MeiraGTx (NASDAQ:MGTX) Trading 4.3% Higher – Here’s Why

MeiraGTx Holdings PLC (NASDAQ:MGTX) shares were up 4.3% during mid-day trading on Tuesday . The company traded as high as $14.33 and last traded at $14.41. Approximately 207,671 shares traded hands during mid-day trading, a decline of 71% from the average session volume of 714,177 shares. The stock had previously closed at $13.81.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on MGTX. Weiss Ratings reiterated a “sell (d-)” rating on shares of MeiraGTx in a research note on Friday, July 17th. Wall Street Zen upgraded MeiraGTx from a “hold” rating to a “buy” rating in a research report on Saturday, August 15th. Zacks Research raised shares of MeiraGTx from a “hold” rating to a “strong-buy” rating in a research report on Thursday, August 13th. HC Wainwright reaffirmed a “buy” rating and set a $20.00 price target on shares of MeiraGTx in a research report on Wednesday, July 8th. Finally, Royal Bank Of Canada boosted their price objective on shares of MeiraGTx from $26.00 to $27.00 and gave the company an “outperform” rating in a report on Friday, August 14th. Two analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $26.17.

MeiraGTx Stock Performance

The stock has a market capitalization of $1.39 billion, a price-to-earnings ratio of 20.34 and a beta of 1.23. The company has a quick ratio of 3.76, a current ratio of 3.76 and a debt-to-equity ratio of 0.46. The company has a 50 day simple moving average of $13.03 and a 200-day simple moving average of $10.35.

MeiraGTx (NASDAQ:MGTX) last announced its quarterly earnings results on Thursday, August 13th. The company reported $1.71 EPS for the quarter, beating analysts’ consensus estimates of ($0.46) by $2.17. The business had revenue of $321.43 million during the quarter, compared to analyst estimates of $0.70 million. MeiraGTx had a net margin of 19.87% and a return on equity of 283.85%. As a group, equities research analysts expect that MeiraGTx Holdings PLC will post 0.3 EPS for the current fiscal year.

Insider Activity at MeiraGTx

In other news, insider Stuart Naylor sold 27,659 shares of the business’s stock in a transaction 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 directly owned 640,846 shares in the company, valued at $9,484,520.80. The trade was a 4.14% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at 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 firm’s stock in a transaction dated Tuesday, July 21st. The shares were sold at an average price of $12.51, for a total value of $700,560.00. Following the completion of the sale, the chief financial officer directly owned 908,530 shares in the company, valued at approximately $11,365,710.30. The trade was a 5.81% 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 ninety days, insiders have sold 145,659 shares of company stock worth $1,969,233. 7.40% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On MeiraGTx

Large investors have recently modified their holdings of the company. California State Teachers Retirement System boosted its stake in shares of MeiraGTx by 33,330.0% in the 2nd quarter. California State Teachers Retirement System now owns 818,031 shares of the company’s stock valued at $11,052,000 after purchasing an additional 815,584 shares in the last quarter. AXQ Capital LP purchased a new position in shares of MeiraGTx in the second quarter worth about $421,000. Susquehanna International Group LLP increased its holdings in shares of MeiraGTx by 129.6% in the second quarter. Susquehanna International Group LLP now owns 48,474 shares of the company’s stock worth $655,000 after buying an additional 27,360 shares during the period. Wellington Management Group LLP lifted its stake in shares of MeiraGTx by 13.1% in the 2nd quarter. Wellington Management Group LLP now owns 142,923 shares of the company’s stock valued at $1,931,000 after acquiring an additional 16,592 shares during the last quarter. Finally, Beacon Pointe Advisors LLC bought a new position in MeiraGTx during the 2nd quarter worth approximately $362,000. 67.48% of the stock is owned by hedge funds and other 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.