MeiraGTx (NASDAQ:MGTX) Downgraded by Wall Street Zen to Hold

Wall Street Zen downgraded shares of MeiraGTx (NASDAQ:MGTX) from a buy rating to a hold rating in a report released on Saturday morning,Wall Street Zen reports.

Several other equities analysts have also commented on MGTX. Royal Bank Of Canada increased their target price on MeiraGTx from $26.00 to $27.00 and gave the company an “outperform” rating in a report on Friday, August 14th. The Goldman Sachs Group initiated coverage on shares of MeiraGTx in a research report on Thursday, September 24th. They set a “neutral” rating and a $16.00 price objective for the company. Weiss Ratings raised MeiraGTx from a “hold (c)” rating to a “hold (c+)” rating in a report on Thursday, October 8th. Finally, Zacks Research cut shares of MeiraGTx from a “strong-buy” rating to a “hold” rating in a research note on Friday, September 11th. Five analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $24.00.

MeiraGTx Stock Up 4.4%

NASDAQ MGTX traded up $0.39 during trading hours on Friday, hitting $9.18. 732,221 shares of the company were exchanged, compared to its average volume of 647,124. The company has a quick ratio of 3.76, a current ratio of 3.76 and a debt-to-equity ratio of 0.46. The firm has a market cap of $881.65 million, a price-to-earnings ratio of 11.47 and a beta of 1.09. The company has a 50 day moving average of $10.71 and a two-hundred day moving average of $10.36. MeiraGTx has a 52-week low of $6.62 and a 52-week high of $15.35.

MeiraGTx (NASDAQ:MGTX) last posted its quarterly earnings results on Thursday, November 12th. The company reported ($0.53) EPS for the quarter, missing the consensus estimate of ($0.50) by ($0.03). MeiraGTx had a return on equity of 154.51% and a net margin of 19.46%. The firm had revenue of $4.81 million for the quarter, compared to analyst estimates of $6.95 million. Equities research analysts anticipate that MeiraGTx will post 0.30 earnings per share for the current year.

Insider Activity at MeiraGTx

In related news, CFO Richard Giroux sold 56,000 shares of the company’s stock in a transaction that occurred on Tuesday, October 20th. The shares were sold at an average price of $9.95, for a total transaction of $557,200.00. Following the completion of the transaction, the chief financial officer owned 852,530 shares of the company’s stock, valued at approximately $8,482,673.50. This represents a 6.16% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Stuart Naylor sold 27,659 shares of the company’s stock in a transaction dated Tuesday, October 6th. The stock was sold at an average price of $10.64, for a total value of $294,291.76. Following the sale, the insider owned 613,187 shares of the company’s stock, valued at $6,524,309.68. This represents a 4.32% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 145,659 shares of company stock valued at $1,710,812 over the last quarter. Insiders own 7.40% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of MGTX. Tocqueville Asset Management L.P. grew its holdings in MeiraGTx by 13.3% during the 3rd quarter. Tocqueville Asset Management L.P. now owns 88,000 shares of the company’s stock worth $968,000 after acquiring an additional 10,300 shares in the last quarter. Polymer Capital Management US LLC bought a new stake in MeiraGTx in the third quarter valued at about $121,000. Meeder Asset Management Inc. bought a new stake in MeiraGTx in the third quarter valued at about $52,000. Global Retirement Partners LLC acquired a new stake in MeiraGTx during the third quarter valued at approximately $34,000. Finally, Russell Investments Group Ltd. raised its stake in MeiraGTx by 2.2% during the third quarter. Russell Investments Group Ltd. now owns 150,565 shares of the company’s stock valued at $1,656,000 after buying an additional 3,236 shares in the last quarter. Hedge funds and other institutional investors own 67.48% of the company’s stock.

About MeiraGTx

MeiraGTx Holdings plc is a biotechnology company developing gene therapies for serious diseases with limited treatment options. Its research focuses on using adeno-associated virus (AAV) vectors to deliver genetic material to target cells, including in programs for inherited retinal diseases, neurological conditions and salivary gland dysfunction. The company also develops manufacturing capabilities and technologies intended to support the production of gene therapies. MeiraGTx was founded in 2015 and has operations in the United States and the United Kingdom.