MeiraGTx (NASDAQ:MGTX) Upgraded at Wall Street Zen

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

MGTX has been the subject of several other reports. The Goldman Sachs Group began coverage on shares of MeiraGTx in a research report on Thursday, September 24th. They set a “neutral” rating and a $16.00 price target for the company. Weiss Ratings upgraded MeiraGTx from a “hold (c)” rating to a “hold (c+)” rating in a report on Thursday, October 8th. HC Wainwright reiterated a “buy” rating and issued a $20.00 price objective on shares of MeiraGTx in a report on Wednesday, July 8th. Royal Bank Of Canada boosted their target price on MeiraGTx from $26.00 to $27.00 and gave the company an “outperform” rating in a research note on Friday, August 14th. Finally, Zacks Research cut MeiraGTx from a “strong-buy” rating to a “hold” rating in a report on Friday, September 11th. Five research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $24.00.

MeiraGTx Stock Down 0.3%

MGTX opened at $9.18 on Friday. The stock has a market cap of $881.65 million, a PE ratio of 12.93 and a beta of 1.35. The company has a quick ratio of 3.76, a current ratio of 3.76 and a debt-to-equity ratio of 0.46. MeiraGTx has a 52 week low of $6.62 and a 52 week high of $15.35. The business’s fifty day simple moving average is $12.09 and its 200 day simple moving average is $10.24.

MeiraGTx (NASDAQ:MGTX) last announced its quarterly earnings data on Thursday, August 13th. The company reported $1.71 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.46) by $2.17. MeiraGTx had a net margin of 19.87% and a return on equity of 283.85%. The firm had revenue of $321.43 million during the quarter, compared to analyst estimates of $0.70 million. As a group, research analysts expect that MeiraGTx will post 0.30 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CFO Richard Giroux sold 56,000 shares of the firm’s stock in a transaction that occurred on Tuesday, October 20th. The stock was 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 $8,482,673.50. This trade represents a 6.16% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Alexandria Forbes sold 62,000 shares of the business’s stock in a transaction on Tuesday, August 18th. The stock was sold at an average price of $13.86, for a total value of $859,320.00. Following the completion of the sale, the chief executive officer directly owned 1,325,695 shares in the company, valued at $18,374,132.70. This trade represents a 4.47% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 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 ninety days. Company insiders own 7.40% of the company’s stock.

Institutional Investors Weigh In On MeiraGTx

A number of institutional investors have recently made changes to their positions in MGTX. Squarepoint Ops LLC increased its position in shares of MeiraGTx by 773.9% during the 2nd quarter. Squarepoint Ops LLC now owns 162,412 shares of the company’s stock valued at $2,194,000 after purchasing an additional 143,828 shares during the last quarter. Tocqueville Asset Management L.P. bought a new position in shares of MeiraGTx in the 2nd quarter worth approximately $1,050,000. Johnson & Johnson bought a new position in shares of MeiraGTx in the 2nd quarter worth approximately $89,720,775. Sei Investments Co. purchased a new position in shares of MeiraGTx in the first quarter worth approximately $863,000. Finally, Bank of America Corp DE purchased a new position in shares of MeiraGTx in the second quarter worth approximately $3,914,000. Hedge funds and other institutional investors own 67.48% of the company’s stock.

About MeiraGTx

MeiraGTx Holdings plc is a clinical-stage biotechnology company focused on developing gene therapies for serious diseases with limited treatment options. The company uses adeno-associated virus (AAV) vectors and other genetic medicine technologies to deliver therapeutic genes to targeted tissues and address the underlying causes of disease.

Its research and development activities have focused primarily on disorders of the central nervous system, including neurodegenerative diseases, as well as retinal and salivary-gland conditions.