MeiraGTx (NASDAQ:MGTX) Raised to “Hold” at The Goldman Sachs Group

MeiraGTx (NASDAQ:MGTX) was upgraded by investment analysts at The Goldman Sachs Group to a “hold” rating in a research report issued on Thursday, Zacks reports.

Several other research analysts also recently issued reports on MGTX. Zacks Research downgraded MeiraGTx from a “strong-buy” rating to a “hold” rating in a research note on Friday, September 11th. Wall Street Zen upgraded shares of MeiraGTx from a “hold” rating to a “buy” rating in a report on Saturday, August 15th. Weiss Ratings upgraded shares of MeiraGTx from a “sell (d-)” rating to a “hold (c)” rating in a research report on Tuesday. HC Wainwright reaffirmed a “buy” rating and issued a $20.00 price target on shares of MeiraGTx in a report on Wednesday, July 8th. Finally, Royal Bank Of Canada increased their price target on shares of MeiraGTx from $26.00 to $27.00 and gave the company an “outperform” rating in a research report on Friday, August 14th. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, MeiraGTx has a consensus rating of “Moderate Buy” and a consensus target price of $24.71.

MeiraGTx Price Performance

Shares of NASDAQ:MGTX opened at $11.05 on Thursday. The firm has a market capitalization of $1.06 billion, a price-to-earnings ratio of 15.56 and a beta of 1.27. 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 business’s 50 day simple moving average is $13.07 and its 200-day simple moving average is $11.06. MeiraGTx has a 12 month low of $6.62 and a 12 month high of $15.35.

MeiraGTx (NASDAQ:MGTX) last released its quarterly earnings data 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. The firm had revenue of $321.43 million during the quarter, compared to the consensus estimate of $0.70 million. MeiraGTx had a return on equity of 283.85% and a net margin of 19.87%. As a group, equities analysts forecast that MeiraGTx will post 0.3 earnings per share for the current fiscal year.

Insider Activity

In related news, CFO Richard Giroux sold 56,000 shares of the stock in a transaction on Tuesday, July 21st. The stock was sold at an average price of $12.51, for a total transaction of $700,560.00. Following the sale, 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 legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Alexandria Forbes sold 62,000 shares of MeiraGTx stock in a transaction dated Tuesday, August 18th. The stock was sold at an average price of $13.86, for a total value of $859,320.00. Following the sale, the chief executive officer owned 1,325,695 shares of the company’s stock, valued at approximately $18,374,132.70. This represents a 4.47% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 145,659 shares of company stock worth $1,969,233 over the last three months. 7.40% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On MeiraGTx

Several hedge funds have recently modified their holdings of the company. Johnson & Johnson acquired a new position in shares of MeiraGTx in the second quarter valued at approximately $89,720,775. BlackRock Inc. purchased a new stake in MeiraGTx in the 2nd quarter worth approximately $64,269,000. Rubric Capital Management LP raised its holdings in MeiraGTx by 13.4% in the 1st 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 last quarter. Opaleye Management Inc. raised its holdings in MeiraGTx by 67.2% in the 2nd quarter. Opaleye Management Inc. now owns 3,550,000 shares of the company’s stock valued at $47,960,000 after acquiring an additional 1,426,741 shares during the last quarter. Finally, Jupiter Topco LLC purchased a new position in shares of MeiraGTx during the 2nd quarter worth $6,427,000. 67.48% of the stock is owned by institutional investors and hedge funds.

About MeiraGTx

MeiraGTx Holdings plc is a clinical-stage biotechnology company focused on developing gene therapies for serious diseases with limited treatment options. The company uses adeno-associated virus (AAV) vectors and other genetic medicine technologies to deliver therapeutic genes to targeted tissues, with an emphasis on disorders affecting the central nervous system, the eye and other organs.

MeiraGTx’s pipeline has included botaretigene sparoparvovec, an investigational AAV-based gene therapy for X-linked retinitis pigmentosa caused by mutations in the RPGR gene.