MeiraGTx (NASDAQ:MGTX) Sees Large Volume Increase – Here’s Why

MeiraGTx Holdings PLC (NASDAQ:MGTX) shares saw unusually-strong trading volume on Thursday . Approximately 512,400 shares traded hands during trading, an increase of 31% from the previous session’s volume of 392,581 shares.The stock last traded at $8.4350 and had previously closed at $7.62.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the company. Zacks Research raised MeiraGTx from a “strong sell” rating to a “hold” rating in a research report on Monday, March 9th. Weiss Ratings restated a “sell (d-)” rating on shares of MeiraGTx in a report on Thursday, January 22nd. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, MeiraGTx has a consensus rating of “Moderate Buy” and an average price target of $26.00.

MeiraGTx Stock Performance

The company has a current ratio of 0.22, a quick ratio of 0.22 and a debt-to-equity ratio of 26.29. The firm has a market cap of $622.59 million, a PE ratio of -3.66 and a beta of 1.37. The stock’s 50 day moving average price is $7.58 and its 200 day moving average price is $7.94.

Insider Activity at MeiraGTx

In other MeiraGTx news, CEO Alexandria Forbes sold 62,000 shares of the business’s stock in a transaction dated Tuesday, March 24th. The stock was sold at an average price of $7.41, for a total transaction of $459,420.00. Following the transaction, the chief executive officer owned 1,449,695 shares in the company, valued at $10,742,239.95. The trade was a 4.10% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 7.50% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On MeiraGTx

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Rubric Capital Management LP boosted its stake in shares of MeiraGTx by 65.7% in the fourth quarter. Rubric Capital Management LP now owns 6,175,331 shares of the company’s stock valued at $49,094,000 after purchasing an additional 2,448,880 shares during the period. Millennium Management LLC lifted its holdings in MeiraGTx by 23.5% in the 4th quarter. Millennium Management LLC now owns 3,176,390 shares of the company’s stock worth $25,252,000 after buying an additional 604,121 shares in the last quarter. 22NW LP acquired a new position in MeiraGTx in the 2nd quarter worth $3,824,000. Adage Capital Partners GP L.L.C. boosted its position in MeiraGTx by 7.1% in the 2nd quarter. Adage Capital Partners GP L.L.C. now owns 6,034,578 shares of the company’s stock valued at $39,345,000 after buying an additional 400,000 shares during the last quarter. Finally, Opaleye Management Inc. purchased a new position in MeiraGTx in the 4th quarter valued at about $3,107,000. 67.48% of the stock is owned by institutional investors and hedge funds.

MeiraGTx Company Profile

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.