MeiraGTx (NASDAQ:MGTX) Trading Up 10.9% – Here’s What Happened

MeiraGTx Holdings PLC (NASDAQ:MGTX)’s stock price traded up 10.9% on Wednesday . The company traded as high as $10.79 and last traded at $10.7690. Approximately 580,449 shares changed hands during mid-day trading, a decline of 9% from the average daily volume of 637,263 shares. The stock had previously closed at $9.71.

Analysts Set New Price Targets

A number of research analysts recently issued reports on MGTX shares. Wall Street Zen raised shares of MeiraGTx from a “sell” rating to a “hold” rating in a research report on Sunday, April 5th. Royal Bank Of Canada upped their price objective on shares of MeiraGTx from $24.00 to $25.00 and gave the stock an “outperform” rating in a report on Friday, May 15th. HC Wainwright restated a “buy” rating on shares of MeiraGTx in a report on Tuesday, May 26th. Zacks Research raised shares of MeiraGTx from a “strong sell” rating to a “hold” rating in a research note on Monday, March 9th. Finally, Bank of America lifted their target price on shares of MeiraGTx from $14.00 to $16.00 and gave the company a “buy” rating in a report on Friday, March 27th. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $25.83.

MeiraGTx Price Performance

The stock has a market capitalization of $1.05 billion, a PE ratio of -7.65 and a beta of 1.26. The business has a 50 day moving average price of $9.69 and a 200 day moving average price of $8.50.

MeiraGTx (NASDAQ:MGTX) last posted its quarterly earnings results on Thursday, May 14th. The company reported ($0.57) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.61) by $0.04. The firm had revenue of $0.29 million during the quarter, compared to analyst estimates 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 expect that MeiraGTx Holdings PLC will post -1.55 earnings per share for the current year.

Insider Buying and Selling at MeiraGTx

In other news, CEO Alexandria Forbes sold 62,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 19th. The shares were sold at an average price of $9.17, for a total value of $568,540.00. Following the transaction, the chief executive officer owned 1,387,695 shares in the company, valued at approximately $12,725,163.15. This represents a 4.28% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. 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, April 21st. The stock was sold at an average price of $10.22, for a total transaction of $572,320.00. Following the completion of the transaction, the chief financial officer owned 971,530 shares in the company, valued at approximately $9,929,036.60. This represents a 5.45% 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. In the last ninety days, insiders sold 207,661 shares of company stock worth $1,859,187. 7.40% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On MeiraGTx

Hedge funds have recently added to or reduced their stakes in the company. Hennion & Walsh Asset Management Inc. increased its holdings in MeiraGTx by 183.1% in the 4th quarter. Hennion & Walsh Asset Management Inc. now owns 308,509 shares of the company’s stock worth $2,453,000 after buying an additional 199,528 shares in the last quarter. Jefferies Financial Group Inc. bought a new position in MeiraGTx during the 4th quarter valued at about $2,371,000. Royce & Associates LP bought a new position in MeiraGTx during the 4th quarter valued at about $1,400,000. Erste Asset Management GmbH boosted its holdings in shares of MeiraGTx by 11.3% during the 4th quarter. Erste Asset Management GmbH now owns 789,702 shares of the company’s stock valued at $6,275,000 after acquiring an additional 80,000 shares during the last quarter. Finally, ProShare Advisors LLC purchased a new stake in shares of MeiraGTx during the 4th quarter valued at about $94,000. 67.48% of the stock is currently owned by hedge funds and other institutional investors.

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.