Prosight Management LP Has $33.66 Million Position in MeiraGTx Holdings PLC $MGTX

Prosight Management LP lowered its stake in shares of MeiraGTx Holdings PLC (NASDAQ:MGTX) by 10.9% during the third quarter, Holdings Channel reports. The fund owned 4,089,509 shares of the company’s stock after selling 497,914 shares during the period. MeiraGTx makes up approximately 7.8% of Prosight Management LP’s holdings, making the stock its 2nd biggest holding. Prosight Management LP owned approximately 0.05% of MeiraGTx worth $33,657,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in MGTX. 683 Capital Management LLC raised its stake in shares of MeiraGTx by 4.5% in the second quarter. 683 Capital Management LLC now owns 2,690,000 shares of the company’s stock worth $17,539,000 after acquiring an additional 115,000 shares during the last quarter. AMH Equity Ltd bought a new stake in shares of MeiraGTx during the third quarter valued at approximately $658,000. 22NW LP acquired a new stake in shares of MeiraGTx in the second quarter valued at approximately $3,824,000. Dynamic Technology Lab Private Ltd acquired a new stake in shares of MeiraGTx in the third quarter valued at approximately $374,000. Finally, Fox Run Management L.L.C. bought a new position in MeiraGTx in the 3rd quarter worth approximately $189,000. Institutional investors and hedge funds own 67.48% of the company’s stock.

MeiraGTx Trading Down 3.3%

Shares of NASDAQ MGTX opened at $7.39 on Friday. The company’s 50 day simple moving average is $7.57 and its 200 day simple moving average is $7.94. MeiraGTx Holdings PLC has a fifty-two week low of $4.55 and a fifty-two week high of $9.73. The firm has a market capitalization of $594.82 million, a P/E ratio of -3.50 and a beta of 1.37. The company has a debt-to-equity ratio of 26.29, a current ratio of 0.22 and a quick ratio of 0.22.

Analyst Upgrades and Downgrades

Several research firms have issued reports on MGTX. HC Wainwright initiated coverage on MeiraGTx in a report on Monday, November 24th. They set a “buy” rating and a $20.00 price objective on the stock. Royal Bank Of Canada lifted their target price on MeiraGTx from $12.00 to $16.00 and gave the company an “outperform” rating in a research note on Friday, November 14th. Wall Street Zen downgraded MeiraGTx from a “hold” rating to a “sell” rating in a research report on Saturday, November 15th. Weiss Ratings reiterated a “sell (d-)” rating on shares of MeiraGTx in a report on Thursday, January 22nd. Finally, Zacks Research upgraded MeiraGTx from a “strong sell” rating to a “hold” rating in a research report on Monday, March 9th. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $26.00.

MeiraGTx Profile

MeiraGTx Holdings plc is a clinical-stage biotechnology company dedicated to developing gene therapies for the treatment of rare diseases. Founded in 2014 as an outgrowth of research at University College London, the company focuses on leveraging adeno-associated virus (AAV) vectors to deliver functional genes to target tissues. MeiraGTx’s pipeline spans ocular, central nervous system and systemic indications, addressing conditions such as inherited retinal dystrophies and neurodegenerative disorders that currently lack effective therapies.

The company’s lead programs include AAV-based candidates designed to restore or replace defective genes underlying rare retinal diseases and to modulate cellular pathways in neurological disorders.