Insider Selling: MeiraGTx (NASDAQ:MGTX) CFO Sells $700,560.00 in Stock

MeiraGTx Holdings PLC (NASDAQ:MGTX) CFO Richard Giroux sold 56,000 shares of the stock in a transaction that occurred on Tuesday, July 21st. The stock was sold at an average price of $12.51, for a total value of $700,560.00. Following the completion of the sale, the chief financial officer owned 908,530 shares of the company’s stock, valued at approximately $11,365,710.30. This trade represents a 5.81% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

MeiraGTx Trading Up 3.1%

Shares of NASDAQ MGTX opened at $11.98 on Friday. The firm has a fifty day simple moving average of $11.41 and a two-hundred day simple moving average of $9.44. MeiraGTx Holdings PLC has a 12 month low of $6.62 and a 12 month high of $15.35. The firm has a market capitalization of $1.11 billion, a PE ratio of -8.09 and a beta of 1.20.

MeiraGTx (NASDAQ:MGTX) last released its earnings results on Thursday, May 14th. The company reported ($0.57) EPS for the quarter, beating analysts’ consensus estimates of ($0.61) by $0.04. The firm had revenue of $0.29 million during the quarter, compared to analysts’ expectations of $17.00 million. On average, sell-side analysts predict that MeiraGTx Holdings PLC will post -1.53 earnings per share for the current year.

Analysts Set New Price Targets

Several equities analysts have issued reports on MGTX shares. Wall Street Zen upgraded shares of MeiraGTx from a “sell” rating to a “hold” rating in a research note on Sunday, April 5th. Weiss Ratings reissued a “sell (d-)” rating on shares of MeiraGTx in a report on Friday, July 17th. Royal Bank Of Canada increased their price objective on shares of MeiraGTx from $25.00 to $26.00 and gave the company an “outperform” rating in a research report on Wednesday, July 8th. HC Wainwright restated a “buy” rating and issued a $20.00 target price on shares of MeiraGTx in a report on Wednesday, July 8th. Finally, Piper Sandler lifted their target price on shares of MeiraGTx from $26.00 to $30.00 and gave the stock an “overweight” rating in a research report on Wednesday, April 22nd. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $26.00.

Institutional Investors Weigh In On MeiraGTx

A number of institutional investors and hedge funds have recently bought and sold shares of MGTX. Rubric Capital Management LP boosted its holdings in shares of MeiraGTx by 65.7% during the 4th quarter. Rubric Capital Management LP now owns 6,175,331 shares of the company’s stock valued at $49,094,000 after purchasing an additional 2,448,880 shares during the last quarter. Millennium Management LLC boosted its holdings in shares of MeiraGTx by 23.5% in the 4th quarter. Millennium Management LLC now owns 3,176,390 shares of the company’s stock worth $25,252,000 after purchasing an additional 604,121 shares during the period. Adage Capital Partners GP L.L.C. boosted its stake in MeiraGTx by 7.1% during the second quarter. Adage Capital Partners GP L.L.C. now owns 6,034,578 shares of the company’s stock worth $39,345,000 after buying an additional 400,000 shares during the period. Opaleye Management Inc. bought a new position in MeiraGTx during the 4th quarter valued at about $3,107,000. Finally, Jefferies Financial Group Inc. bought a new position in shares of MeiraGTx during the fourth quarter valued at approximately $2,371,000. 67.48% of the stock is owned by institutional investors.

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.