MeiraGTx (NASDAQ:MGTX) Issues Quarterly Earnings Results, Beats Expectations By $0.79 EPS

MeiraGTx (NASDAQ:MGTX) announced its earnings results on Thursday. The company reported $0.19 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.60) by $0.79, Zacks reports. MeiraGTx had a negative return on equity of 1,065.47% and a negative net margin of 140.31%.The business had revenue of $75.36 million for the quarter, compared to analyst estimates of $3.87 million.

MeiraGTx Price Performance

Shares of NASDAQ:MGTX opened at $7.62 on Friday. The firm’s 50 day simple moving average is $7.58 and its two-hundred day simple moving average is $7.94. MeiraGTx has a 1-year low of $4.55 and a 1-year high of $9.73. The company has a market capitalization of $613.33 million, a P/E ratio of -5.37 and a beta of 1.37. The company has a debt-to-equity ratio of 26.29, a current ratio of 0.22 and a quick ratio of 0.22.

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)

Insider Activity at MeiraGTx

In related news, CEO Alexandria Forbes sold 62,000 shares of the stock in a transaction that occurred on Tuesday, March 24th. The stock was 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 of the company’s stock, valued at approximately $10,742,239.95. This represents a 4.10% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 7.50% of the company’s stock.

Institutional Trading of MeiraGTx

Institutional investors and hedge funds have recently made changes to their positions in the business. Hsbc Holdings PLC raised its holdings in shares of MeiraGTx by 24.3% in the fourth quarter. Hsbc Holdings PLC now owns 23,792 shares of the company’s stock valued at $189,000 after acquiring an additional 4,649 shares in the last quarter. Invesco Ltd. grew its stake in MeiraGTx by 30.8% during the 4th quarter. Invesco Ltd. now owns 90,881 shares of the company’s stock worth $723,000 after buying an additional 21,381 shares during the last quarter. XTX Topco Ltd increased its stake in MeiraGTx by 11.0% during the 4th quarter. XTX Topco Ltd now owns 38,030 shares of the company’s stock valued at $302,000 after purchasing an additional 3,766 shares in the last quarter. VARCOV Co. purchased a new stake in MeiraGTx during the 4th quarter valued at about $262,000. Finally, Virtus Investment Advisers LLC acquired a new stake in MeiraGTx during the 4th quarter valued at approximately $237,000. 67.48% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

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

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.