For MeiraGTx Holdings plc [MGTX], Analyst sees a rise to $27. What next?

MeiraGTx Holdings plc [NASDAQ: MGTX] traded at a low on 11/19/20, posting a -10.03 loss after which it closed the day’ session at $12.92. The company report on November 19, 2020 that MeiraGTx Announces Pricing of Public Offering of Ordinary Shares.

MeiraGTx Holdings plc (Nasdaq:MGTX), a vertically integrated, clinical stage gene therapy company, today announced the pricing of an underwritten public offering of 5,000,000 of its ordinary shares at a public offering price of $12.85 per share. In addition, MeiraGTx has granted the underwriters a 30-day option to purchase up to an additional 750,000 of its ordinary shares at the public offering price, less underwriting discounts and commissions. Gross proceeds to MeiraGTx from the offering are expected to be approximately $64.3 million, before deducting underwriting discounts and commissions and offering expenses, but excluding any exercise of the underwriters’ option. All of the ordinary shares in the offering are being sold by MeiraGTx.

BofA Securities, Piper Sandler, Evercore ISI, Barclays and Chardan are acting as joint book-running managers for the offering. The offering is expected to close on or about November 23, 2020, subject to customary closing conditions.

The results of the trading session contributed to over 1704805 shares changing hands. Over the past one week, the price volatility of MeiraGTx Holdings plc stands at 4.95% while the volatility over the past one month is 6.00%.

The market cap for MGTX stock reached $500.26 million, with 37.22 million shares outstanding and 22.52 million shares in the current float. Compared to the average trading volume of 96.19K shares, MGTX reached a trading volume of 1704805 in the most recent trading day, which is why market watchdogs consider the stock to be active.

What do top market gurus say about MeiraGTx Holdings plc [MGTX]?

RBC Capital Mkts have made an estimate for MeiraGTx Holdings plc shares, keeping their opinion on the stock as Outperform, with their previous recommendation back on October 23, 2020. While these analysts kept the previous recommendation, BofA Securities raised their target price to Buy. The new note on the price target was released on September 15, 2020, representing the official price target for MeiraGTx Holdings plc stock. Previously, the target price had yet another raise to $40, while Piper Jaffray analysts kept a Overweight rating on MGTX stock. On February 27, 2019, analysts increased their price target for MGTX shares from 30 to 40.

The Average True Range (ATR) for MeiraGTx Holdings plc is set at 0.87, with the Price to Sales ratio for MGTX stock in the period of the last 12 months amounting to 26.75. The Price to Book ratio for the last quarter was 2.69, with the Price to Cash per share for the same quarter was set at 4.63.

How has MGTX stock performed recently?

MeiraGTx Holdings plc [MGTX] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -14.49. With this latest performance, MGTX shares gained by 1.17% in over the last four-week period, additionally sinking by -16.21% over the last 6 months – not to mention a drop of -19.10% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for MGTX stock in for the last two-week period is set at 41.56, with the RSI for the last a single of trading hit 33.71, and the three-weeks RSI is set at 43.87 for MeiraGTx Holdings plc [MGTX]. The present Moving Average for the last 50 days of trading for this stock 13.63, while it was recorded at 14.58 for the last single week of trading, and 13.92 for the last 200 days.

MeiraGTx Holdings plc [MGTX]: Deeper insight into the fundamentals

MeiraGTx Holdings plc’s liquidity data is similarly interesting compelling, with a Quick Ratio of 4.70 and a Current Ratio set at 4.70.

Earnings analysis for MeiraGTx Holdings plc [MGTX]

With the latest financial reports released by the company, MeiraGTx Holdings plc posted -0.12/share EPS, while the average EPS was predicted by analysts to be reported at -0.51/share. When compared, the two values demonstrate that the company surpassed the estimates by a Surprise Factor of 76.50%. The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for MGTX. When it comes to the mentioned value, analysts are expecting to see the 5-year EPS growth rate for MeiraGTx Holdings plc go to 2.40%.

Insider trade positions for MeiraGTx Holdings plc [MGTX]

There are presently around $286 million, or 58.00% of MGTX stock, in the hands of institutional investors. The top three institutional holders of MGTX stocks are: PERCEPTIVE ADVISORS LLC with ownership of 6,433,277, which is approximately 0% of the company’s market cap and around 7.60% of the total institutional ownership; ORBIMED ADVISORS LLC, holding 3,713,820 shares of the stock with an approximate value of $47.98 million in MGTX stocks shares; and JOHNSON & JOHNSON INNOVATION – JJDC, INC., currently with $37.45 million in MGTX stock with ownership of nearly 0% of the company’s market capitalization.

35 institutional holders increased their position in MeiraGTx Holdings plc [NASDAQ:MGTX] by around 1,882,605 shares. Additionally, 43 investors decreased positions by around 662,258 shares, while 15 investors held positions by with 19,583,795 shares. The mentioned changes placed institutional holdings at 22,128,658 shares, according to the latest SEC report filing. MGTX stock had 15 new institutional investments in for a total of 1,333,027 shares, while 9 institutional investors sold positions of 167,287 shares during the same period.

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