MeiraGTx (NASDAQ:MGTX) Sees Unusually-High Trading Volume on Analyst Upgrade

MeiraGTx Holdings PLC (NASDAQ:MGTX) shares saw an uptick in trading volume on Tuesday after Zacks Research upgraded the stock from a strong sell rating to a hold rating. 554,594 shares were traded during trading, an increase of 41% from the previous session’s volume of 392,908 shares.The stock last traded at $7.8320 and had previously closed at $7.37.

MGTX has been the topic of several other research reports. HC Wainwright started coverage on MeiraGTx in a report on Monday, November 24th. They set a “buy” rating and a $20.00 price objective on the stock. Chardan Capital reissued a “buy” rating and issued a $35.00 target price on shares of MeiraGTx in a research note on Tuesday, November 11th. Piper Sandler boosted their target price on MeiraGTx from $28.00 to $30.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 11th. Wall Street Zen lowered MeiraGTx from a “hold” rating to a “sell” rating in a research note on Saturday, November 15th. Finally, Royal Bank Of Canada lifted their price objective on MeiraGTx from $12.00 to $16.00 and gave the stock an “outperform” rating in a research report on Friday, November 14th. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $26.00.

Institutional Trading of MeiraGTx

A number of institutional investors have recently bought and sold shares of the business. State of Alaska Department of Revenue bought a new stake in shares of MeiraGTx during the 3rd quarter valued at $33,000. BNP Paribas Financial Markets boosted its position in shares of MeiraGTx by 43.8% in the 2nd quarter. BNP Paribas Financial Markets now owns 4,810 shares of the company’s stock worth $31,000 after purchasing an additional 1,466 shares during the last quarter. Tower Research Capital LLC TRC grew its stake in shares of MeiraGTx by 390.9% during the second quarter. Tower Research Capital LLC TRC now owns 8,797 shares of the company’s stock worth $57,000 after purchasing an additional 7,005 shares during the period. ProShare Advisors LLC acquired a new stake in shares of MeiraGTx during the fourth quarter worth $94,000. Finally, Abel Hall LLC bought a new stake in MeiraGTx in the fourth quarter valued at about $98,000. Institutional investors and hedge funds own 67.48% of the company’s stock.

MeiraGTx Stock Up 0.6%

The business has a fifty day moving average of $7.58 and a 200 day moving average of $7.94. The company has a quick ratio of 0.22, a current ratio of 0.22 and a debt-to-equity ratio of 26.29. The firm has a market cap of $628.63 million, a P/E ratio of -3.70 and a beta of 1.37.

About MeiraGTx

MeiraGTx Holdings plc is a clinical-stage biotechnology company dedicated to developing gene therapies for the treatment of rare diseases. Founded in 2014 as an outgrowth of research at University College London, the company focuses on leveraging adeno-associated virus (AAV) vectors to deliver functional genes to target tissues. MeiraGTx’s pipeline spans ocular, central nervous system and systemic indications, addressing conditions such as inherited retinal dystrophies and neurodegenerative disorders that currently lack effective therapies.

The company’s lead programs include AAV-based candidates designed to restore or replace defective genes underlying rare retinal diseases and to modulate cellular pathways in neurological disorders.