MeiraGTx (NASDAQ:MGTX) Releases Earnings Results, Beats Expectations By $0.01 EPS

MeiraGTx (NASDAQ:MGTX) posted its quarterly earnings data on Thursday. The company reported ($0.57) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.58) by $0.01, FiscalAI reports. MeiraGTx had a negative return on equity of 1,065.47% and a negative net margin of 140.31%.The business had revenue of $0.29 million for the quarter, compared to analyst estimates of $17.00 million.

MeiraGTx Trading Down 0.2%

Shares of MGTX stock opened at $9.95 on Friday. The firm has a fifty day moving average price of $8.83 and a 200 day moving average price of $8.27. The company has a market cap of $921.07 million, a P/E ratio of -7.01 and a beta of 1.23. MeiraGTx has a 12 month low of $4.58 and a 12 month high of $11.85.

Insider Buying and Selling

In other MeiraGTx news, CFO Richard Giroux sold 56,000 shares of the company’s stock in a transaction on Tuesday, April 21st. The shares were sold at an average price of $10.22, for a total value of $572,320.00. Following the completion of the transaction, the chief financial officer owned 971,530 shares in the company, valued at $9,929,036.60. This represents a 5.45% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Stuart Naylor sold 27,661 shares of the company’s stock in a transaction on Tuesday, April 7th. The shares were sold at an average price of $9.36, for a total transaction of $258,906.96. Following the completion of the transaction, the insider owned 668,505 shares of the company’s stock, valued at $6,257,206.80. This represents a 3.97% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 145,661 shares of company stock worth $1,290,647. Corporate insiders own 7.50% of the company’s stock.

Hedge Funds Weigh In On MeiraGTx

Large investors have recently bought and sold shares of the stock. Opaleye Management Inc. acquired a new position in MeiraGTx in the fourth quarter valued at $3,107,000. Woodline Partners LP acquired a new position in MeiraGTx in the third quarter valued at $1,649,000. Barclays PLC boosted its stake in MeiraGTx by 14.0% in the fourth quarter. Barclays PLC now owns 95,730 shares of the company’s stock valued at $761,000 after acquiring an additional 11,729 shares in the last quarter. Invesco Ltd. boosted its stake in MeiraGTx by 30.8% in the fourth quarter. Invesco Ltd. now owns 90,881 shares of the company’s stock valued at $723,000 after acquiring an additional 21,381 shares in the last quarter. Finally, Tocqueville Asset Management L.P. boosted its stake in MeiraGTx by 12.2% in the fourth quarter. Tocqueville Asset Management L.P. now owns 66,400 shares of the company’s stock valued at $528,000 after acquiring an additional 7,200 shares in the last quarter. Institutional investors and hedge funds own 67.48% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts recently commented on the stock. Piper Sandler boosted their target price on shares of MeiraGTx from $26.00 to $30.00 and gave the stock an “overweight” rating in a research note on Wednesday, April 22nd. Royal Bank Of Canada boosted their target price on shares of MeiraGTx from $16.00 to $24.00 and gave the stock an “outperform” rating in a research note on Friday, April 17th. Wall Street Zen upgraded shares of MeiraGTx from a “sell” rating to a “hold” rating in a research note on Sunday, April 5th. Zacks Research upgraded shares of MeiraGTx from a “strong sell” rating to a “hold” rating in a research note on Monday, March 9th. Finally, Chardan Capital reiterated a “buy” rating and set a $35.00 target price on shares of MeiraGTx in a research note on Friday, March 27th. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $25.67.

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.