Royal Bank of Canada Cuts MeiraGTx (NASDAQ:MGTX) Price Target to $9.00

MeiraGTx (NASDAQ:MGTX) had its target price cut by Royal Bank of Canada from $11.00 to $9.00 in a research report report published on Tuesday morning, Benzinga reports. They currently have an outperform rating on the stock.

Separately, Chardan Capital reaffirmed a buy rating and issued a $36.00 price objective on shares of MeiraGTx in a research report on Wednesday, July 31st.

MeiraGTx Trading Down 3.9 %

NASDAQ MGTX traded down $0.17 on Tuesday, hitting $4.23. 25,402 shares of the stock were exchanged, compared to its average volume of 172,079. MeiraGTx has a 52-week low of $3.49 and a 52-week high of $7.60. The firm has a market capitalization of $272.02 million, a P/E ratio of -3.76 and a beta of 1.33. The company has a debt-to-equity ratio of 0.69, a quick ratio of 3.14 and a current ratio of 3.14. The stock has a fifty day moving average price of $4.47 and a two-hundred day moving average price of $5.27.

MeiraGTx (NASDAQ:MGTX) last released its quarterly earnings results on Monday, August 12th. The company reported ($0.76) EPS for the quarter, missing analysts’ consensus estimates of ($0.31) by ($0.45). MeiraGTx had a negative return on equity of 122.82% and a negative net margin of 651.19%. The firm had revenue of $0.28 million for the quarter, compared to analysts’ expectations of $16.38 million. Research analysts forecast that MeiraGTx will post -1.52 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Director Perceptive Advisors Llc purchased 1,250,000 shares of the business’s stock in a transaction on Monday, August 12th. The shares were acquired at an average cost of $4.00 per share, with a total value of $5,000,000.00. Following the completion of the acquisition, the director now owns 12,531,103 shares of the company’s stock, valued at $50,124,412. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. 8.40% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On MeiraGTx

A number of large investors have recently modified their holdings of the business. Acadian Asset Management LLC purchased a new stake in MeiraGTx during the 1st quarter worth approximately $25,000. Tower Research Capital LLC TRC grew its holdings in shares of MeiraGTx by 91.3% during the fourth quarter. Tower Research Capital LLC TRC now owns 4,286 shares of the company’s stock valued at $30,000 after buying an additional 2,045 shares during the last quarter. China Universal Asset Management Co. Ltd. increased its position in shares of MeiraGTx by 66.5% in the 1st quarter. China Universal Asset Management Co. Ltd. now owns 12,246 shares of the company’s stock valued at $74,000 after acquiring an additional 4,892 shares during the period. The Manufacturers Life Insurance Company raised its stake in MeiraGTx by 19.0% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 17,763 shares of the company’s stock worth $75,000 after acquiring an additional 2,839 shares during the last quarter. Finally, Panagora Asset Management Inc. acquired a new stake in MeiraGTx during the 2nd quarter worth about $97,000. Hedge funds and other institutional investors own 67.48% of the company’s stock.

MeiraGTx Company Profile

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.