Chardan Capital Reiterates Buy Rating for MeiraGTx (NASDAQ:MGTX)

MeiraGTx (NASDAQ:MGTX)‘s stock had its “buy” rating reissued by equities research analysts at Chardan Capital in a report issued on Friday,Benzinga reports. They currently have a $35.00 price target on the stock. Chardan Capital’s price target indicates a potential upside of 364.81% from the company’s previous close.

Several other research firms also recently commented on MGTX. Weiss Ratings reiterated a “sell (d-)” rating on shares of MeiraGTx in a report on Thursday, January 22nd. Zacks Research upgraded MeiraGTx from a “strong sell” rating to a “hold” rating in a research report on Monday, March 9th. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, MeiraGTx currently has a consensus rating of “Moderate Buy” and an average target price of $26.00.

MeiraGTx Stock Performance

MeiraGTx stock opened at $7.53 on Friday. The firm has a fifty day simple moving average of $7.57 and a two-hundred day simple moving average of $7.94. The company has a quick ratio of 0.22, a current ratio of 0.22 and a debt-to-equity ratio of 26.29. MeiraGTx has a twelve month low of $4.55 and a twelve month high of $9.73. The company has a market capitalization of $606.10 million, a PE ratio of -3.57 and a beta of 1.37.

Insiders Place Their Bets

In other MeiraGTx news, CEO Alexandria Forbes sold 62,000 shares of the business’s stock in a transaction dated Tuesday, March 24th. The shares were sold at an average price of $7.41, for a total value of $459,420.00. Following the transaction, the chief executive officer owned 1,449,695 shares in the company, valued at approximately $10,742,239.95. The trade was a 4.10% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 7.50% of the stock is owned by insiders.

Institutional Trading of MeiraGTx

Several large investors have recently modified their holdings of MGTX. BNP Paribas Financial Markets raised its position 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 worth $31,000 after acquiring an additional 1,466 shares in the last quarter. State of Alaska Department of Revenue bought a new stake in shares of MeiraGTx during the third quarter valued at approximately $33,000. Tower Research Capital LLC TRC boosted its position in shares of MeiraGTx by 390.9% during 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. ProShare Advisors LLC purchased a new stake in MeiraGTx in the fourth quarter worth $94,000. Finally, Abel Hall LLC purchased a new stake in MeiraGTx in the fourth quarter worth $98,000. 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.