MeiraGTx (NASDAQ:MGTX) Shares Up 7.9% – Still a Buy?

MeiraGTx Holdings PLC (NASDAQ:MGTX)’s share price rose 7.9% during trading on Monday . The stock traded as high as $12.70 and last traded at $12.70. 77,409 shares were traded during trading, a decline of 89% from the average daily volume of 729,733 shares. The stock had previously closed at $11.77.

Analyst Upgrades and Downgrades

MGTX has been the topic of several recent analyst reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of MeiraGTx in a report on Friday, July 17th. Wall Street Zen raised MeiraGTx from a “sell” rating to a “hold” rating in a report on Sunday, April 5th. HC Wainwright restated a “buy” rating and issued a $20.00 price objective on shares of MeiraGTx in a research report on Wednesday, July 8th. Piper Sandler raised their target price on shares of MeiraGTx from $26.00 to $30.00 and gave the company an “overweight” rating in a research note on Wednesday, April 22nd. Finally, Royal Bank Of Canada boosted their price target on shares of MeiraGTx from $25.00 to $26.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 8th. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, MeiraGTx currently has a consensus rating of “Moderate Buy” and an average target price of $26.00.

MeiraGTx Trading Up 5.1%

The stock has a fifty day moving average of $11.21 and a two-hundred day moving average of $9.32. The company has a market capitalization of $1.15 billion, a PE ratio of -8.36 and a beta of 1.20.

MeiraGTx (NASDAQ:MGTX) last issued its earnings results on Thursday, May 14th. The company reported ($0.57) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.61) by $0.04. The firm had revenue of $0.29 million during the quarter, compared to analysts’ expectations of $17.00 million. Equities analysts forecast that MeiraGTx Holdings PLC will post -1.53 EPS for the current year.

Insider Buying and Selling at MeiraGTx

In related news, insider Stuart Naylor sold 27,659 shares of MeiraGTx stock in a transaction on Tuesday, July 7th. The shares were sold at an average price of $14.80, for a total value of $409,353.20. Following the transaction, the insider owned 640,846 shares in the company, valued at $9,484,520.80. This trade represents a 4.14% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Alexandria Forbes sold 62,000 shares of the business’s stock in a transaction on Tuesday, May 19th. The stock was sold at an average price of $9.17, for a total transaction of $568,540.00. Following the completion of the sale, the chief executive officer directly owned 1,387,695 shares of the company’s stock, valued at $12,725,163.15. This represents a 4.28% 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. 7.40% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On MeiraGTx

Several institutional investors and hedge funds have recently bought and sold shares of the stock. BNP Paribas Financial Markets increased its stake in MeiraGTx by 43.8% in the 2nd quarter. BNP Paribas Financial Markets now owns 4,810 shares of the company’s stock worth $31,000 after purchasing an additional 1,466 shares during the period. Kennedy Capital Management LLC boosted its stake in shares of MeiraGTx by 2.2% during the fourth quarter. Kennedy Capital Management LLC now owns 70,738 shares of the company’s stock valued at $562,000 after purchasing an additional 1,495 shares during the period. Russell Investments Group Ltd. boosted its stake in shares of MeiraGTx by 4.3% during the third quarter. Russell Investments Group Ltd. now owns 82,844 shares of the company’s stock valued at $682,000 after purchasing an additional 3,452 shares during the period. XTX Topco Ltd grew its holdings 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 purchasing an additional 3,766 shares during the last quarter. Finally, Hsbc Holdings PLC grew its holdings in shares of 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 during the last quarter. 67.48% of the stock is currently owned by 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.