Piper Sandler Increases MeiraGTx (NASDAQ:MGTX) Price Target to $30.00

MeiraGTx (NASDAQ:MGTX) had its target price raised by research analysts at Piper Sandler from $28.00 to $30.00 in a report issued on Tuesday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Piper Sandler’s price target suggests a potential upside of 241.30% from the stock’s previous close.

A number of other research firms have also recently issued reports on MGTX. Weiss Ratings reissued a “sell (d-)” rating on shares of MeiraGTx in a research note on Wednesday, October 8th. Chardan Capital reiterated a “buy” rating and set a $35.00 price objective on shares of MeiraGTx in a report on Tuesday. Finally, Raymond James Financial assumed coverage on MeiraGTx in a research note on Tuesday, October 21st. They set a “strong-buy” rating and a $29.00 target price for the company. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $26.75.

MeiraGTx Trading Up 2.8%

NASDAQ MGTX traded up $0.24 during trading on Tuesday, reaching $8.79. 338,387 shares of the stock traded hands, compared to its average volume of 490,342. The firm has a market cap of $707.16 million, a price-to-earnings ratio of -4.31 and a beta of 1.35. The stock’s 50-day moving average price is $8.19 and its 200 day moving average price is $7.38. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 26.29. MeiraGTx has a fifty-two week low of $4.55 and a fifty-two week high of $9.73.

MeiraGTx (NASDAQ:MGTX) last posted its earnings results on Thursday, August 14th. The company reported ($0.48) earnings per share for the quarter, topping the consensus estimate of ($0.52) by $0.04. MeiraGTx had a negative net margin of 415.39% and a negative return on equity of 314.44%. The company had revenue of $3.69 million for the quarter, compared to analyst estimates of $8.00 million. Analysts predict that MeiraGTx will post -1.48 EPS for the current year.

Insider Activity at MeiraGTx

In other MeiraGTx news, CEO Alexandria Forbes sold 47,500 shares of the business’s stock in a transaction that occurred on Tuesday, October 7th. The stock was sold at an average price of $8.39, for a total value of $398,525.00. Following the sale, the chief executive officer owned 1,313,983 shares in the company, 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 SEC, which is accessible through this link. Also, CFO Richard Giroux sold 24,000 shares of MeiraGTx stock in a transaction that occurred on Tuesday, October 21st. The shares were sold at an average price of $8.87, for a total transaction of $212,880.00. Following the completion of the sale, the chief financial officer owned 829,494 shares in the company, valued at $7,357,611.78. This trade represents a 2.81% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 7.50% of the company’s stock.

Hedge Funds Weigh In On MeiraGTx

A number of large investors have recently modified their holdings of the business. State of Alaska Department of Revenue bought a new position in shares of MeiraGTx in the 3rd quarter valued at about $33,000. BNP Paribas Financial Markets boosted its position in MeiraGTx by 43.8% during the second quarter. BNP Paribas Financial Markets now owns 4,810 shares of the company’s stock valued at $31,000 after purchasing an additional 1,466 shares during the last quarter. CWM LLC grew its stake in MeiraGTx by 1,737.7% in the first quarter. CWM LLC now owns 8,674 shares of the company’s stock valued at $59,000 after purchasing an additional 8,202 shares in the last quarter. Tower Research Capital LLC TRC grew 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. Finally, FNY Investment Advisers LLC acquired a new position in shares of MeiraGTx during the 2nd quarter worth approximately $61,000. 67.48% of the stock is currently owned by institutional investors and hedge funds.

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.