Chardan Capital Cuts MeiraGTx (NASDAQ:MGTX) Price Target to $35.00

MeiraGTx (NASDAQ:MGTX) had its price objective decreased by Chardan Capital from $38.00 to $35.00 in a report released on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock.

Separately, Royal Bank of Canada increased their price objective on MeiraGTx from $11.00 to $13.00 and gave the stock an “outperform” rating in a research note on Monday, March 17th.

MeiraGTx Stock Up 8.6%

MGTX stock opened at $5.04 on Wednesday. The stock’s 50 day simple moving average is $6.32 and its 200 day simple moving average is $6.35. MeiraGTx has a fifty-two week low of $3.85 and a fifty-two week high of $8.75. The company has a debt-to-equity ratio of 0.86, a quick ratio of 2.34 and a current ratio of 2.34. The company has a market cap of $402.95 million, a P/E ratio of -4.17, a price-to-earnings-growth ratio of 0.37 and a beta of 1.30.

MeiraGTx (NASDAQ:MGTX) last posted its quarterly earnings results on Tuesday, May 13th. The company reported ($0.51) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.38) by ($0.13). MeiraGTx had a negative return on equity of 146.38% and a negative net margin of 633.05%. The firm had revenue of $1.93 million for the quarter, compared to analyst estimates of $4.44 million. On average, research analysts expect that MeiraGTx will post -1.48 earnings per share for the current fiscal year.

Insider Transactions at MeiraGTx

In other news, CFO Richard Giroux sold 24,000 shares of the stock in a transaction that occurred on Tuesday, April 22nd. The stock was sold at an average price of $6.00, for a total value of $144,000.00. Following the completion of the sale, the chief financial officer now directly owns 882,494 shares of the company’s stock, valued at $5,294,964. This represents a 2.65% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Alexandria Forbes sold 47,500 shares of the stock in a transaction that occurred on Tuesday, April 8th. The stock was sold at an average price of $5.34, for a total value of $253,650.00. Following the completion of the sale, the chief executive officer now directly owns 1,408,983 shares of the company’s stock, valued at approximately $7,523,969.22. This trade represents a 3.26% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 7.50% of the company’s stock.

Hedge Funds Weigh In On MeiraGTx

Several institutional investors have recently modified their holdings of MGTX. Sanofi bought a new position in shares of MeiraGTx in the fourth quarter valued at approximately $74,284,000. Woodline Partners LP bought a new position in shares of MeiraGTx in the fourth quarter valued at approximately $9,349,000. Invesco Ltd. grew its holdings in shares of MeiraGTx by 1,628.7% in the first quarter. Invesco Ltd. now owns 350,401 shares of the company’s stock valued at $2,376,000 after acquiring an additional 330,131 shares in the last quarter. Long Focus Capital Management LLC bought a new position in shares of MeiraGTx in the fourth quarter valued at approximately $1,156,000. Finally, Affinity Asset Advisors LLC bought a new position in shares of MeiraGTx in the first quarter valued at approximately $1,017,000. 67.48% of the stock is owned by institutional investors.

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.