MeiraGTx (NASDAQ:MGTX) Shares Down 6.7% Following Insider Selling

MeiraGTx Holdings PLC (NASDAQ:MGTX)’s share price traded down 6.7% during trading on Wednesday following insider selling activity. The stock traded as low as $13.69 and last traded at $13.6730. 267,207 shares changed hands during mid-day trading, a decline of 63% from the average daily volume of 731,484 shares. The stock had previously closed at $14.66.

Specifically, insider Stuart Naylor sold 27,659 shares of the stock in a transaction that occurred on Tuesday, July 7th. The shares were sold at an average price of $14.80, for a total transaction of $409,353.20. Following the sale, the insider directly owned 640,846 shares in the company, valued at $9,484,520.80. This represents a 4.14% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the company. Royal Bank Of Canada lifted their target price on MeiraGTx from $25.00 to $26.00 and gave the company an “outperform” rating in a report on Wednesday. Piper Sandler upped their target price on shares of MeiraGTx from $26.00 to $30.00 and gave the stock an “overweight” rating in a research note on Wednesday, April 22nd. Wall Street Zen raised shares of MeiraGTx from a “sell” rating to a “hold” rating in a report on Sunday, April 5th. Bank of America boosted their price target on shares of MeiraGTx from $14.00 to $16.00 and gave the stock a “buy” rating in a report on Friday, March 27th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of MeiraGTx in a research report on Tuesday, April 21st. 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 given a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $26.00.

MeiraGTx Stock Down 6.3%

The business’s fifty day simple moving average is $10.41 and its two-hundred day simple moving average is $8.89. The company has a market cap of $1.27 billion, a price-to-earnings ratio of -9.28 and a beta of 1.20.

MeiraGTx (NASDAQ:MGTX) last announced 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. The company had revenue of $0.29 million for the quarter, compared to analyst estimates of $17.00 million. Sell-side analysts predict that MeiraGTx Holdings PLC will post -1.55 EPS for the current fiscal year.

Institutional Trading of MeiraGTx

Institutional investors and hedge funds have recently made changes to their positions in the company. BNP Paribas Financial Markets increased its position in MeiraGTx by 43.8% during the second quarter. BNP Paribas Financial Markets now owns 4,810 shares of the company’s stock worth $31,000 after buying an additional 1,466 shares during the period. Tower Research Capital LLC TRC boosted its holdings in shares of MeiraGTx by 390.9% in the second quarter. Tower Research Capital LLC TRC now owns 8,797 shares of the company’s stock valued at $57,000 after acquiring an additional 7,005 shares during the period. ProShare Advisors LLC acquired a new stake in shares of MeiraGTx in the fourth quarter valued at approximately $94,000. Bank of Nova Scotia purchased a new position in shares of MeiraGTx during the first quarter worth approximately $105,000. Finally, Abel Hall LLC purchased a new position in shares of MeiraGTx during the fourth quarter worth approximately $98,000. 67.48% of the stock is owned by hedge funds and other institutional investors.

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.