MeiraGTx (NASDAQ:MGTX) Releases Quarterly Earnings Results, Beats Estimates By $2.17 EPS

MeiraGTx (NASDAQ:MGTX) posted its quarterly earnings results on Thursday. The company reported $1.71 EPS for the quarter, topping analysts’ consensus estimates of ($0.46) by $2.17, FiscalAI reports. The business had revenue of $321.43 million for the quarter, compared to analyst estimates of $0.70 million.

MeiraGTx Stock Down 2.2%

Shares of MGTX stock traded down $0.29 during trading hours on Thursday, hitting $12.67. 795,630 shares of the company’s stock traded hands, compared to its average volume of 440,896. The stock has a market cap of $1.17 billion, a PE ratio of -8.56 and a beta of 1.23. The stock’s 50 day simple moving average is $12.00 and its 200 day simple moving average is $9.80. MeiraGTx has a 12 month low of $6.62 and a 12 month high of $15.35.

Insider Buying and Selling

In related news, insider Stuart Naylor sold 27,659 shares of the stock in a transaction on Tuesday, July 7th. The stock was sold at an average price of $14.80, for a total value of $409,353.20. Following the completion of the sale, the insider directly owned 640,846 shares in the company, valued at $9,484,520.80. This represents a 4.14% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Richard Giroux sold 56,000 shares of the firm’s stock in a transaction on Tuesday, July 21st. The stock was sold at an average price of $12.51, for a total value of $700,560.00. Following the transaction, the chief financial officer directly owned 908,530 shares of the company’s stock, valued at approximately $11,365,710.30. This represents a 5.81% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 145,659 shares of company stock valued at $1,678,453 over the last 90 days. 7.40% of the stock is owned by insiders.

Hedge Funds Weigh In On MeiraGTx

A number of hedge funds and other institutional investors have recently made changes to their positions in MGTX. BNP Paribas Financial Markets increased its position in MeiraGTx by 43.8% during the 2nd quarter. BNP Paribas Financial Markets now owns 4,810 shares of the company’s stock valued at $31,000 after purchasing an additional 1,466 shares during the period. Tower Research Capital LLC TRC lifted its position in shares of MeiraGTx by 390.9% in the 2nd quarter. Tower Research Capital LLC TRC now owns 8,797 shares of the company’s stock worth $57,000 after purchasing an additional 7,005 shares during the period. Abel Hall LLC bought a new stake in shares of MeiraGTx in the 4th quarter valued at $98,000. Hsbc Holdings PLC boosted its position in shares of MeiraGTx by 24.3% during the 4th quarter. Hsbc Holdings PLC now owns 23,792 shares of the company’s stock valued at $189,000 after purchasing an additional 4,649 shares in the last quarter. Finally, Engineers Gate Manager LP acquired a new position in shares of MeiraGTx during the fourth quarter worth approximately $213,000. 67.48% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on MGTX shares. Royal Bank Of Canada raised their target price on shares of MeiraGTx from $25.00 to $26.00 and gave the company an “outperform” rating in a research report on Wednesday, July 8th. HC Wainwright reiterated a “buy” rating and issued a $20.00 price target on shares of MeiraGTx in a research note on Wednesday, July 8th. Weiss Ratings reissued a “sell (d-)” rating on shares of MeiraGTx in a report on Friday, July 17th. Finally, Piper Sandler boosted their price objective on MeiraGTx from $26.00 to $30.00 and gave the stock an “overweight” rating in a research report on Wednesday, April 22nd. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, MeiraGTx presently has a consensus rating of “Moderate Buy” and a consensus target price of $26.00.

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.