The stock of MeiraGTx Holdings plc (NASDAQ:MGTX) is now priced at $12.32 and the shares are 0.13 points up or 1.07% higher compared to its previous closing price of $12.19. The stock had 73565 contracts set over the past session. MGTX shares’ daily volume is compared to its average trading volume at 104519 shares. However, it has a float of 21.45 million and although its performance was -13.12% over the week, it’s one to watch. MGTX share price recently placing at $11.92 to $12.49. However, some brokerage firms have priced the stock below the average, including one that has called $24.
The shorts are running away from the MeiraGTx Holdings plc stock, with the latest data on short interest released on June 15, 2020, showing that short interest numbers in the MGTX shares have declined. Short interest in the stock represents just 2.63% of its float, but the volume has dropped by -71984. The volume of shorted shares dropped to 563684 from 635668 shares over the last two weeks. The average intraday trading volume has been 99020 shares, which means that days to cover moved to roughly 5.692628.
In the last trading session, MeiraGTx Holdings plc (NASDAQ:MGTX) dropped by -$1.86 over the week and lost -$2.07 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $30.23. The stock recorded its established 52-week high on 07/09/19.
Since 03/18/20, the stock has traded to a low of $8.82 at 39.68%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge. The stock has a beta allocation of 0. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, MeiraGTx Holdings plc’s two-week RSI is 38.9. This suggests that the stock is neutral at the moment and that MGTX shares’ price movement remains stable. The stochastic readings are equally revealing at 16.72% meaning the MGTX share price is currently in overbought territory.
The technical chart shows that the MGTX stock will likely settle at between $12.57 and $12.81 per share. However, if the stock dips below $12, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $11.67.
Currently, the stock is trading in the red of MACD, with a reading of -0.72. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at Maxim Group assigned MGTX a rating of Overweight in their intiating review released on September 03. Chardan Capital Markets analysts see the stock as a Buy, but they also raised the share’s target price from $30 to $40 in a flash note released to investors on February 27. BofA/Merrill analysts see the stock as Buy when the analysts initiated the share price coverage on July 03.
The average rating for the MGTX equity is 2 and is currently gathering a bullish momentum. Of 3 analysts tracking MeiraGTx Holdings plc polled by Reuters, 0 rated MGTX as a hold. The remaining 3 analysts were split evenly. However, the split wasn’t equal as a majority (3) rated it as a buy or strong buy. 0 analyst advised investors against buying the stock or to sell if they own any of the stock.
Zacks Consensus Estimate forecasts that the current-quarter revenues for MeiraGTx Holdings plc (NASDAQ:MGTX) will decrease by about -99.94%, which will see them reach $2.7 million. The company’s full-year revenues are, however, expected to increase by about 9.63%, up from $13.29 million to $14.57 million. MGTX’s expected adjusted earnings should drop almost -26.98% to end up at -$0.46 per share, while for the fiscal year, analysts project the company’s earnings to grow by about 20.61% to record -$1.99/share.