MeiraGTx (NASDAQ:MGTX) Releases Earnings Results, Beats Estimates By $0.04 EPS

MeiraGTx (NASDAQ:MGTX) announced its earnings results on Thursday. The company reported ($0.57) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.61) by $0.04, FiscalAI reports. MeiraGTx had a negative return on equity of 1,065.47% and a negative net margin of 151.12%.The company had revenue of $0.29 million for the quarter, compared to analyst estimates of $17.00 million.

MeiraGTx Stock Performance

NASDAQ:MGTX traded down $0.55 during trading hours on Friday, hitting $9.40. 768,589 shares of the company’s stock traded hands, compared to its average volume of 777,088. The stock’s fifty day moving average price is $8.87 and its two-hundred day moving average price is $8.28. The firm has a market cap of $870.16 million, a P/E ratio of -6.35 and a beta of 1.23. MeiraGTx has a twelve month low of $4.82 and a twelve month high of $11.85.

Insiders Place Their Bets

In other MeiraGTx news, CFO Richard Giroux sold 56,000 shares of the firm’s stock in a transaction dated Tuesday, April 21st. The stock was sold at an average price of $10.22, for a total transaction of $572,320.00. Following the completion of the sale, the chief financial officer directly owned 971,530 shares in the company, valued at approximately $9,929,036.60. This trade represents a 5.45% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Stuart Naylor sold 27,661 shares of MeiraGTx stock in a transaction dated Tuesday, April 7th. The shares were sold at an average price of $9.36, for a total value of $258,906.96. Following the transaction, the insider directly owned 668,505 shares in the company, valued at approximately $6,257,206.80. This trade represents a 3.97% 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. In the last ninety days, insiders sold 145,661 shares of company stock worth $1,290,647. 7.50% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in MGTX. Hsbc Holdings PLC increased its stake in shares of MeiraGTx by 24.3% in the fourth quarter. Hsbc Holdings PLC now owns 23,792 shares of the company’s stock worth $189,000 after acquiring an additional 4,649 shares during the last quarter. Invesco Ltd. boosted its position in MeiraGTx by 30.8% during the fourth quarter. Invesco Ltd. now owns 90,881 shares of the company’s stock valued at $723,000 after purchasing an additional 21,381 shares during the last quarter. XTX Topco Ltd grew its stake in MeiraGTx by 11.0% in the fourth 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 position in MeiraGTx in the fourth quarter valued at about $262,000. Finally, Virtus Investment Advisers LLC acquired a new position in MeiraGTx in the 4th quarter worth about $237,000. Institutional investors and hedge funds own 67.48% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently weighed in on MGTX. Weiss Ratings reiterated a “sell (d-)” rating on shares of MeiraGTx in a research report on Tuesday, April 21st. Zacks Research raised shares of MeiraGTx from a “strong sell” rating to a “hold” rating in a research note on Monday, March 9th. Royal Bank Of Canada raised their target price on shares of MeiraGTx from $24.00 to $25.00 and gave the stock an “outperform” rating in a report on Friday. Bank of America boosted their price target on shares of MeiraGTx from $14.00 to $16.00 and gave the company a “buy” rating in a report on Friday, March 27th. Finally, Wall Street Zen upgraded shares of MeiraGTx from a “sell” rating to a “hold” rating in a research report on Sunday, April 5th. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $25.83.

About MeiraGTx

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.