MeiraGTx (NASDAQ:MGTX) Trading Up 4.3% – Still a Buy?

MeiraGTx Holdings PLC (NASDAQ:MGTX) traded up 4.3% during mid-day trading on Tuesday . The company traded as high as $14.33 and last traded at $14.41. Approximately 207,671 shares traded hands during trading, a decline of 71% from the average daily volume of 714,177 shares. The stock had previously closed at $13.81.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on MGTX shares. HC Wainwright reissued a “buy” rating and issued a $20.00 price target on shares of MeiraGTx in a report on Wednesday, July 8th. Wall Street Zen upgraded MeiraGTx from a “hold” rating to a “buy” rating in a report on Saturday, August 15th. Royal Bank Of Canada raised their target price on shares of MeiraGTx from $26.00 to $27.00 and gave the stock an “outperform” rating in a report on Friday, August 14th. Zacks Research raised shares of MeiraGTx from a “hold” rating to a “strong-buy” rating in a research report on Thursday, August 13th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of MeiraGTx in a report on Friday, July 17th. Two equities research analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of $26.17.

MeiraGTx Price Performance

The stock has a market cap of $1.35 billion, a price-to-earnings ratio of 19.80 and a beta of 1.27. The company has a debt-to-equity ratio of 0.46, a quick ratio of 3.76 and a current ratio of 3.76. The company has a 50-day simple moving average of $13.13 and a two-hundred day simple moving average of $10.44.

MeiraGTx (NASDAQ:MGTX) last announced its quarterly earnings results on Thursday, August 13th. The company reported $1.71 EPS for the quarter, beating analysts’ consensus estimates of ($0.46) by $2.17. MeiraGTx had a net margin of 19.87% and a return on equity of 283.85%. The firm had revenue of $321.43 million during the quarter, compared to analysts’ expectations of $0.70 million. As a group, equities research analysts forecast that MeiraGTx Holdings PLC will post 0.3 EPS for the current year.

Insider Transactions at MeiraGTx

In related news, insider Stuart Naylor sold 27,659 shares of the company’s stock in a transaction dated Tuesday, July 7th. The shares were sold at an average price of $14.80, for a total value of $409,353.20. Following the transaction, the insider owned 640,846 shares in the company, valued at approximately $9,484,520.80. This represents a 4.14% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Richard Giroux sold 56,000 shares of the company’s stock in a transaction that occurred on Tuesday, July 21st. The shares were sold at an average price of $12.51, for a total value of $700,560.00. Following the completion of the transaction, the chief financial officer directly owned 908,530 shares in the company, valued at $11,365,710.30. The trade was a 5.81% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 145,659 shares of company stock worth $1,969,233. 7.40% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Algert Global LLC lifted its holdings in shares of MeiraGTx by 13.9% during the 2nd quarter. Algert Global LLC now owns 11,700 shares of the company’s stock worth $158,000 after acquiring an additional 1,430 shares during the period. BNP Paribas Financial Markets increased its position in MeiraGTx by 43.8% during the 2nd quarter. BNP Paribas Financial Markets now owns 4,810 shares of the company’s stock worth $31,000 after purchasing an additional 1,466 shares in the last quarter. Kennedy Capital Management LLC grew its stake in shares of MeiraGTx by 2.2% during the fourth quarter. Kennedy Capital Management LLC now owns 70,738 shares of the company’s stock worth $562,000 after buying an additional 1,495 shares during the last quarter. Russell Investments Group Ltd. lifted its stake in shares of MeiraGTx by 4.3% in the 3rd quarter. Russell Investments Group Ltd. now owns 82,844 shares of the company’s stock valued at $682,000 after acquiring an additional 3,452 shares during the last quarter. Finally, XTX Topco Ltd increased its holdings in MeiraGTx by 11.0% in the 4th quarter. XTX Topco Ltd now owns 38,030 shares of the company’s stock worth $302,000 after purchasing an additional 3,766 shares in the last quarter. Institutional investors own 67.48% of the company’s stock.

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.