MeiraGTx (NASDAQ:MGTX) Stock Price Down 9.6% – Here’s What Happened

Shares of MeiraGTx Holdings PLC (NASDAQ:MGTX) fell 9.6% during trading on Thursday . The stock traded as low as $6.71 and last traded at $6.6950. 546,288 shares traded hands during mid-day trading, an increase of 44% from the average session volume of 380,298 shares. The stock had previously closed at $7.41.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on MGTX. Royal Bank Of Canada increased their target price on MeiraGTx from $12.00 to $16.00 and gave the company an “outperform” rating in a report on Friday, November 14th. HC Wainwright assumed coverage on MeiraGTx in a research note on Monday, November 24th. They set a “buy” rating and a $20.00 price objective on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of MeiraGTx in a report on Thursday, January 22nd. Piper Sandler upped their price objective on shares of MeiraGTx from $28.00 to $30.00 and gave the company an “overweight” rating in a research note on Tuesday, November 11th. Finally, Zacks Research cut shares of MeiraGTx from a “hold” rating to a “strong sell” rating in a research note on Friday, January 30th. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, MeiraGTx presently has a consensus rating of “Moderate Buy” and an average target price of $26.00.

MeiraGTx Trading Down 6.7%

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 business’s fifty day moving average is $7.65 and its 200-day moving average is $7.95. The stock has a market capitalization of $556.60 million, a PE ratio of -3.28 and a beta of 1.37.

Institutional Investors Weigh In On MeiraGTx

Institutional investors have recently added to or reduced their stakes in the company. Rubric Capital Management LP lifted its stake in shares of MeiraGTx by 65.7% in the 4th quarter. Rubric Capital Management LP now owns 6,175,331 shares of the company’s stock valued at $49,094,000 after purchasing an additional 2,448,880 shares in the last quarter. Millennium Management LLC lifted 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 in the last quarter. 22NW LP purchased a new stake in MeiraGTx during the second quarter worth approximately $3,824,000. Adage Capital Partners GP L.L.C. increased its position in shares of MeiraGTx by 7.1% in the second quarter. Adage Capital Partners GP L.L.C. now owns 6,034,578 shares of the company’s stock worth $39,345,000 after acquiring an additional 400,000 shares in the last quarter. Finally, Opaleye Management Inc. purchased a new position in shares of MeiraGTx in the 4th quarter valued at $3,107,000. Hedge funds and other institutional investors own 67.48% of the company’s stock.

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.