MeiraGTx (NASDAQ:MGTX) Stock Price Expected to Rise, Piper Sandler Analyst Says

MeiraGTx (NASDAQ:MGTX) had its price target upped by equities researchers at Piper Sandler from $28.00 to $30.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Piper Sandler’s target price suggests a potential upside of 246.42% from the company’s previous close.

Other equities analysts also recently issued reports about the company. Chardan Capital restated a “buy” rating and issued a $35.00 price objective on shares of MeiraGTx in a research report on Tuesday. Weiss Ratings reissued a “sell (d-)” rating on shares of MeiraGTx in a report on Wednesday, October 8th. Finally, Raymond James Financial began coverage on MeiraGTx in a research note on Tuesday, October 21st. They issued a “strong-buy” rating and a $29.00 price target for the company. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $26.75.

MeiraGTx Stock Performance

Shares of NASDAQ MGTX opened at $8.66 on Tuesday. The stock has a market cap of $696.70 million, a PE ratio of -4.25 and a beta of 1.35. MeiraGTx has a 1 year low of $4.55 and a 1 year high of $9.73. The firm has a fifty day moving average price of $8.25 and a 200-day moving average price of $7.40. The company has a debt-to-equity ratio of 26.29, a current ratio of 0.88 and a quick ratio of 0.88.

MeiraGTx (NASDAQ:MGTX) last released its earnings results on Thursday, August 14th. The company reported ($0.48) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.52) by $0.04. MeiraGTx had a negative net margin of 415.39% and a negative return on equity of 314.44%. The company had revenue of $3.69 million for the quarter, compared to analysts’ expectations of $8.00 million. Equities analysts anticipate that MeiraGTx will post -1.48 earnings per share for the current fiscal year.

Insider Activity at MeiraGTx

In other MeiraGTx news, CFO Richard Giroux sold 24,000 shares of MeiraGTx stock in a transaction that occurred on Tuesday, October 21st. The stock was sold at an average price of $8.87, for a total value of $212,880.00. Following the sale, the chief financial officer owned 829,494 shares of the company’s stock, valued at $7,357,611.78. The trade was a 2.81% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Alexandria Forbes sold 47,500 shares of the company’s stock in a transaction that occurred on Tuesday, October 7th. The stock was sold at an average price of $8.39, for a total value of $398,525.00. Following the sale, the chief executive officer directly owned 1,313,983 shares in the company, valued at $11,024,317.37. This trade represents a 3.49% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 7.50% of the company’s stock.

Hedge Funds Weigh In On MeiraGTx

Institutional investors and hedge funds have recently made changes to their positions in the business. Rubric Capital Management LP increased its holdings in shares of MeiraGTx by 109.8% in the 2nd quarter. Rubric Capital Management LP now owns 3,726,451 shares of the company’s stock worth $24,296,000 after buying an additional 1,950,130 shares during the last quarter. Adage Capital Partners GP L.L.C. increased its stake in MeiraGTx by 11.9% during the first quarter. Adage Capital Partners GP L.L.C. now owns 5,634,578 shares of the company’s stock worth $38,202,000 after acquiring an additional 600,000 shares during the last quarter. 22NW LP bought a new stake in MeiraGTx during the second quarter worth approximately $3,824,000. Invesco Ltd. raised its position in MeiraGTx by 1,628.7% during the first quarter. Invesco Ltd. now owns 350,401 shares of the company’s stock valued at $2,376,000 after purchasing an additional 330,131 shares during the period. Finally, Bank of America Corp DE lifted its stake in shares of MeiraGTx by 493.8% in the 2nd quarter. Bank of America Corp DE now owns 266,666 shares of the company’s stock valued at $1,739,000 after purchasing an additional 221,755 shares during the last quarter. 67.48% of the stock is owned by hedge funds and other 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.