MeiraGTx (NASDAQ:MGTX) Stock Price Down 8% - Time to Sell?

Shares of MeiraGTx Holdings plc (NASDAQ:MGTX - Get Free Report) dropped 8% during mid-day trading on Monday . The stock traded as low as $6.63 and last traded at $6.75. Approximately 401,060 shares were traded during trading, an increase of 41% from the average daily volume of 284,510 shares. The stock had previously closed at $7.33.

Analyst Ratings Changes

Several research firms recently commented on MGTX. Royal Bank of Canada upped their price objective on MeiraGTx from $11.00 to $13.00 and gave the company an "outperform" rating in a research note on Monday, March 17th. Chardan Capital reiterated a "buy" rating and set a $36.00 price target on shares of MeiraGTx in a research note on Monday, February 24th.

MeiraGTx Stock Down 7.3 %

The stock's 50 day moving average is $6.84 and its 200 day moving average is $6.12. 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 $447.90 million, a PE ratio of -4.69, a PEG ratio of 0.37 and a beta of 1.21.

MeiraGTx (NASDAQ:MGTX - Get Free Report) last announced its quarterly earnings results on Thursday, March 13th. The company reported ($0.50) earnings per share 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 company had revenue of $21.39 million for the quarter, compared to the consensus estimate of $1.50 million. On average, sell-side analysts anticipate that MeiraGTx Holdings plc will post -1.48 EPS for the current fiscal year.

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Insider Buying and Selling

In other MeiraGTx 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 transaction of $231,878.33. Following the completion of 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 sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Richard Giroux sold 24,000 shares of the stock in a transaction that occurred on Tuesday, January 21st. The shares were sold at an average price of $6.29, for a total transaction of $150,960.00. Following the transaction, the chief financial officer now 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 company insiders.

Institutional Trading of MeiraGTx

Several hedge funds and other institutional investors have recently bought and sold shares of MGTX. Sanofi purchased a new position in shares of MeiraGTx during the fourth quarter valued at approximately $74,284,000. Woodline Partners LP bought a new stake in MeiraGTx during the 4th quarter valued at about $9,349,000. Garden State Investment Advisory Services LLC purchased a new position in MeiraGTx in the 3rd quarter worth approximately $1,636,000. Long Focus Capital Management LLC purchased a new position in shares of MeiraGTx in the fourth quarter worth $1,156,000. Finally, Knott David M Jr raised its position in MeiraGTx by 1,921.7% in the 4th quarter. Knott David M Jr now owns 95,080 shares of the company's stock worth $579,000 after buying an additional 90,377 shares during 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.