MeiraGTx (NASDAQ:MGTX) Shares Down 7.4% – What’s Next?

Shares of MeiraGTx Holdings PLC (NASDAQ:MGTX) fell 7.4% on Monday . The stock traded as low as $9.87 and last traded at $9.86. 511,475 shares traded hands during trading, a decline of 20% from the average session volume of 640,452 shares. The stock had previously closed at $10.65.

Analyst Upgrades and Downgrades

Several research firms recently commented on MGTX. Zacks Research raised MeiraGTx from a “strong sell” rating to a “hold” rating in a research note on Monday, March 9th. Royal Bank Of Canada increased their price objective on MeiraGTx from $24.00 to $25.00 and gave the company an “outperform” rating in a research note on Friday, May 15th. Piper Sandler increased their price objective on MeiraGTx from $26.00 to $30.00 and gave the company an “overweight” rating in a research note on Wednesday, April 22nd. Wall Street Zen raised MeiraGTx from a “sell” rating to a “hold” rating in a research note on Sunday, April 5th. Finally, Bank of America increased their price objective on MeiraGTx from $14.00 to $16.00 and gave the company a “buy” rating in a research note on Friday, March 27th. One research 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’s stock. According to MarketBeat.com, MeiraGTx has a consensus rating of “Moderate Buy” and a consensus target price of $25.83.

MeiraGTx Trading Down 7.5%

The company has a fifty day simple moving average of $9.30 and a 200-day simple moving average of $8.34. The company has a market capitalization of $912.76 million, a PE ratio of -6.66 and a beta of 1.26.

MeiraGTx (NASDAQ:MGTX) last issued its earnings results on Thursday, May 14th. The company reported ($0.57) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.61) by $0.04. The company had revenue of $0.29 million during the quarter, compared to analysts’ expectations of $17.00 million. MeiraGTx had a negative return on equity of 1,065.47% and a negative net margin of 151.12%. On average, equities analysts predict that MeiraGTx Holdings PLC will post -1.55 EPS for the current fiscal year.

Insider Buying and Selling at MeiraGTx

In other MeiraGTx news, insider Stuart Naylor sold 27,661 shares of the company’s 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 completion of the sale, the insider directly owned 668,505 shares in the company, valued at $6,257,206.80. This represents a 3.97% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available 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 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 sale, the chief financial officer owned 971,530 shares of the company’s stock, valued at approximately $9,929,036.60. The trade was a 5.45% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 207,661 shares of company stock worth $1,859,187 in the last three months. 7.50% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On MeiraGTx

A number of hedge funds have recently modified their holdings of MGTX. AQR Capital Management LLC purchased a new position in shares of MeiraGTx during the 1st quarter worth $557,000. Rhumbline Advisers grew its holdings in shares of MeiraGTx by 9.4% during the 2nd quarter. Rhumbline Advisers now owns 63,715 shares of the company’s stock worth $415,000 after purchasing an additional 5,488 shares during the period. Brown Advisory Inc. purchased a new position in shares of MeiraGTx during the 2nd quarter worth $326,000. Qube Research & Technologies Ltd purchased a new position in shares of MeiraGTx during the 2nd quarter worth $530,000. Finally, Quantinno Capital Management LP purchased a new position in shares of MeiraGTx during the 2nd quarter worth $319,000. 67.48% of the stock is currently owned by hedge funds and other institutional investors.

MeiraGTx Company Profile

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.