MeiraGTx (NASDAQ:MGTX) Shares Up 8.1% – Time to Buy?

MeiraGTx Holdings plc (NASDAQ:MGTX) shares were up 8.1% during mid-day trading on Monday . The stock traded as high as $6.47 and last traded at $6.41. Approximately 17,117 shares were traded during trading, a decline of 92% from the average daily volume of 201,876 shares. The stock had previously closed at $5.93.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on MGTX. Chardan Capital reaffirmed a “buy” rating and set a $36.00 target price on shares of MeiraGTx in a report on Monday, November 18th. Royal Bank of Canada raised their target price on shares of MeiraGTx from $9.00 to $11.00 and gave the stock an “outperform” rating in a research note on Thursday, November 14th.

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 business has a 50 day simple moving average of $5.36 and a 200-day simple moving average of $4.83.

Institutional Investors Weigh In On MeiraGTx

Several hedge funds and other institutional investors have recently bought and sold shares of MGTX. Russell Investments Group Ltd. grew its stake in shares of MeiraGTx by 1.9% in the 1st quarter. Russell Investments Group Ltd. now owns 157,999 shares of the company’s stock valued at $959,000 after buying an additional 2,994 shares during the period. Vanguard Group Inc. grew its position in MeiraGTx by 3.7% in the first quarter. Vanguard Group Inc. now owns 323,891 shares of the company’s stock worth $1,966,000 after acquiring an additional 11,470 shares during the period. Acadian Asset Management LLC acquired a new stake in MeiraGTx during the first quarter worth $25,000. Kennedy Capital Management LLC purchased a new stake in MeiraGTx in the first quarter valued at $100,000. Finally, Hobbs Group Advisors LLC acquired a new position in shares of MeiraGTx in the 2nd quarter valued at $164,000. 67.48% of the stock is currently owned by institutional investors and hedge funds.

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.