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

MeiraGTx (NASDAQ:MGTX) had its price target raised by Royal Bank of Canada from $9.00 to $11.00 in a report issued on Thursday,Benzinga reports. They currently have an outperform rating on the stock.

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

MeiraGTx Stock Performance

Shares of MeiraGTx stock opened at $6.48 on Thursday. MeiraGTx has a 12 month low of $3.85 and a 12 month high of $7.60. The company has a current ratio of 2.34, a quick ratio of 2.36 and a debt-to-equity ratio of 0.86. The company has a market capitalization of $506.41 million, a PE ratio of -5.36 and a beta of 1.24. The stock’s fifty day simple moving average is $5.13 and its 200 day simple moving average is $4.79.

Hedge Funds Weigh In On MeiraGTx

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Acadian Asset Management LLC bought a new stake in shares of MeiraGTx in the first quarter valued at about $25,000. BNP Paribas Financial Markets raised its position in MeiraGTx by 142.5% in the 3rd quarter. BNP Paribas Financial Markets now owns 9,319 shares of the company’s stock valued at $39,000 after buying an additional 5,476 shares during the last quarter. China Universal Asset Management Co. Ltd. lifted its stake in MeiraGTx by 97.0% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 14,886 shares of the company’s stock valued at $62,000 after acquiring an additional 7,330 shares in the last quarter. Kennedy Capital Management LLC acquired a new position in MeiraGTx during the 1st quarter worth approximately $100,000. Finally, The Manufacturers Life Insurance Company grew its stake in shares of 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 acquiring an additional 2,839 shares in the last quarter. 67.48% of the stock is owned by institutional investors and hedge funds.

MeiraGTx Company Profile

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.