Zacks Research Upgrades MeiraGTx (NASDAQ:MGTX) to “Hold”

MeiraGTx (NASDAQ:MGTX) was upgraded by stock analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a research note issued to investors on Monday,Zacks.com reports.

A number of other equities analysts also recently weighed in on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of MeiraGTx in a report on Thursday, January 22nd. Royal Bank Of Canada boosted their price objective on shares of MeiraGTx from $12.00 to $16.00 and gave the stock an “outperform” rating in a research note on Friday, November 14th. Chardan Capital reaffirmed a “buy” rating and issued a $35.00 target price on shares of MeiraGTx in a report on Tuesday, November 11th. HC Wainwright assumed coverage on MeiraGTx in a report on Monday, November 24th. They set a “buy” rating and a $20.00 price target for the company. Finally, Piper Sandler raised their price objective on MeiraGTx from $28.00 to $30.00 and gave the company an “overweight” rating in a research report on Tuesday, November 11th. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, MeiraGTx presently has a consensus rating of “Moderate Buy” and an average price target of $26.00.

MeiraGTx Stock Up 5.3%

NASDAQ:MGTX opened at $7.76 on Monday. MeiraGTx has a twelve month low of $4.55 and a twelve month high of $9.73. The firm has a market capitalization of $624.60 million, a price-to-earnings ratio of -3.68 and a beta of 1.37. 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 stock’s 50 day moving average price is $7.59 and its two-hundred day moving average price is $7.94.

Hedge Funds Weigh In On MeiraGTx

Hedge funds have recently bought and sold shares of the business. Perceptive Advisors LLC raised its position in shares of MeiraGTx by 0.4% in the second quarter. Perceptive Advisors LLC now owns 12,626,103 shares of the company’s stock valued at $82,231,000 after buying an additional 45,000 shares in the last quarter. Rubric Capital Management LP increased its stake in MeiraGTx by 65.7% during the 4th quarter. Rubric Capital Management LP now owns 6,175,331 shares of the company’s stock worth $49,094,000 after acquiring an additional 2,448,880 shares during the period. Adage Capital Partners GP L.L.C. raised its holdings in MeiraGTx by 7.1% in the 2nd quarter. Adage Capital Partners GP L.L.C. now owns 6,034,578 shares of the company’s stock valued at $39,345,000 after acquiring an additional 400,000 shares in the last quarter. Millennium Management LLC raised its holdings in MeiraGTx by 23.5% in the 4th quarter. Millennium Management LLC now owns 3,176,390 shares of the company’s stock valued at $25,252,000 after acquiring an additional 604,121 shares in the last quarter. Finally, 683 Capital Management LLC lifted its position in shares of MeiraGTx by 4.5% during the 2nd quarter. 683 Capital Management LLC now owns 2,690,000 shares of the company’s stock valued at $17,539,000 after acquiring an additional 115,000 shares during the period. 67.48% of the stock is owned by institutional investors.

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.