MeiraGTx (NASDAQ:MGTX) Sees Strong Trading Volume – Here’s Why

Shares of MeiraGTx Holdings plc (NASDAQ:MGTX) saw unusually-high trading volume on Friday . Approximately 420,419 shares were traded during trading, an increase of 61% from the previous session’s volume of 261,715 shares.The stock last traded at $8.21 and had previously closed at $8.25.

Wall Street Analyst Weigh In

Separately, Chardan Capital restated a “buy” rating and set a $36.00 price objective on shares of MeiraGTx in a research note on Monday, February 24th.

MeiraGTx Price Performance

The company has a quick ratio of 2.34, a current ratio of 2.34 and a debt-to-equity ratio of 0.86. The company has a market capitalization of $608.81 million, a P/E ratio of -6.44, a PEG ratio of 0.37 and a beta of 1.23. The business has a 50 day simple moving average of $6.54 and a 200-day simple moving average of $5.82.

MeiraGTx (NASDAQ:MGTX) last posted its earnings results on Thursday, March 13th. The company reported ($0.50) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.48) by ($0.02). The company had revenue of $21.39 million during the quarter, compared to the consensus estimate of $1.50 million. MeiraGTx had a negative net margin of 633.05% and a negative return on equity of 146.38%. Analysts predict that MeiraGTx Holdings plc will post -1.48 EPS for the current fiscal year.

Insider Buying and Selling at MeiraGTx

In related news, CFO Richard Giroux sold 24,000 shares of MeiraGTx stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $6.29, for a total transaction of $150,960.00. Following the sale, the chief financial officer now directly owns 849,947 shares in the company, valued at $5,346,166.63. The trade was a 2.75 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Alexandria Forbes sold 35,839 shares of MeiraGTx stock in a transaction dated Tuesday, January 7th. The shares were sold at an average price of $6.47, for a total transaction of $231,878.33. Following the sale, the chief executive officer now owns 1,395,102 shares in the company, valued at approximately $9,026,309.94. This 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 currently owned by company insiders.

Institutional Investors Weigh In On MeiraGTx

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. China Universal Asset Management Co. Ltd. raised its stake in shares of MeiraGTx by 11.3% during the fourth quarter. China Universal Asset Management Co. Ltd. now owns 16,571 shares of the company’s stock valued at $101,000 after purchasing an additional 1,685 shares in the last quarter. Tower Research Capital LLC TRC grew its holdings in MeiraGTx by 68.1% during the fourth quarter. Tower Research Capital LLC TRC now owns 4,975 shares of the company’s stock worth $30,000 after acquiring an additional 2,016 shares during the period. Corebridge Financial Inc. grew its holdings in MeiraGTx by 11.6% during the fourth quarter. Corebridge Financial Inc. now owns 23,147 shares of the company’s stock worth $141,000 after acquiring an additional 2,405 shares during the period. Summit Investment Advisors Inc. grew its holdings in MeiraGTx by 106.7% during the fourth quarter. Summit Investment Advisors Inc. now owns 4,871 shares of the company’s stock worth $30,000 after acquiring an additional 2,515 shares during the period. Finally, SG Americas Securities LLC grew its holdings in MeiraGTx by 13.3% during the fourth quarter. SG Americas Securities LLC now owns 22,240 shares of the company’s stock worth $135,000 after acquiring an additional 2,617 shares during the period. 67.48% of the stock is currently 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.