MeiraGTx (NASDAQ:MGTX) Rating Lowered to “Hold” at Wall Street Zen

MeiraGTx (NASDAQ:MGTX) was downgraded by stock analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Saturday, Wall Street Zen reports.

MGTX has been the subject of a number of other reports. HC Wainwright reissued a “buy” rating and set a $20.00 price objective on shares of MeiraGTx in a research report on Wednesday, July 8th. Zacks Research downgraded shares of MeiraGTx from a “strong-buy” rating to a “hold” rating in a research note on Friday, September 11th. Royal Bank Of Canada boosted their price target on shares of MeiraGTx from $26.00 to $27.00 and gave the stock an “outperform” rating in a report on Friday, August 14th. The Goldman Sachs Group initiated coverage on shares of MeiraGTx in a report on Thursday. They set a “neutral” rating and a $16.00 price target for the company. Finally, Weiss Ratings raised shares of MeiraGTx from a “sell (d-)” rating to a “hold (c)” rating in a research report on Tuesday, September 22nd. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $24.71.

MeiraGTx Stock Performance

NASDAQ:MGTX opened at $10.91 on Friday. MeiraGTx has a 12-month low of $6.62 and a 12-month high of $15.35. The firm has a market cap of $1.05 billion, a PE ratio of 15.37 and a beta of 1.27. The company has a current ratio of 3.76, a quick ratio of 3.76 and a debt-to-equity ratio of 0.46. The stock has a fifty day moving average price of $13.04 and a 200 day moving average price of $11.08.

MeiraGTx (NASDAQ:MGTX) last issued its quarterly earnings results on Thursday, August 13th. The company reported $1.71 earnings per share for the quarter, topping the consensus estimate of ($0.46) by $2.17. The company had revenue of $321.43 million for the quarter, compared to the consensus estimate of $0.70 million. MeiraGTx had a return on equity of 283.85% and a net margin of 19.87%. Sell-side analysts anticipate that MeiraGTx will post 0.3 earnings per share for the current fiscal year.

Insider Activity at MeiraGTx

In other news, CFO Richard Giroux sold 56,000 shares of the business’s stock in a transaction that occurred on Tuesday, July 21st. The shares were sold at an average price of $12.51, for a total transaction of $700,560.00. Following the completion of the sale, the chief financial officer owned 908,530 shares in the company, valued at approximately $11,365,710.30. The trade was a 5.81% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Stuart Naylor sold 27,659 shares of the company’s stock in a transaction on Tuesday, July 7th. The shares were sold at an average price of $14.80, for a total transaction of $409,353.20. Following the completion of the transaction, the insider owned 640,846 shares of the company’s stock, valued at approximately $9,484,520.80. The trade was a 4.14% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 145,659 shares of company stock valued at $1,969,233 over the last three months. 7.40% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On MeiraGTx

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Algert Global LLC increased its position in MeiraGTx by 13.9% during the second quarter. Algert Global LLC now owns 11,700 shares of the company’s stock worth $158,000 after buying an additional 1,430 shares during the period. ProShare Advisors LLC acquired a new stake in shares of MeiraGTx in the fourth quarter valued at approximately $94,000. Bank of Nova Scotia acquired a new stake in shares of MeiraGTx in the first quarter valued at approximately $105,000. Perigon Wealth Management LLC purchased a new position in shares of MeiraGTx during the second quarter worth approximately $203,000. Finally, Arizona State Retirement System purchased a new stake in MeiraGTx in the 2nd quarter valued at $207,000. 67.48% of the stock is owned by hedge funds and other institutional investors.

About MeiraGTx

MeiraGTx Holdings plc is a clinical-stage biotechnology company focused on developing gene therapies for serious diseases with limited treatment options. The company uses adeno-associated virus (AAV) vectors and other genetic medicine technologies to deliver therapeutic genes to targeted tissues, with an emphasis on disorders affecting the central nervous system, the eye and other organs.

MeiraGTx’s pipeline has included botaretigene sparoparvovec, an investigational AAV-based gene therapy for X-linked retinitis pigmentosa caused by mutations in the RPGR gene.