MeiraGTx (NASDAQ:MGTX) Trading Up 10.1% – Here’s Why

Shares of MeiraGTx Holdings plc (NASDAQ:MGTX) traded up 10.1% during trading on Friday . The stock traded as high as $6.43 and last traded at $6.43. 214,661 shares were traded during mid-day trading, an increase of 5% from the average session volume of 205,181 shares. The stock had previously closed at $5.84.

Analysts Set New Price Targets

A number of research firms have weighed in on MGTX. Chardan Capital reiterated a “buy” rating and issued a $36.00 target price on shares of MeiraGTx in a research note on Monday, November 18th. Royal Bank of Canada increased their price objective on MeiraGTx from $9.00 to $11.00 and gave the company an “outperform” rating in a report on Thursday, November 14th.

MeiraGTx Stock Performance

The company has a debt-to-equity ratio of 0.86, a current ratio of 2.34 and a quick ratio of 2.34. The firm has a market capitalization of $480.62 million, a PE ratio of -5.08 and a beta of 1.25. The company’s fifty day simple moving average is $6.16 and its 200 day simple moving average is $4.97.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Garden State Investment Advisory Services LLC bought a new stake in MeiraGTx during the 3rd quarter valued at $1,636,000. Erste Asset Management GmbH bought a new stake in shares of MeiraGTx during the 3rd quarter valued at $2,795,000. Knoll Capital Management LLC purchased a new stake in MeiraGTx during the 3rd quarter worth about $5,212,000. Letko Brosseau & Associates Inc. boosted its stake in MeiraGTx by 38.5% in the 2nd quarter. Letko Brosseau & Associates Inc. now owns 45,300 shares of the company’s stock worth $191,000 after purchasing an additional 12,600 shares during the period. Finally, Squarepoint Ops LLC purchased a new position in MeiraGTx during the 2nd quarter valued at about $123,000. 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.