MeiraGTx (NASDAQ:MGTX) Sees Strong Trading Volume on Strong Earnings

Shares of MeiraGTx Holdings PLC (NASDAQ:MGTX) saw unusually-high trading volume on Thursday following a stronger than expected earnings report. Approximately 512,400 shares changed hands during mid-day trading, an increase of 31% from the previous session’s volume of 392,581 shares.The stock last traded at $8.4350 and had previously closed at $7.62.

The company reported $0.19 EPS for the quarter, topping analysts’ consensus estimates of ($0.60) by $0.79. The business had revenue of $75.36 million for the quarter, compared to analyst estimates of $3.87 million. MeiraGTx had a negative net margin of 140.31% and a negative return on equity of 1,065.47%.

More MeiraGTx News

Here are the key news stories impacting MeiraGTx this week:

• Positive Sentiment: FDA granted Breakthrough Therapy Designation to AAV2-hAQP1 for Grade 2/3 radiation-induced xerostomia — a major regulatory de-risking and potential acceleration pathway for the program. MeiraGTx Announces FDA Breakthrough Therapy Designation (GlobeNewswire)
• Positive Sentiment: Q4 results materially beat estimates — GAAP EPS $0.19 vs. a consensus loss and revenue of $75.36M vs. a ~$3.9M consensus — this large upside explains renewed investor optimism around near-term milestones and cash generation. Q4 Press Release (Quartr)
• Positive Sentiment: Multiple broker actions supportive of upside: Chardan reaffirmed a Buy with a $35 target (large upside) and Bank of America raised its target from $14 to $16 and maintains a Buy — these notes add analyst support for higher share valuations. Analyst Notes (Benzinga)
• Neutral Sentiment: Piper Sandler lowered its target from $30 to $26 but kept an Overweight rating — still bullish overall, but the cut tempers upside expectations vs. some peers. Piper Sandler / TickerReport
• Neutral Sentiment: MeiraGTx presented at the RBC Virtual Ophthalmology Conference (transcript available) — useful for incremental program updates but not a discrete catalyst like the Breakthrough designation. RBC Conference Transcript (Seeking Alpha)
• Negative Sentiment: CEO Alexandria Forbes sold 62,000 shares (~$459k), a disclosed insider sale that may concern some investors even though insiders still hold substantial positions. Insider Sale Report (InsiderTrades)

Wall Street Analyst Weigh In

A number of analysts have recently commented on MGTX shares. Zacks Research upgraded MeiraGTx from a “strong sell” rating to a “hold” rating in a report on Monday, March 9th. Chardan Capital reiterated a “buy” rating and set a $35.00 price objective on shares of MeiraGTx in a report on Friday. Bank of America boosted their target price on MeiraGTx from $14.00 to $16.00 and gave the company a “buy” rating in a research note on Friday. Piper Sandler reduced their price target on MeiraGTx from $30.00 to $26.00 and set an “overweight” rating for the company in a research report on Friday. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of MeiraGTx in a research note on Thursday, January 22nd. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $23.67.

Insider Activity at MeiraGTx

In other news, CEO Alexandria Forbes sold 62,000 shares of the stock in a transaction dated Tuesday, March 24th. The shares were sold at an average price of $7.41, for a total transaction of $459,420.00. Following the completion of the transaction, the chief executive officer directly owned 1,449,695 shares in the company, valued at $10,742,239.95. This represents a 4.10% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 7.50% of the stock is currently owned by corporate insiders.

Institutional Trading of MeiraGTx

Hedge funds and other institutional investors have recently modified their holdings of the stock. State of Alaska Department of Revenue bought a new stake in MeiraGTx during the third quarter worth about $33,000. BNP Paribas Financial Markets grew its stake in MeiraGTx by 43.8% in the second 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 in the last quarter. Tower Research Capital LLC TRC increased its position in shares of MeiraGTx by 390.9% during 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 last quarter. ProShare Advisors LLC acquired a new position in shares of MeiraGTx during the 4th quarter worth approximately $94,000. Finally, Abel Hall LLC bought a new stake in shares of MeiraGTx during the 4th quarter worth approximately $98,000. Institutional investors and hedge funds own 67.48% of the company’s stock.

MeiraGTx Trading Up 1.2%

The company has a market cap of $613.33 million, a P/E ratio of -5.37 and a beta of 1.37. The company has a current ratio of 0.22, a quick ratio of 0.22 and a debt-to-equity ratio of 26.29. The business has a 50 day moving average price of $7.58 and a 200-day moving average price of $7.94.

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.