Royal Bank of Canada Issues Positive Forecast for MeiraGTx (NASDAQ:MGTX) Stock Price

MeiraGTx (NASDAQ:MGTX) had its target price increased by Royal Bank of Canada from $11.00 to $13.00 in a report issued on Monday morning,Benzinga reports. They currently have an outperform rating on the stock.

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

MeiraGTx Price Performance

Shares of MGTX opened at $7.87 on Monday. MeiraGTx has a 52-week low of $3.85 and a 52-week high of $8.75. 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 business’s 50 day moving average price is $6.57 and its two-hundred day moving average price is $5.86. The firm has a market cap of $615.06 million, a PE ratio of -6.50, 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) earnings per share (EPS) for the quarter, missing the consensus estimate 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 business had revenue of $21.39 million during the quarter, compared to analyst estimates of $1.50 million. On average, equities analysts anticipate that MeiraGTx will post -1.48 EPS for the current year.

Insider Transactions at MeiraGTx

In other news, CEO Alexandria Forbes sold 35,839 shares of the company’s stock in a transaction that occurred on Tuesday, January 7th. The stock was sold at an average price of $6.47, for a total transaction of $231,878.33. Following the transaction, the chief executive officer now directly owns 1,395,102 shares of the company’s stock, valued at $9,026,309.94. This represents a 2.50 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Richard Giroux sold 24,000 shares of the company’s stock in a transaction that occurred on Tuesday, January 21st. The stock was sold at an average price of $6.29, for a total value of $150,960.00. Following the transaction, the chief financial officer now directly owns 849,947 shares in the company, valued at $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. 8.40% of the stock is owned by insiders.

Institutional Investors Weigh In On MeiraGTx

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

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.