MeiraGTx’s (MGTX) “Buy” Rating Reiterated at Chardan Capital

Chardan Capital reaffirmed their buy rating on shares of MeiraGTx (NASDAQ:MGTX) in a report published on Monday,Benzinga reports. The brokerage currently has a $36.00 price objective on the stock.

Separately, Royal Bank of Canada boosted their target price on MeiraGTx from $9.00 to $11.00 and gave the stock an “outperform” rating in a report on Thursday, November 14th.

MeiraGTx Price Performance

NASDAQ MGTX opened at $7.31 on Monday. The company has a quick ratio of 2.34, a current ratio of 2.34 and a debt-to-equity ratio of 0.86. MeiraGTx has a 12-month low of $3.85 and a 12-month high of $7.80. The company has a 50 day moving average price of $6.38 and a two-hundred day moving average price of $5.60. The stock has a market capitalization of $571.30 million, a PE ratio of -6.04, a price-to-earnings-growth ratio of 0.37 and a beta of 1.25.

Insider Activity

In related news, CFO Richard Giroux sold 24,000 shares of the firm’s stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $6.29, for a total transaction of $150,960.00. Following the completion of the sale, the chief financial officer now directly owns 849,947 shares of the company’s stock, valued at $5,346,166.63. This trade represents a 2.75 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Alexandria Forbes sold 35,839 shares of the stock in a transaction dated Tuesday, January 7th. The stock was sold at an average price of $6.47, for a total transaction of $231,878.33. Following the sale, the chief executive officer now directly owns 1,395,102 shares in the company, valued at approximately $9,026,309.94. This represents a 2.50 % decrease in their position. The disclosure for this sale can be found here. 8.40% of the stock is owned by company insiders.

Institutional Trading of MeiraGTx

Several hedge funds have recently modified their holdings of MGTX. Sanofi bought a new position in shares of MeiraGTx in the 4th quarter valued at about $74,284,000. Woodline Partners LP bought a new stake in shares of MeiraGTx during the fourth quarter worth $9,349,000. Knoll Capital Management LLC acquired a new stake in shares of MeiraGTx in the 3rd quarter valued at about $5,212,000. Royce & Associates LP lifted its stake in MeiraGTx by 5.3% in the 3rd quarter. Royce & Associates LP now owns 795,392 shares of the company’s stock valued at $3,317,000 after acquiring an additional 40,000 shares in the last quarter. Finally, Erste Asset Management GmbH bought a new position in MeiraGTx in the third quarter valued at approximately $2,795,000. 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.