MeiraGTx Holdings PLC (NASDAQ:MGTX) Receives Average Recommendation of “Buy” from Brokerages

Shares of MeiraGTx Holdings PLC (NASDAQ:MGTX) have earned a consensus rating of “Buy” from the eight analysts that are covering the stock, Marketbeat.com reports. One research analyst has rated the stock with a sell rating, five have issued a buy rating and two have assigned a strong buy rating to the company. The average 12-month price objective among brokers that have covered the stock in the last year is $26.1667.

A number of research firms have recently commented on MGTX. Weiss Ratings restated a “sell (d-)” rating on shares of MeiraGTx in a research note on Friday, July 17th. HC Wainwright restated a “buy” rating and set a $20.00 price target on shares of MeiraGTx in a report on Wednesday, July 8th. Wall Street Zen raised MeiraGTx from a “hold” rating to a “buy” rating in a research report on Saturday, August 15th. Royal Bank Of Canada raised their price target on shares of MeiraGTx from $26.00 to $27.00 and gave the company an “outperform” rating in a report on Friday, August 14th. Finally, Zacks Research upgraded MeiraGTx from a “hold” rating to a “strong-buy” rating in a research note on Thursday, August 13th.

Insider Buying and Selling at MeiraGTx

In other news, CFO Richard Giroux sold 56,000 shares of the firm’s stock in a transaction dated 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 owned 908,530 shares of the company’s stock, valued at $11,365,710.30. This trade represents a 5.81% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Alexandria Forbes sold 62,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 18th. The stock was sold at an average price of $13.86, for a total transaction of $859,320.00. Following the sale, the chief executive officer owned 1,325,695 shares in the company, valued at approximately $18,374,132.70. The trade was a 4.47% 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. Over the last ninety days, insiders sold 145,659 shares of company stock valued at $1,969,233. Insiders own 7.40% of the company’s stock.

Hedge Funds Weigh In On MeiraGTx

Large investors have recently made changes to their positions in the business. Johnson & Johnson purchased a new position in shares of MeiraGTx in the second quarter worth $89,720,775. BlackRock Inc. purchased a new position in shares of MeiraGTx during the second quarter valued at about $64,269,000. Rubric Capital Management LP increased its holdings in shares of MeiraGTx by 65.7% in the fourth quarter. Rubric Capital Management LP now owns 6,175,331 shares of the company’s stock worth $49,094,000 after purchasing an additional 2,448,880 shares during the last quarter. California State Teachers Retirement System increased its stake in MeiraGTx by 33,330.0% in the 2nd quarter. California State Teachers Retirement System now owns 818,031 shares of the company’s stock worth $11,052,000 after acquiring an additional 815,584 shares during the last quarter. Finally, Millennium Management LLC raised its stake in MeiraGTx by 23.5% during the fourth quarter. Millennium Management LLC now owns 3,176,390 shares of the company’s stock valued at $25,252,000 after purchasing an additional 604,121 shares in the last quarter. 67.48% of the stock is currently owned by hedge funds and other institutional investors.

MeiraGTx Stock Performance

MGTX opened at $13.89 on Monday. The company has a debt-to-equity ratio of 0.46, a current ratio of 3.76 and a quick ratio of 3.76. The firm has a market capitalization of $1.33 billion, a price-to-earnings ratio of 19.56 and a beta of 1.27. The business has a 50 day simple moving average of $13.21 and a two-hundred day simple moving average of $10.53. MeiraGTx has a one year low of $6.62 and a one year high of $15.35.

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

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.