MeiraGTx (NASDAQ:MGTX) Posts Quarterly Earnings Results, Misses Expectations By $0.12 EPS

MeiraGTx (NASDAQ:MGTX) posted its earnings results on Thursday. The company reported ($0.62) earnings per share for the quarter, missing the consensus estimate of ($0.50) by ($0.12), FiscalAI reports. MeiraGTx had a negative return on equity of 487.13% and a negative net margin of 615.27%.The firm had revenue of $0.41 million during the quarter, compared to the consensus estimate of $7.71 million.

MeiraGTx Stock Performance

Shares of NASDAQ:MGTX opened at $8.19 on Friday. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 26.29. MeiraGTx has a 1-year low of $4.55 and a 1-year high of $9.73. The stock has a market capitalization of $658.89 million, a P/E ratio of -3.88 and a beta of 1.35. The business has a 50-day moving average price of $8.27 and a two-hundred day moving average price of $7.42.

Insider Activity at MeiraGTx

In other MeiraGTx news, CEO Alexandria Forbes sold 47,500 shares of MeiraGTx stock in a transaction on Tuesday, October 7th. The shares were sold at an average price of $8.39, for a total transaction of $398,525.00. Following the completion of the sale, the chief executive officer owned 1,313,983 shares of the company’s stock, valued at approximately $11,024,317.37. The trade was a 3.49% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Richard Giroux sold 24,000 shares of the stock in a transaction on Tuesday, October 21st. The shares were sold at an average price of $8.87, for a total value of $212,880.00. Following the completion of the transaction, the chief financial officer directly owned 829,494 shares in the company, valued at approximately $7,357,611.78. This trade represents a 2.81% decrease in their position. The SEC filing for this sale provides additional information. 7.50% of the stock is owned by insiders.

Hedge Funds Weigh In On MeiraGTx

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. BNP Paribas Financial Markets increased its stake 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 valued at $31,000 after acquiring an additional 1,466 shares during the last quarter. Tower Research Capital LLC TRC increased its stake in MeiraGTx by 390.9% in the second quarter. Tower Research Capital LLC TRC now owns 8,797 shares of the company’s stock valued at $57,000 after purchasing an additional 7,005 shares in the last quarter. Quantinno Capital Management LP acquired a new stake in MeiraGTx in the second quarter worth $319,000. Brown Advisory Inc. bought a new position in shares of MeiraGTx during the second quarter worth $326,000. Finally, Tocqueville Asset Management L.P. grew its holdings in shares of MeiraGTx by 33.0% in the 3rd quarter. Tocqueville Asset Management L.P. now owns 59,200 shares of the company’s stock valued at $487,000 after buying an additional 14,700 shares during the period. Institutional investors own 67.48% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on MGTX. Weiss Ratings reiterated a “sell (d-)” rating on shares of MeiraGTx in a research note on Wednesday, October 8th. Chardan Capital reaffirmed a “buy” rating and set a $35.00 price target on shares of MeiraGTx in a report on Tuesday. Raymond James Financial initiated coverage on MeiraGTx in a research report on Tuesday, October 21st. They issued a “strong-buy” rating and a $29.00 price objective for the company. Royal Bank Of Canada increased their target price on MeiraGTx from $12.00 to $16.00 and gave the stock an “outperform” rating in a report on Friday. Finally, Wall Street Zen cut MeiraGTx from a “hold” rating to a “sell” rating in a report on Saturday. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, MeiraGTx has an average rating of “Moderate Buy” and an average price target of $27.50.

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.