MeiraGTx (NASDAQ:MGTX) Reaches New 1-Year High – Here’s What Happened

Shares of MeiraGTx Holdings PLC (NASDAQ:MGTX) hit a new 52-week high on Monday . The stock traded as high as $14.22 and last traded at $13.9440, with a volume of 22274 shares traded. The stock had previously closed at $13.92.

Analysts Set New Price Targets

Several equities analysts have recently commented on the company. Wall Street Zen upgraded MeiraGTx from a “sell” rating to a “hold” rating in a research note 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 research note on Friday, May 15th. Weiss Ratings reiterated a “sell (d-)” rating on shares of MeiraGTx in a report on Tuesday, April 21st. Bank of America raised their target price on shares of MeiraGTx from $14.00 to $16.00 and gave the company a “buy” rating in a research report on Friday, March 27th. Finally, HC Wainwright restated a “buy” rating on shares of MeiraGTx in a report on Tuesday, May 26th. One equities research 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 issued a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $25.83.

MeiraGTx Trading Up 2.2%

The stock has a market capitalization of $1.32 billion, a P/E ratio of -9.69 and a beta of 1.20. The company has a 50-day moving average price of $10.21 and a 200 day moving average price of $8.81.

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

Insider Activity

In other news, CEO Alexandria Forbes sold 62,000 shares of MeiraGTx 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 of the company’s stock, valued at $12,725,163.15. The trade was a 4.28% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, 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 business’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 transaction, the chief financial officer owned 971,530 shares of the company’s stock, valued at approximately $9,929,036.60. This trade represents a 5.45% decrease in their position. 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. In the last ninety days, insiders have sold 145,661 shares of company stock worth $1,399,767. Corporate insiders own 7.40% of the company’s stock.

Institutional Trading of MeiraGTx

A number of institutional investors have recently made changes to their positions in the business. BNP Paribas Financial Markets grew its stake in MeiraGTx by 43.8% during the 2nd quarter. BNP Paribas Financial Markets now owns 4,810 shares of the company’s stock worth $31,000 after buying an additional 1,466 shares during the last quarter. Kennedy Capital Management LLC increased its position in MeiraGTx by 2.2% during the 4th quarter. Kennedy Capital Management LLC now owns 70,738 shares of the company’s stock valued at $562,000 after buying an additional 1,495 shares in the last quarter. Russell Investments Group Ltd. raised its stake in MeiraGTx by 4.3% in the third quarter. Russell Investments Group Ltd. now owns 82,844 shares of the company’s stock valued at $682,000 after buying an additional 3,452 shares during the last quarter. XTX Topco Ltd boosted its holdings in MeiraGTx by 11.0% in the fourth quarter. XTX Topco Ltd now owns 38,030 shares of the company’s stock worth $302,000 after acquiring an additional 3,766 shares in the last quarter. Finally, Hsbc Holdings PLC boosted its holdings in MeiraGTx by 24.3% in the fourth quarter. Hsbc Holdings PLC now owns 23,792 shares of the company’s stock worth $189,000 after acquiring an additional 4,649 shares in the last quarter. Institutional investors and hedge funds own 67.48% of the company’s stock.

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.