MeiraGTx (NASDAQ:MGTX) Reaches New 12-Month High – Still a Buy?

MeiraGTx Holdings PLC (NASDAQ:MGTX) shares reached a new 52-week high during trading on Monday . The stock traded as high as $9.77 and last traded at $9.7650, with a volume of 358742 shares changing hands. The stock had previously closed at $9.18.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the company. Bank of America lifted their target price on MeiraGTx from $14.00 to $16.00 and gave the company a “buy” rating in a research note on Friday, March 27th. Chardan Capital restated a “buy” rating and set a $35.00 price target on shares of MeiraGTx in a research note on Friday, March 27th. Zacks Research raised MeiraGTx from a “strong sell” rating to a “hold” rating in a report on Monday, March 9th. Wall Street Zen upgraded shares of MeiraGTx from a “sell” rating to a “hold” rating in a research report on Sunday. Finally, Piper Sandler dropped their price objective on shares of MeiraGTx from $30.00 to $26.00 and set an “overweight” rating on the stock in a research note on Friday, March 27th. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $23.67.

MeiraGTx Stock Down 0.1%

The stock’s fifty day simple moving average is $7.75 and its 200-day simple moving average is $8.02. The company has a market capitalization of $774.55 million, a PE ratio of -6.70 and a beta of 1.27.

MeiraGTx (NASDAQ:MGTX) last released its quarterly earnings results on Thursday, March 26th. The company reported $0.19 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.60) by $0.79. MeiraGTx had a negative return on equity of 1,065.47% and a negative net margin of 140.31%.The business had revenue of $75.36 million for the quarter, compared to analysts’ expectations of $3.87 million. Analysts expect that MeiraGTx Holdings PLC will post -1.48 EPS for the current year.

Insider Buying and Selling at MeiraGTx

In other news, CEO Alexandria Forbes sold 62,000 shares of the firm’s stock in a transaction on Tuesday, March 24th. The stock was sold at an average price of $7.41, for a total value of $459,420.00. Following the completion of the transaction, the chief executive officer owned 1,449,695 shares in the company, valued at $10,742,239.95. This trade represents a 4.10% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Stuart Naylor sold 27,661 shares of MeiraGTx stock in a transaction on Tuesday, April 7th. The stock was sold at an average price of $9.36, for a total value of $258,906.96. Following the transaction, the insider directly owned 668,505 shares of the company’s stock, valued at $6,257,206.80. This trade represents a 3.97% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 7.50% of the stock is currently owned by corporate insiders.

Institutional Trading of MeiraGTx

Several large investors have recently modified their holdings of the business. Perceptive Advisors LLC increased its stake in shares of MeiraGTx by 0.4% during the 2nd quarter. Perceptive Advisors LLC now owns 12,626,103 shares of the company’s stock worth $82,231,000 after purchasing an additional 45,000 shares in the last quarter. Rubric Capital Management LP lifted its stake in MeiraGTx by 65.7% in the 4th quarter. Rubric Capital Management LP now owns 6,175,331 shares of the company’s stock valued at $49,094,000 after buying an additional 2,448,880 shares in the last quarter. Adage Capital Partners GP L.L.C. grew its holdings in MeiraGTx by 7.1% during the 2nd quarter. Adage Capital Partners GP L.L.C. now owns 6,034,578 shares of the company’s stock valued at $39,345,000 after buying an additional 400,000 shares during the last quarter. Millennium Management LLC grew its holdings in MeiraGTx by 23.5% during the 4th quarter. Millennium Management LLC now owns 3,176,390 shares of the company’s stock valued at $25,252,000 after buying an additional 604,121 shares during the last quarter. Finally, 683 Capital Management LLC increased its position in MeiraGTx by 4.5% during the second quarter. 683 Capital Management LLC now owns 2,690,000 shares of the company’s stock worth $17,539,000 after buying an additional 115,000 shares in the last quarter. 67.48% of the stock is currently owned by institutional investors and hedge funds.

About MeiraGTx

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.