MeiraGTx (NASDAQ:MGTX) Stock Rating Raised to “Hold” at The Goldman Sachs Group

The Goldman Sachs Group upgraded shares of MeiraGTx (NASDAQ:MGTX) to a hold rating in a research report report published on Thursday,Zacks reports.

A number of other analysts have also weighed in on the stock. Zacks Research lowered shares of MeiraGTx from a “strong-buy” rating to a “hold” rating in a research note on Friday, September 11th. Wall Street Zen upgraded MeiraGTx from a “hold” rating to a “buy” rating in a research report on Saturday, August 15th. HC Wainwright reaffirmed a “buy” rating and set a $20.00 target price on shares of MeiraGTx in a research note on Wednesday, July 8th. Royal Bank Of Canada boosted their price target on shares of MeiraGTx from $26.00 to $27.00 and gave the stock an “outperform” rating in a research report on Friday, August 14th. Finally, Weiss Ratings upgraded shares of MeiraGTx from a “sell (d-)” rating to a “hold (c)” rating in a research report on Tuesday. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $24.71.

MeiraGTx Stock Performance

MGTX opened at $11.05 on Thursday. The company has a current ratio of 3.76, a quick ratio of 3.76 and a debt-to-equity ratio of 0.46. The business’s 50 day moving average is $13.07 and its 200-day moving average is $11.06. The stock has a market cap of $1.06 billion, a PE ratio of 15.56 and a beta of 1.27. MeiraGTx has a twelve month low of $6.62 and a twelve month high of $15.35.

MeiraGTx (NASDAQ:MGTX) last posted its earnings results on Thursday, August 13th. The company reported $1.71 EPS for the quarter, beating the consensus estimate of ($0.46) by $2.17. The firm had revenue of $321.43 million for the quarter, compared to analysts’ expectations of $0.70 million. MeiraGTx had a return on equity of 283.85% and a net margin of 19.87%. On average, analysts predict that MeiraGTx will post 0.3 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO Alexandria Forbes sold 62,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 18th. The shares were sold at an average price of $13.86, for a total transaction of $859,320.00. Following the completion of the sale, the chief executive officer directly owned 1,325,695 shares in the company, valued at approximately $18,374,132.70. This trade represents a 4.47% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Stuart Naylor sold 27,659 shares of the company’s stock in a transaction that occurred on Tuesday, July 7th. The shares were sold at an average price of $14.80, for a total transaction of $409,353.20. Following the completion of 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 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 90 days, insiders sold 145,659 shares of company stock valued at $1,969,233. Company insiders own 7.40% of the company’s stock.

Hedge Funds Weigh In On MeiraGTx

A number of hedge funds have recently modified their holdings of MGTX. Tocqueville Asset Management L.P. acquired a new stake in shares of MeiraGTx during the 2nd quarter valued at about $1,050,000. Johnson & Johnson bought a new position in MeiraGTx during the second quarter valued at approximately $89,720,775. Royce & Associates LP bought a new position in MeiraGTx during the fourth quarter valued at approximately $1,400,000. Sei Investments Co. acquired a new stake in MeiraGTx in the first quarter valued at approximately $863,000. Finally, Squarepoint Ops LLC grew its position in MeiraGTx by 773.9% in the second quarter. Squarepoint Ops LLC now owns 162,412 shares of the company’s stock worth $2,194,000 after acquiring an additional 143,828 shares in the last quarter. 67.48% of the stock is owned by institutional investors and hedge funds.

About MeiraGTx

MeiraGTx Holdings plc is a clinical-stage biotechnology company focused on developing gene therapies for serious diseases with limited treatment options. The company uses adeno-associated virus (AAV) vectors and other genetic medicine technologies to deliver therapeutic genes to targeted tissues, with an emphasis on disorders affecting the central nervous system, the eye and other organs.

MeiraGTx’s pipeline has included botaretigene sparoparvovec, an investigational AAV-based gene therapy for X-linked retinitis pigmentosa caused by mutations in the RPGR gene.