MeiraGTx (NASDAQ:MGTX) Shares Up 10.9% – Should You Buy?

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

Analyst Ratings Changes

Several equities research analysts have recently issued reports on MGTX shares. Zacks Research upgraded MeiraGTx from a “strong sell” rating to a “hold” rating in a report on Monday, March 9th. Royal Bank Of Canada raised their price target on MeiraGTx from $24.00 to $25.00 and gave the stock an “outperform” rating in a research note on Friday, May 15th. HC Wainwright restated a “buy” rating on shares of MeiraGTx in a report on Tuesday, May 26th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of MeiraGTx in a research note on Tuesday, April 21st. Finally, Wall Street Zen raised shares of MeiraGTx from a “sell” rating to a “hold” rating in a research report on Sunday, April 5th. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $25.83.

MeiraGTx Price Performance

The business’s 50-day simple moving average is $9.63 and its two-hundred day simple moving average is $8.46. The stock has a market capitalization of $961.48 million, a price-to-earnings ratio of -6.93 and a beta of 1.26.

MeiraGTx (NASDAQ:MGTX) last issued its earnings results on Thursday, May 14th. The company reported ($0.57) EPS for the quarter, beating analysts’ consensus estimates of ($0.61) by $0.04. The business had revenue of $0.29 million for the quarter, compared to the consensus estimate of $17.00 million. MeiraGTx had a negative net margin of 151.12% and a negative return on equity of 1,065.47%. As a group, sell-side analysts expect that MeiraGTx Holdings PLC will post -1.55 EPS for the current year.

Insiders Place Their Bets

In other news, CEO Alexandria Forbes sold 62,000 shares of MeiraGTx stock in a transaction that occurred on Tuesday, March 24th. The shares were sold at an average price of $7.41, for a total transaction of $459,420.00. Following the sale, the chief executive officer owned 1,449,695 shares in the company, valued at $10,742,239.95. This trade represents a 4.10% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Stuart Naylor sold 27,661 shares of the company’s stock in a transaction dated 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 directly owned 668,505 shares of the company’s stock, valued at approximately $6,257,206.80. The trade was a 3.97% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 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 90 days. 7.40% of the stock is owned by company insiders.

Hedge Funds Weigh In On MeiraGTx

Large investors have recently added to or reduced their stakes in the company. Perceptive Advisors LLC raised its holdings in shares of MeiraGTx by 0.4% during the second quarter. Perceptive Advisors LLC now owns 12,626,103 shares of the company’s stock worth $82,231,000 after purchasing an additional 45,000 shares during the period. Rubric Capital Management LP boosted its stake in MeiraGTx by 13.4% in the first quarter. Rubric Capital Management LP now owns 7,000,000 shares of the company’s stock valued at $60,620,000 after acquiring an additional 824,669 shares during the period. Adage Capital Partners GP L.L.C. boosted its stake in MeiraGTx by 7.1% in the second quarter. Adage Capital Partners GP L.L.C. now owns 6,034,578 shares of the company’s stock valued at $39,345,000 after acquiring an additional 400,000 shares during the period. Millennium Management LLC raised 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 worth $25,252,000 after purchasing an additional 604,121 shares during the period. Finally, Erste Asset Management GmbH lifted its holdings in shares of 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 purchasing an additional 80,000 shares during the last quarter. 67.48% of the stock is currently owned by 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.