Royal Bank of Canada Lowers MeiraGTx (NASDAQ:MGTX) Price Target to $22.00

MeiraGTx (NASDAQ:MGTX – Get Rating) had its price objective cut by investment analysts at Royal Bank of Canada from $27.00 to $22.00 in a research report issued to clients and investors on Wednesday, The Fly reports. The firm currently has an “outperform” rating on the stock. Royal Bank of Canada’s price target suggests a potential upside of 272.88% from the stock’s current price.

MeiraGTx Trading Down 0.5 %

NASDAQ MGTX opened at $5.90 on Wednesday. MeiraGTx has a 12 month low of $5.39 and a 12 month high of $15.16. The company has a debt-to-equity ratio of 0.72, a current ratio of 2.14 and a quick ratio of 2.14. The company has a market capitalization of $286.03 million, a price-to-earnings ratio of -2.35 and a beta of 1.44. The company’s fifty day moving average price is $7.35 and its two-hundred day moving average price is $7.32.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in MGTX. Acadian Asset Management LLC bought a new position in MeiraGTx during the 1st quarter valued at $30,000. Ensign Peak Advisors Inc acquired a new stake in shares of MeiraGTx during the third quarter worth $41,000. UBS Group AG raised its holdings in shares of MeiraGTx by 26.0% during the fourth quarter. UBS Group AG now owns 6,930 shares of the company’s stock worth $45,000 after purchasing an additional 1,430 shares during the period. Royal Bank of Canada raised its holdings in shares of MeiraGTx by 401.5% during the third quarter. Royal Bank of Canada now owns 5,868 shares of the company’s stock worth $49,000 after purchasing an additional 4,698 shares during the period. Finally, BNP Paribas Arbitrage SA raised its holdings in shares of MeiraGTx by 78.1% during the second quarter. BNP Paribas Arbitrage SA now owns 7,568 shares of the company’s stock worth $57,000 after purchasing an additional 3,319 shares during the period. 70.10% of the stock is currently owned by institutional investors.

About MeiraGTx

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MeiraGTx Holdings Plc engages in the development of novel gene therapy treatments. It focuses on inherited retinal diseases, neurodegenerative diseases, and severe forms of xerostomia. It operates through the following geographical segments: United States, Ireland, Netherlands, and United Kingdom. Its pipeline includes AAV CNGB3, AAV-CNGA3, AAV-RPE65, AAV-RPGR, AAV-AQP1 and AAV-UPF1.