MeiraGTx (NASDAQ:MGTX) Shares Gap Down - Here's What Happened

MeiraGTx Holdings plc (NASDAQ:MGTX - Get Free Report) shares gapped down prior to trading on Friday . The stock had previously closed at $7.39, but opened at $7.17. MeiraGTx shares last traded at $7.46, with a volume of 29,273 shares.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the company. Royal Bank of Canada increased their price objective on MeiraGTx from $11.00 to $13.00 and gave the stock an "outperform" rating in a report on Monday, March 17th. Chardan Capital restated a "buy" rating and issued a $36.00 target price on shares of MeiraGTx in a research note on Monday, February 24th.

MeiraGTx Stock Performance

The business has a fifty day moving average of $6.84 and a 200 day moving average of $6.10. The company has a quick ratio of 2.34, a current ratio of 2.34 and a debt-to-equity ratio of 0.86. The company has a market cap of $494.11 million, a P/E ratio of -5.20, a P/E/G ratio of 0.37 and a beta of 1.23.

MeiraGTx (NASDAQ:MGTX - Get Free Report) last announced its earnings results on Thursday, March 13th. The company reported ($0.50) EPS for the quarter, missing analysts' consensus estimates of ($0.48) by ($0.02). The business had revenue of $21.39 million for 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%. On average, equities analysts predict that MeiraGTx Holdings plc will post -1.48 EPS for the current year.

Insider Buying and Selling at MeiraGTx

In other news, CEO Alexandria Forbes sold 35,839 shares of MeiraGTx 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 completion of the transaction, 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, 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 transaction of $150,960.00. Following the sale, the chief financial officer now directly owns 849,947 shares in the company, 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. Insiders own 8.40% of the company's stock.

Institutional Investors Weigh In On MeiraGTx

Institutional investors have recently made changes to their positions in the company. Wellington Management Group LLP lifted its position in MeiraGTx by 0.9% in the 4th quarter. Wellington Management Group LLP now owns 151,126 shares of the company's stock valued at $920,000 after acquiring an additional 1,379 shares in the last quarter. Woodline Partners LP bought a new position in shares of MeiraGTx during the fourth quarter valued at $9,349,000. Sanofi purchased a new stake in shares of MeiraGTx during the fourth quarter valued at $74,284,000. ProShare Advisors LLC increased its holdings in MeiraGTx by 41.2% in the 4th quarter. ProShare Advisors LLC now owns 16,814 shares of the company's stock worth $102,000 after buying an additional 4,910 shares in the last quarter. Finally, Nuveen Asset Management LLC raised its position in MeiraGTx by 43.2% in the 4th quarter. Nuveen Asset Management LLC now owns 191,311 shares of the company's stock worth $1,165,000 after buying an additional 57,737 shares during the last quarter. Hedge funds and other institutional investors own 67.48% of the company's stock.

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.