MeiraGTx (NASDAQ:MGTX) Stock Price Up 5.9% – Here’s What Happened

MeiraGTx Holdings PLC (NASDAQ:MGTX) shares shot up 5.9% on Tuesday . The stock traded as high as $14.39 and last traded at $14.7090. 193,185 shares traded hands during trading, a decline of 73% from the average session volume of 720,253 shares. The stock had previously closed at $13.89.

Analyst Ratings Changes

Several brokerages recently issued reports on MGTX. Chardan Capital reaffirmed a “buy” rating and set a $35.00 price target on shares of MeiraGTx in a report on Friday, March 27th. Royal Bank Of Canada boosted their target price on shares of MeiraGTx from $24.00 to $25.00 and gave the company an “outperform” rating in a report on Friday, May 15th. Weiss Ratings restated a “sell (d-)” rating on shares of MeiraGTx in a report on Tuesday, April 21st. HC Wainwright restated a “buy” rating on shares of MeiraGTx in a research note on Tuesday, May 26th. Finally, Bank of America boosted their price target 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. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, MeiraGTx presently has an average rating of “Moderate Buy” and an average price target of $25.83.

MeiraGTx Stock Performance

The firm has a market capitalization of $1.39 billion, a PE ratio of -10.12 and a beta of 1.20. The company’s 50 day simple moving average is $10.30 and its 200-day simple moving average is $8.85.

MeiraGTx (NASDAQ:MGTX) last posted its quarterly earnings data on Thursday, May 14th. The company reported ($0.57) earnings per share for the quarter, beating the consensus estimate of ($0.61) by $0.04. The company had revenue of $0.29 million for the quarter, compared to analysts’ expectations of $17.00 million. On average, equities research analysts forecast that MeiraGTx Holdings PLC will post -1.55 earnings per share for the current fiscal year.

Insider Activity at MeiraGTx

In other MeiraGTx news, CEO Alexandria Forbes sold 62,000 shares of the business’s stock in a transaction on Tuesday, May 19th. The shares were sold at an average price of $9.17, for a total transaction of $568,540.00. Following the transaction, the chief executive officer directly owned 1,387,695 shares of the company’s stock, valued at approximately $12,725,163.15. The trade was a 4.28% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed 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 business’s stock in a transaction dated Tuesday, April 21st. The shares were sold at an average price of $10.22, for a total transaction of $572,320.00. Following 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 position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 7.40% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the business. Perceptive Advisors LLC raised its stake in MeiraGTx by 0.4% during the second quarter. Perceptive Advisors LLC now owns 12,626,103 shares of the company’s stock valued at $82,231,000 after buying an additional 45,000 shares during the last quarter. Rubric Capital Management LP boosted its position in MeiraGTx by 13.4% in the first quarter. Rubric Capital Management LP now owns 7,000,000 shares of the company’s stock worth $60,620,000 after purchasing an additional 824,669 shares during the last quarter. Adage Capital Partners GP L.L.C. boosted its stake in shares of MeiraGTx by 7.1% during the 2nd 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 during the last quarter. Millennium Management LLC lifted its position in shares of MeiraGTx by 23.5% during the 4th quarter. Millennium Management LLC now owns 3,176,390 shares of the company’s stock valued at $25,252,000 after buying an additional 604,121 shares in the last quarter. Finally, Erste Asset Management GmbH boosted its holdings in MeiraGTx by 11.3% in the 4th quarter. Erste Asset Management GmbH now owns 789,702 shares of the company’s stock worth $6,275,000 after buying an additional 80,000 shares during the period. 67.48% of the stock is currently owned by 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.