MeiraGTx (NASDAQ:MGTX) Shares Gap Up - What's Next?

MeiraGTx Holdings plc (NASDAQ:MGTX - Get Free Report) experienced a notable increase in shares before trading opened on Friday. The stock, which had ended the previous session at $6.39, started up at $6.60. The last recorded trading price for MeiraGTx shares was $6.55, with a total volume of 7,006 shares exchanged.

Analyst Upgrades and Downgrades

Recent analyst commentary has focused on MGTX. Chardan Capital maintained a "buy" rating and set a target price of $36.00 for MeiraGTx shares in their report on November 18. Meanwhile, Royal Bank of Canada revised their price target from $9.00 to $11.00 and assigned an "outperform" rating in a research report dating from November 14.

MeiraGTx Stock Performance

The company showcases a market capitalization of $522.82 million, operates with a P/E ratio of -5.50, and has a beta of 1.24. The stock has a 50-day moving average price of $5.49, along with a 200-day moving average price of $4.87. Financial metrics indicate a quick ratio of 2.34, a current ratio of 2.34, and a debt-to-equity ratio of 0.86.

Institutional Inflows and Outflows

Recent activity from institutional investors has seen significant changes in their holdings of MeiraGTx shares. BNP Paribas Financial Markets increased its stake by 142.5% in the third quarter, now owning 9,319 shares valued at $39,000 after acquiring an additional 5,476 shares. Likewise, China Universal Asset Management Co. Ltd. raised its holdings in MeiraGTx by 97.0% during the same quarter, possessing 14,886 shares now valued at $62,000 after a purchase of 7,330 shares. The Manufacturers Life Insurance Company also expanded its shareholding by 19.0% in the second quarter, now owning 17,763 shares worth $75,000 after acquiring an additional 2,839 shares. Additionally, SG Americas Securities LLC entered into a new position during the third quarter with an investment of about $82,000, while Panagora Asset Management Inc. also took a fresh stake in the second quarter valued near $97,000. Overall, institutional investors conveniently hold 67.48% of the company's stock.

MeiraGTx Company Profile

MeiraGTx Holdings plc is a clinical stage gene therapy company that develops innovative treatments targeting serious diseases. It focuses on therapies for ocular diseases, including inherited retinal diseases and significant degenerative ocular conditions, as well as neurodegenerative diseases and xerostomia.

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This news is provided for informational purposes only and aims to give readers rapid and accurate insights regarding market events. For more in-depth analysis on stocks like MeiraGTx, it is recommended to consult professional financial services.

Should you invest $1,000 in MeiraGTx right now?

Before deciding to invest in MeiraGTx, it is crucial for potential investors to evaluate the overall recommendations from top analysts. Though the stock currently holds a "buy" rating, it is essential to consider other options that might offer better returns. MarketBeat has identified a number of stocks that top analysts are recommending ahead of MeiraGTx. It may be beneficial to explore these alternative options carefully.

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