MeiraGTx (NASDAQ:MGTX) Trading Down 2.4% - Time to Sell?

MeiraGTx Holdings plc (NASDAQ:MGTX - Get Free Report) shares fell 2.4% during trading on Monday . The company traded as low as $7.44 and last traded at $7.38. 76,249 shares were traded during mid-day trading, a decline of 72% from the average session volume of 272,353 shares. The stock had previously closed at $7.56.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on MGTX shares. Chardan Capital reaffirmed a "buy" rating and issued a $36.00 price target on shares of MeiraGTx in a research note on Monday, February 24th. Royal Bank of Canada upped their target price on shares of MeiraGTx from $11.00 to $13.00 and gave the stock an "outperform" rating in a research report on Monday, March 17th.

MeiraGTx Stock Performance

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 stock has a market capitalization of $578.40 million, a P/E ratio of -6.06, a PEG ratio of 0.37 and a beta of 1.23. The business has a 50-day moving average price of $6.81 and a 200 day moving average price of $6.03.

MeiraGTx (NASDAQ:MGTX - Get Free Report) last released its earnings results on Thursday, March 13th. The company reported ($0.50) EPS for the quarter, missing the consensus estimate of ($0.48) by ($0.02). MeiraGTx had a negative return on equity of 146.38% and a negative net margin of 633.05%. The company had revenue of $21.39 million during the quarter, compared to the consensus estimate of $1.50 million. As a group, sell-side analysts forecast that MeiraGTx Holdings plc will post -1.48 EPS for the current fiscal year.

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Insider Activity at MeiraGTx

In related 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 value 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 approximately $9,026,309.94. This represents a 2.50 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Richard Giroux sold 24,000 shares of MeiraGTx stock in a transaction 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 completion of the sale, the chief financial officer now directly owns 849,947 shares of the company's stock, valued at approximately $5,346,166.63. The trade was a 2.75 % decrease in their position. The disclosure for this sale can be found here. 8.40% of the stock is currently owned by insiders.

Institutional Investors Weigh In On MeiraGTx

Institutional investors have recently modified their holdings of the business. Sanofi purchased a new position in MeiraGTx in the 4th quarter worth about $74,284,000. Woodline Partners LP purchased a new position in shares of MeiraGTx during the fourth quarter valued at approximately $9,349,000. Knoll Capital Management LLC purchased a new position in shares of MeiraGTx during the third quarter valued at approximately $5,212,000. Erste Asset Management GmbH bought a new position in MeiraGTx during the third quarter valued at approximately $2,795,000. Finally, State Street Corp boosted its holdings in MeiraGTx by 0.9% in the third quarter. State Street Corp now owns 574,727 shares of the company's stock worth $2,397,000 after purchasing an additional 5,251 shares during the last quarter. 67.48% of the stock is owned by hedge funds and other institutional investors.

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.