Royal Bank of Canada Forecasts Strong Price Appreciation for MeiraGTx (NASDAQ:MGTX) Stock

MeiraGTx (NASDAQ:MGTX) had its price target hoisted by equities researchers at Royal Bank of Canada from $9.00 to $11.00 in a report issued on Thursday,Benzinga reports. The firm currently has an “outperform” rating on the stock. Royal Bank of Canada’s target price suggests a potential upside of 61.29% from the company’s current price.

Separately, Chardan Capital reaffirmed a “buy” rating and set a $36.00 price objective on shares of MeiraGTx in a research note on Wednesday, July 31st.

MeiraGTx Price Performance

Shares of MGTX stock traded down $0.22 during trading hours on Thursday, reaching $6.82. 93,192 shares of the company were exchanged, compared to its average volume of 201,162. MeiraGTx has a fifty-two week low of $3.85 and a fifty-two week high of $7.60. The company has a debt-to-equity ratio of 1.04, a current ratio of 2.36 and a quick ratio of 2.36. The stock’s fifty day moving average is $5.03 and its two-hundred day moving average is $4.77. The company has a market cap of $442.61 million, a price-to-earnings ratio of -4.87 and a beta of 1.24.

MeiraGTx (NASDAQ:MGTX) last announced its quarterly earnings data on Monday, August 12th. The company reported ($0.76) EPS for the quarter, missing analysts’ consensus estimates of ($0.31) by ($0.45). The firm had revenue of $0.28 million during the quarter, compared to analyst estimates of $16.38 million. MeiraGTx had a negative return on equity of 152.82% and a negative net margin of 1,146.81%. Sell-side analysts forecast that MeiraGTx will post -0.63 earnings per share for the current fiscal year.

Institutional Investors Weigh In On MeiraGTx

A number of hedge funds have recently modified their holdings of MGTX. The Manufacturers Life Insurance Company increased its stake in MeiraGTx by 19.0% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 17,763 shares of the company’s stock worth $75,000 after purchasing an additional 2,839 shares in the last quarter. Russell Investments Group Ltd. raised its holdings in shares of MeiraGTx by 1.9% during the first quarter. Russell Investments Group Ltd. now owns 157,999 shares of the company’s stock worth $959,000 after acquiring an additional 2,994 shares during the period. Acadian Asset Management LLC bought a new stake in MeiraGTx in the 1st quarter valued at $25,000. Rhumbline Advisers increased its holdings in MeiraGTx by 10.8% during the 2nd quarter. Rhumbline Advisers now owns 52,996 shares of the company’s stock worth $223,000 after purchasing an additional 5,178 shares in the last quarter. Finally, BNP Paribas Financial Markets increased its holdings in MeiraGTx by 142.5% during the 3rd quarter. BNP Paribas Financial Markets now owns 9,319 shares of the company’s stock worth $39,000 after purchasing an additional 5,476 shares in the last quarter. Institutional investors and hedge funds own 67.48% of the company’s stock.

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.