MeiraGTx (NASDAQ:MGTX) Sees Large Volume Increase on Analyst Upgrade

MeiraGTx Holdings PLC (NASDAQ:MGTX) saw strong trading volume on Tuesday after Zacks Research upgraded the stock from a strong sell rating to a hold rating. 554,594 shares traded hands during mid-day trading, an increase of 41% from the previous session’s volume of 392,908 shares.The stock last traded at $7.8320 and had previously closed at $7.37.

A number of other equities analysts have also commented on the stock. Wall Street Zen lowered shares of MeiraGTx from a “hold” rating to a “sell” rating in a report on Saturday, November 15th. Royal Bank Of Canada lifted their price objective on shares of MeiraGTx from $12.00 to $16.00 and gave the stock an “outperform” rating in a report on Friday, November 14th. Chardan Capital reiterated a “buy” rating and issued a $35.00 target price on shares of MeiraGTx in a research report on Tuesday, November 11th. HC Wainwright assumed coverage on MeiraGTx in a research note on Monday, November 24th. They issued a “buy” rating and a $20.00 target price on the stock. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of MeiraGTx in a research report on Thursday, January 22nd. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $26.00.

Institutional Investors Weigh In On MeiraGTx

Institutional investors have recently made changes to their positions in the business. Rubric Capital Management LP raised its position in MeiraGTx by 65.7% in the 4th quarter. Rubric Capital Management LP now owns 6,175,331 shares of the company’s stock worth $49,094,000 after purchasing an additional 2,448,880 shares during the period. Millennium Management LLC boosted its position in MeiraGTx by 23.5% during the fourth quarter. Millennium Management LLC now owns 3,176,390 shares of the company’s stock valued at $25,252,000 after buying an additional 604,121 shares during the period. 22NW LP bought a new position in shares of MeiraGTx during the second quarter valued at about $3,824,000. Adage Capital Partners GP L.L.C. grew its stake in shares of MeiraGTx by 7.1% during the second quarter. Adage Capital Partners GP L.L.C. now owns 6,034,578 shares of the company’s stock valued at $39,345,000 after buying an additional 400,000 shares during the last quarter. Finally, Opaleye Management Inc. purchased a new position in shares of MeiraGTx in the fourth quarter worth about $3,107,000. Hedge funds and other institutional investors own 67.48% of the company’s stock.

MeiraGTx Stock Performance

The company has a quick ratio of 0.22, a current ratio of 0.22 and a debt-to-equity ratio of 26.29. The company has a fifty day moving average price of $7.58 and a 200 day moving average price of $7.94. The stock has a market cap of $628.63 million, a PE ratio of -3.70 and a beta of 1.37.

MeiraGTx Company Profile

MeiraGTx Holdings plc is a clinical-stage biotechnology company dedicated to developing gene therapies for the treatment of rare diseases. Founded in 2014 as an outgrowth of research at University College London, the company focuses on leveraging adeno-associated virus (AAV) vectors to deliver functional genes to target tissues. MeiraGTx’s pipeline spans ocular, central nervous system and systemic indications, addressing conditions such as inherited retinal dystrophies and neurodegenerative disorders that currently lack effective therapies.

The company’s lead programs include AAV-based candidates designed to restore or replace defective genes underlying rare retinal diseases and to modulate cellular pathways in neurological disorders.