MeiraGTx (NASDAQ:MGTX) Shares Down 4.9% – Should You Sell?

MeiraGTx Holdings PLC (NASDAQ:MGTX)’s share price was down 4.9% during mid-day trading on Tuesday . The stock traded as low as $12.42 and last traded at $12.44. 486,648 shares traded hands during mid-day trading, a decline of 32% from the average session volume of 720,058 shares. The stock had previously closed at $13.08.

Analyst Ratings Changes

Several research firms recently commented on MGTX. Zacks Research downgraded shares of MeiraGTx from a “strong-buy” rating to a “hold” rating in a research report on Friday, September 11th. HC Wainwright reaffirmed a “buy” rating and set a $20.00 price target on shares of MeiraGTx in a research note on Wednesday, July 8th. Wall Street Zen upgraded shares of MeiraGTx from a “hold” rating to a “buy” rating in a report on Saturday, August 15th. Royal Bank Of Canada boosted their price objective on shares of MeiraGTx from $26.00 to $27.00 and gave the stock an “outperform” rating in a research note on Friday, August 14th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of MeiraGTx in a research report on Friday, July 17th. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $26.17.

MeiraGTx Stock Down 4.6%

The firm’s fifty day moving average price is $13.11 and its two-hundred day moving average price is $10.96. The stock has a market cap of $1.20 billion, a price-to-earnings ratio of 17.54 and a beta of 1.27. The company has a debt-to-equity ratio of 0.46, a current ratio of 3.76 and a quick ratio of 3.76.

MeiraGTx (NASDAQ:MGTX) last posted its quarterly earnings results on Thursday, August 13th. The company reported $1.71 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.46) by $2.17. The business had revenue of $321.43 million during the quarter, compared to the consensus estimate of $0.70 million. MeiraGTx had a net margin of 19.87% and a return on equity of 283.85%. Sell-side analysts forecast that MeiraGTx Holdings PLC will post 0.3 earnings per share for the current fiscal year.

Insider Activity at MeiraGTx

In related news, insider Stuart Naylor sold 27,659 shares of the business’s stock in a transaction dated Tuesday, July 7th. The shares were sold at an average price of $14.80, for a total value of $409,353.20. Following the transaction, the insider directly owned 640,846 shares of the company’s stock, valued at approximately $9,484,520.80. The trade was a 4.14% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Richard Giroux sold 56,000 shares of the stock in a transaction that occurred on Tuesday, July 21st. The shares were sold at an average price of $12.51, for a total transaction of $700,560.00. Following the transaction, the chief financial officer directly owned 908,530 shares of the company’s stock, valued at $11,365,710.30. This represents a 5.81% decrease in their ownership of the stock. 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 have sold 145,659 shares of company stock valued at $1,969,233 over the last ninety days. Corporate insiders own 7.40% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in MGTX. Rubric Capital Management LP grew its stake in MeiraGTx by 13.4% in the 1st quarter. Rubric Capital Management LP now owns 7,000,000 shares of the company’s stock valued at $60,620,000 after buying an additional 824,669 shares in the last quarter. Johnson & Johnson purchased a new position in MeiraGTx during the 2nd quarter valued at $89,720,775. BlackRock Inc. bought a new position in MeiraGTx in the 2nd quarter worth $64,269,000. Opaleye Management Inc. raised its holdings in MeiraGTx by 67.2% in the 2nd quarter. Opaleye Management Inc. now owns 3,550,000 shares of the company’s stock worth $47,960,000 after purchasing an additional 1,426,741 shares in the last quarter. Finally, Erste Asset Management GmbH lifted its position in shares of MeiraGTx by 11.3% in the 4th quarter. Erste Asset Management GmbH now owns 789,702 shares of the company’s stock worth $6,275,000 after purchasing an additional 80,000 shares during the period. Institutional investors own 67.48% of the company’s stock.

MeiraGTx Company Profile

MeiraGTx Holdings plc is a clinical-stage biotechnology company focused on developing gene therapies for serious diseases with limited treatment options. The company uses adeno-associated virus (AAV) vectors and other genetic medicine technologies to deliver therapeutic genes to targeted tissues, with an emphasis on disorders affecting the central nervous system, the eye and other organs.

MeiraGTx’s pipeline has included botaretigene sparoparvovec, an investigational AAV-based gene therapy for X-linked retinitis pigmentosa caused by mutations in the RPGR gene.