Insider Selling: MeiraGTx (NASDAQ:MGTX) Insider Sells $409,353.20 in Stock

MeiraGTx Holdings PLC (NASDAQ:MGTX) insider Stuart Naylor sold 27,659 shares of MeiraGTx stock in a transaction on Tuesday, July 7th. The stock was sold at an average price of $14.80, for a total value of $409,353.20. Following the sale, the insider directly owned 640,846 shares of the company’s stock, valued at $9,484,520.80. This represents a 4.14% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

MeiraGTx Stock Performance

Shares of MeiraGTx stock opened at $13.94 on Friday. The firm has a 50-day moving average of $10.61 and a 200-day moving average of $8.98. MeiraGTx Holdings PLC has a 52-week low of $6.62 and a 52-week high of $15.35. The stock has a market cap of $1.29 billion, a PE ratio of -9.42 and a beta of 1.20.

MeiraGTx (NASDAQ:MGTX) last released its quarterly earnings results on Thursday, May 14th. The company reported ($0.57) EPS for the quarter, topping analysts’ consensus estimates of ($0.61) by $0.04. The business had revenue of $0.29 million for the quarter, compared to the consensus estimate of $17.00 million. Equities research analysts predict that MeiraGTx Holdings PLC will post -1.55 earnings per share for the current fiscal year.

Institutional Trading of MeiraGTx

Large investors have recently made changes to their positions in the company. Hennion & Walsh Asset Management Inc. raised its position in MeiraGTx by 18.9% during the second quarter. Hennion & Walsh Asset Management Inc. now owns 421,979 shares of the company’s stock valued at $5,701,000 after purchasing an additional 67,224 shares in the last quarter. Bank of America Corp DE increased its stake in shares of MeiraGTx by 17.5% in the 1st quarter. Bank of America Corp DE now owns 244,944 shares of the company’s stock valued at $2,121,000 after purchasing an additional 36,490 shares during the last quarter. Rubric Capital Management LP raised its holdings in shares of MeiraGTx by 13.4% during the 1st quarter. Rubric Capital Management LP now owns 7,000,000 shares of the company’s stock worth $60,620,000 after buying an additional 824,669 shares in the last quarter. Bank of Nova Scotia acquired a new position in shares of MeiraGTx during the 1st quarter worth $105,000. Finally, Sei Investments Co. acquired a new position in shares of MeiraGTx during the 1st quarter worth $863,000. Institutional investors and hedge funds own 67.48% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the company. Bank of America boosted their price target on MeiraGTx from $14.00 to $16.00 and gave the company a “buy” rating in a research note on Friday, March 27th. Weiss Ratings restated a “sell (d-)” rating on shares of MeiraGTx in a research note on Tuesday, April 21st. Piper Sandler lifted their price objective on MeiraGTx from $26.00 to $30.00 and gave the company an “overweight” rating in a report on Wednesday, April 22nd. Royal Bank Of Canada upped their target price on MeiraGTx from $25.00 to $26.00 and gave the company an “outperform” rating in a research report on Wednesday. Finally, Wall Street Zen raised MeiraGTx from a “sell” rating to a “hold” rating in a report on Sunday, April 5th. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $26.00.

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.