MeiraGTx (NASDAQ:MGTX) Hits New 12-Month High – Here’s Why

Shares of MeiraGTx Holdings PLC (NASDAQ:MGTX) reached a new 52-week high on Monday . The stock traded as high as $11.88 and last traded at $11.5380, with a volume of 565 shares trading hands. The stock had previously closed at $11.32.

Analyst Ratings Changes

MGTX has been the topic of a number of research reports. Zacks Research raised shares of MeiraGTx from a “strong sell” rating to a “hold” rating in a report on Monday, March 9th. Bank of America lifted 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. HC Wainwright reaffirmed a “buy” rating on shares of MeiraGTx in a research report on Tuesday, May 26th. Weiss Ratings reiterated a “sell (d-)” rating on shares of MeiraGTx in a research note on Tuesday, April 21st. Finally, Chardan Capital reiterated a “buy” rating and set a $35.00 price objective on shares of MeiraGTx in a research note on Friday, March 27th. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $25.83.

MeiraGTx Price Performance

The company has a market cap of $1.07 billion, a price-to-earnings ratio of -7.78 and a beta of 1.26. The firm’s fifty day moving average price is $9.73 and its 200-day moving average price is $8.53.

MeiraGTx (NASDAQ:MGTX) last released its quarterly earnings results on Thursday, May 14th. The company reported ($0.57) EPS for the quarter, topping the consensus estimate of ($0.61) by $0.04. MeiraGTx had a negative net margin of 151.12% and a negative return on equity of 1,065.47%. The business had revenue of $0.29 million during the quarter, compared to analyst estimates of $17.00 million. As a group, equities analysts forecast that MeiraGTx Holdings PLC will post -1.55 earnings per share for the current fiscal year.

Insider Buying and Selling at MeiraGTx

In other MeiraGTx news, CFO Richard Giroux sold 56,000 shares of the company’s stock in a transaction dated Tuesday, April 21st. The shares were sold at an average price of $10.22, for a total value of $572,320.00. Following the completion of the transaction, the chief financial officer owned 971,530 shares in the company, valued at approximately $9,929,036.60. This represents a 5.45% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Stuart Naylor sold 27,661 shares of the firm’s stock in a transaction that occurred on Tuesday, April 7th. The shares were sold at an average price of $9.36, for a total transaction of $258,906.96. Following the completion of the sale, the insider owned 668,505 shares in the company, valued at $6,257,206.80. The trade was a 3.97% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 207,661 shares of company stock valued at $1,859,187 in the last ninety days. Company insiders own 7.40% of the company’s stock.

Institutional Trading of MeiraGTx

Several hedge funds have recently added to or reduced their stakes in MGTX. Rubric Capital Management LP lifted its holdings in 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 period. Millennium Management LLC grew its position in MeiraGTx by 23.5% in the 4th quarter. Millennium Management LLC now owns 3,176,390 shares of the company’s stock valued at $25,252,000 after buying an additional 604,121 shares in the last quarter. Adage Capital Partners GP L.L.C. increased its stake in MeiraGTx by 7.1% during the 2nd quarter. Adage Capital Partners GP L.L.C. now owns 6,034,578 shares of the company’s stock valued at $39,345,000 after buying an additional 400,000 shares during the period. Opaleye Management Inc. acquired a new position in MeiraGTx during the 4th quarter valued at about $3,107,000. Finally, Jefferies Financial Group Inc. bought a new stake in shares of MeiraGTx during the 4th quarter worth about $2,371,000. Institutional investors own 67.48% of the company’s stock.

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.