MeiraGTx (NASDAQ:MGTX) Trading Up 5.9% – Here’s Why

Shares of MeiraGTx Holdings PLC (NASDAQ:MGTX) traded up 5.9% during trading on Tuesday . The stock traded as high as $14.39 and last traded at $14.7090. Approximately 193,185 shares were traded during trading, a decline of 73% from the average daily volume of 720,253 shares. The stock had previously closed at $13.89.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on MGTX shares. Chardan Capital reiterated a “buy” rating and issued a $35.00 price objective on shares of MeiraGTx in a research report on Friday, March 27th. HC Wainwright restated a “buy” rating and set a $20.00 target price on shares of MeiraGTx in a research report on Wednesday. Weiss Ratings restated a “sell (d-)” rating on shares of MeiraGTx in a research note on Tuesday, April 21st. Bank of America lifted 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. Finally, Wall Street Zen raised MeiraGTx from a “sell” rating to a “hold” rating in a report on Sunday, April 5th. 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 assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $26.00.

MeiraGTx Stock Performance

The business’s 50 day moving average is $10.51 and its 200-day moving average is $8.93. The stock has a market cap of $1.31 billion, a price-to-earnings ratio of -9.55 and a beta of 1.20.

MeiraGTx (NASDAQ:MGTX) last issued 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 during the quarter, compared to analysts’ expectations of $17.00 million. Sell-side analysts anticipate that MeiraGTx Holdings PLC will post -1.55 EPS for the current fiscal year.

Insider Transactions at MeiraGTx

In related news, CEO Alexandria Forbes sold 62,000 shares of the firm’s stock in a transaction dated Tuesday, May 19th. The shares were sold at an average price of $9.17, for a total value of $568,540.00. Following the transaction, the chief executive officer directly owned 1,387,695 shares of the company’s stock, valued at approximately $12,725,163.15. This trade represents a 4.28% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Richard Giroux sold 56,000 shares of MeiraGTx stock in a transaction dated Tuesday, April 21st. The stock was sold at an average price of $10.22, for a total value of $572,320.00. Following the completion of the sale, the chief financial officer owned 971,530 shares in the company, valued at approximately $9,929,036.60. The trade was a 5.45% 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 sold 145,659 shares of company stock valued at $1,550,213 over the last 90 days. Corporate insiders own 7.40% of the company’s stock.

Hedge Funds Weigh In On MeiraGTx

A number of hedge funds have recently made changes to their positions in MGTX. AQR Capital Management LLC acquired a new stake in shares of MeiraGTx in the first quarter worth approximately $557,000. Rhumbline Advisers raised its stake in MeiraGTx by 9.4% in the 2nd quarter. Rhumbline Advisers now owns 63,715 shares of the company’s stock valued at $415,000 after purchasing an additional 5,488 shares during the last quarter. Brown Advisory Inc. acquired a new position in MeiraGTx in the 2nd quarter valued at $326,000. Qube Research & Technologies Ltd purchased a new position in MeiraGTx in the 2nd quarter valued at $530,000. Finally, Quantinno Capital Management LP purchased a new position in MeiraGTx in the 2nd quarter valued at $319,000. 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.