This trade represents a 2.75 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Alexandria Forbes sold 35,839 shares of the firm’s stock in a transaction dated Tuesday, January 7th. The stock was sold at an average price of $6.47, for a total value of $231,878.33. Following the sale, the chief executive officer now owns 1,395,102 shares of the company’s stock, 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. Corporate insiders own 8.40% of the company’s stock.

Institutional Investors Weigh In On MeiraGTx

A number of institutional investors have recently bought and sold shares of the business. Sanofi acquired a new stake in MeiraGTx during the 4th quarter worth about $74,284,000. Woodline Partners LP acquired a new stake in shares of MeiraGTx during the 4th quarter valued at about $9,349,000. Knoll Capital Management LLC acquired a new stake in shares of MeiraGTx during the 3rd quarter valued at about $5,212,000. Royce & Associates LP lifted its holdings in shares of MeiraGTx by 5.3% during the 3rd quarter. Royce & Associates LP now owns 795,392 shares of the company’s stock valued at $3,317,000 after buying an additional 40,000 shares during the last quarter. Finally, Erste Asset Management GmbH acquired a new stake in shares of MeiraGTx during the 3rd quarter valued at about $2,795,000. 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.