MeiraGTx (NASDAQ:MGTX) Sees Large Volume Increase - Here's What Happened

MeiraGTx Holdings plc (NASDAQ:MGTX - Get Free Report) saw strong trading volume on Friday . 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.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the company. Royal Bank of Canada raised their target price on MeiraGTx from $11.00 to $13.00 and gave the company an "outperform" rating in a report on Monday. Chardan Capital restated a "buy" rating and set a $36.00 price objective on shares of MeiraGTx in a report on Monday, February 24th.

MeiraGTx Stock Down 4.7 %

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 company has a market capitalization of $586.15 million, a PE ratio of -6.20, a P/E/G ratio of 0.37 and a beta of 1.23. The firm has a fifty day simple moving average of $6.59 and a 200-day simple moving average of $5.88.

MeiraGTx (NASDAQ:MGTX - Get Free Report) 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). MeiraGTx had a negative net margin of 633.05% and a negative return on equity of 146.38%. The firm had revenue of $21.39 million during the quarter, compared to the consensus estimate of $1.50 million. Equities research analysts anticipate that MeiraGTx Holdings plc will post -1.48 EPS for the current fiscal year.

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Insider Activity

In other news, CEO Alexandria Forbes sold 35,839 shares of the business'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 value 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 legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Richard Giroux sold 24,000 shares of the business's stock in a transaction that occurred on 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 sale, the chief financial officer now owns 849,947 shares of the company's stock, valued at $5,346,166.63. This trade 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 Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Woodline Partners LP bought a new position in shares of MeiraGTx in the fourth quarter worth $9,349,000. Sanofi bought a new position in shares of MeiraGTx in the fourth quarter worth $74,284,000. ProShare Advisors LLC grew its stake in shares of MeiraGTx by 41.2% in the fourth quarter. ProShare Advisors LLC now owns 16,814 shares of the company's stock worth $102,000 after purchasing an additional 4,910 shares in the last quarter. Nuveen Asset Management LLC grew its stake in shares of MeiraGTx by 43.2% in the fourth quarter. Nuveen Asset Management LLC now owns 191,311 shares of the company's stock worth $1,165,000 after purchasing an additional 57,737 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of MeiraGTx by 23.6% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 26,275 shares of the company's stock worth $160,000 after purchasing an additional 5,010 shares in the last quarter. Institutional investors own 67.48% of the company's stock.

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.