MeiraGTx (NASDAQ:MGTX) Stock Price Up 8.6% – Here’s Why

MeiraGTx Holdings plc (NASDAQ:MGTX) rose 8.6% during trading on Wednesday . The stock traded as high as $6.87 and last traded at $6.87. Approximately 224,701 shares traded hands during mid-day trading, a decline of 21% from the average daily volume of 284,736 shares. The stock had previously closed at $6.32.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the company. 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 research report on Thursday, November 14th. Chardan Capital reissued a “buy” rating and set a $36.00 price objective on shares of MeiraGTx in a report on Monday, November 18th.

MeiraGTx Stock Up 8.6 %

The business’s fifty day simple moving average is $6.21 and its 200 day simple moving average is $5.37. The stock has a market cap of $536.50 million, a price-to-earnings ratio of -5.67, a price-to-earnings-growth ratio of 0.34 and a beta of 1.25. The company has a current ratio of 2.34, a quick ratio of 2.34 and a debt-to-equity ratio of 0.86.

Insider Buying and Selling

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

Institutional Trading of MeiraGTx

Large investors have recently bought and sold shares of the business. Barclays PLC boosted its position in shares of MeiraGTx by 107.1% during the third quarter. Barclays PLC now owns 147,827 shares of the company’s stock worth $618,000 after buying an additional 76,437 shares during the period. State Street Corp lifted its stake in MeiraGTx by 0.9% in the 3rd quarter. State Street Corp now owns 574,727 shares of the company’s stock valued at $2,397,000 after acquiring an additional 5,251 shares in the last quarter. Garden State Investment Advisory Services LLC acquired a new position in MeiraGTx during the 3rd quarter worth approximately $1,636,000. JPMorgan Chase & Co. grew its stake in shares of MeiraGTx by 1.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 342,667 shares of the company’s stock worth $1,429,000 after acquiring an additional 4,186 shares in the last quarter. Finally, Erste Asset Management GmbH bought a new stake in shares of MeiraGTx in the third quarter worth $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.