MeiraGTx (NASDAQ:MGTX) Stock Price Down 7.4% – Here’s Why

MeiraGTx Holdings PLC (NASDAQ:MGTX) shares traded down 7.4% during trading on Monday . The company traded as low as $9.87 and last traded at $9.86. 511,475 shares changed hands during mid-day trading, a decline of 20% from the average session volume of 640,452 shares. The stock had previously closed at $10.65.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the company. Weiss Ratings restated a “sell (d-)” rating on shares of MeiraGTx in a research note on Tuesday, April 21st. Royal Bank Of Canada upped their target price on MeiraGTx from $24.00 to $25.00 and gave the stock an “outperform” rating in a research note on Friday, May 15th. Chardan Capital restated a “buy” rating and issued a $35.00 target price on shares of MeiraGTx in a research note on Friday, March 27th. HC Wainwright restated a “buy” rating on shares of MeiraGTx in a research note on Tuesday, May 26th. Finally, Bank of America upped their target price on MeiraGTx from $14.00 to $16.00 and gave the stock a “buy” rating in a research note on Friday, March 27th. One equities research 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 given a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $25.83.

MeiraGTx Stock Down 5.7%

The company has a market cap of $855.72 million, a PE ratio of -6.24 and a beta of 1.26. The business has a 50-day simple moving average of $9.35 and a 200-day simple moving average of $8.35.

MeiraGTx (NASDAQ:MGTX) last issued its quarterly earnings results on Thursday, May 14th. The company reported ($0.57) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.61) by $0.04. The company had revenue of $0.29 million for the quarter, compared to the consensus estimate of $17.00 million. MeiraGTx had a negative return on equity of 1,065.47% and a negative net margin of 151.12%. On average, research analysts forecast that MeiraGTx Holdings PLC will post -1.55 EPS for the current fiscal year.

Insiders Place Their Bets

In other MeiraGTx news, insider Stuart Naylor sold 27,661 shares of the stock in a transaction that occurred on Tuesday, April 7th. The stock was sold at an average price of $9.36, for a total transaction of $258,906.96. Following the transaction, the insider owned 668,505 shares in the company, valued at approximately $6,257,206.80. This represents a 3.97% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, 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, April 21st. The stock was sold at an average price of $10.22, for a total value of $572,320.00. Following the transaction, the chief financial officer owned 971,530 shares in the company, valued at $9,929,036.60. This represents a 5.45% decrease in their position. 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. Over the last 90 days, insiders have sold 207,661 shares of company stock worth $1,859,187. 7.50% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On MeiraGTx

A number of hedge funds have recently bought and sold shares of the business. Perceptive Advisors LLC boosted its position in MeiraGTx by 0.4% during the second quarter. Perceptive Advisors LLC now owns 12,626,103 shares of the company’s stock worth $82,231,000 after purchasing an additional 45,000 shares in the last quarter. Rubric Capital Management LP boosted its stake in shares of MeiraGTx by 13.4% in the first quarter. Rubric Capital Management LP now owns 7,000,000 shares of the company’s stock worth $60,620,000 after acquiring an additional 824,669 shares during the last quarter. Adage Capital Partners GP L.L.C. boosted its stake in shares of MeiraGTx by 7.1% in 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 acquiring an additional 400,000 shares during the last quarter. Millennium Management LLC boosted its stake in shares of MeiraGTx by 23.5% in the fourth quarter. Millennium Management LLC now owns 3,176,390 shares of the company’s stock worth $25,252,000 after acquiring an additional 604,121 shares during the last quarter. Finally, Erste Asset Management GmbH boosted its stake in shares of MeiraGTx by 11.3% in the fourth quarter. Erste Asset Management GmbH now owns 789,702 shares of the company’s stock worth $6,275,000 after acquiring an additional 80,000 shares during the last quarter. Hedge funds and other institutional investors 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.