Insider Selling: MeiraGTx (NASDAQ:MGTX) Insider Sells 27,661 Shares of Stock

MeiraGTx Holdings PLC (NASDAQ:MGTX) insider Stuart Naylor sold 27,661 shares of the stock in a transaction that occurred 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 in the company, valued at $6,257,206.80. This represents a 3.97% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

MeiraGTx Price Performance

Shares of NASDAQ MGTX opened at $9.51 on Wednesday. The company’s 50 day simple moving average is $7.75 and its 200 day simple moving average is $8.02. MeiraGTx Holdings PLC has a fifty-two week low of $4.55 and a fifty-two week high of $9.88. The firm has a market capitalization of $774.55 million, a P/E ratio of -6.70 and a beta of 1.27.

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

Institutional Investors Weigh In On MeiraGTx

Several large investors have recently made changes to their positions in MGTX. Rubric Capital Management LP increased its position in shares of MeiraGTx by 65.7% during the fourth quarter. Rubric Capital Management LP now owns 6,175,331 shares of the company’s stock worth $49,094,000 after acquiring an additional 2,448,880 shares in the last quarter. Millennium Management LLC increased its position in shares of MeiraGTx by 23.5% during the fourth quarter. Millennium Management LLC now owns 3,176,390 shares of the company’s stock worth $25,252,000 after acquiring an additional 604,121 shares in the last quarter. Adage Capital Partners GP L.L.C. increased its position in shares of MeiraGTx by 7.1% during the second quarter. Adage Capital Partners GP L.L.C. now owns 6,034,578 shares of the company’s stock worth $39,345,000 after acquiring an additional 400,000 shares in the last quarter. Opaleye Management Inc. bought a new stake in shares of MeiraGTx during the fourth quarter worth $3,107,000. Finally, Jefferies Financial Group Inc. bought a new stake in shares of MeiraGTx during the fourth quarter worth $2,371,000. Institutional investors own 67.48% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have commented on MGTX. Chardan Capital reaffirmed a “buy” rating and issued a $35.00 target price on shares of MeiraGTx in a research note on Friday, March 27th. Zacks Research raised shares of MeiraGTx from a “strong sell” rating to a “hold” rating in a research note on Monday, March 9th. Bank of America upped their target price on shares of MeiraGTx from $14.00 to $16.00 and gave the company a “buy” rating in a research note on Friday, March 27th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of MeiraGTx in a research note on Thursday, January 22nd. Finally, Piper Sandler lowered their target price on shares of MeiraGTx from $30.00 to $26.00 and set an “overweight” rating for the company in a research note on Friday, March 27th. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $23.67.

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.