MeiraGTx (NASDAQ:MGTX) Hits New 52-Week High – Time to Buy?

MeiraGTx Holdings PLC (NASDAQ:MGTX)’s share price reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $9.77 and last traded at $9.7650, with a volume of 358742 shares trading hands. The stock had previously closed at $9.18.

Analyst Ratings Changes

A number of equities analysts have issued reports on the company. Piper Sandler decreased their price target on MeiraGTx from $30.00 to $26.00 and set an “overweight” rating for the company in a research note on Friday, March 27th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of MeiraGTx in a research note on Thursday, January 22nd. Zacks Research raised MeiraGTx from a “strong sell” rating to a “hold” rating in a research report on Monday, March 9th. Wall Street Zen raised MeiraGTx from a “sell” rating to a “hold” rating in a research note on Sunday. Finally, Bank of America increased their price target on shares of MeiraGTx from $14.00 to $16.00 and gave the stock a “buy” rating in a research report on Friday, March 27th. One equities 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 assigned a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $23.67.

MeiraGTx Stock Up 5.6%

The business has a 50-day moving average of $7.69 and a 200-day moving average of $7.99. The stock has a market cap of $789.25 million, a price-to-earnings ratio of -6.81 and a beta of 1.27.

MeiraGTx (NASDAQ:MGTX) last issued its earnings results on Thursday, March 26th. The company reported $0.19 earnings per share for the quarter, topping the consensus estimate of ($0.60) by $0.79. The company had revenue of $75.36 million for the quarter, compared to analyst estimates of $3.87 million. MeiraGTx had a negative return on equity of 1,065.47% and a negative net margin of 140.31%. Equities analysts anticipate that MeiraGTx Holdings PLC will post -1.48 earnings per share for the current year.

Insider Transactions at MeiraGTx

In other MeiraGTx news, CEO Alexandria Forbes sold 62,000 shares of the business’s stock in a transaction that occurred on Tuesday, March 24th. The shares were sold at an average price of $7.41, for a total value of $459,420.00. Following the completion of the sale, the chief executive officer directly owned 1,449,695 shares of the company’s stock, valued at $10,742,239.95. The trade was a 4.10% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 7.50% of the stock is owned by company insiders.

Institutional Investors Weigh In On MeiraGTx

Several institutional investors and hedge funds have recently modified their holdings of the business. Hsbc Holdings PLC boosted its holdings in 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 purchasing an additional 4,649 shares in the last quarter. Invesco Ltd. raised its holdings 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 buying an additional 21,381 shares in the last quarter. XTX Topco Ltd lifted its position in shares of MeiraGTx by 11.0% in the fourth quarter. XTX Topco Ltd now owns 38,030 shares of the company’s stock worth $302,000 after buying an additional 3,766 shares during the last quarter. VARCOV Co. bought a new stake in shares of MeiraGTx during the 4th quarter worth about $262,000. Finally, Virtus Investment Advisers LLC bought a new stake in shares of MeiraGTx during the 4th quarter worth about $237,000. Institutional investors and hedge funds 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.