MeiraGTx Holdings PLC (NASDAQ:MGTX) Receives Average Rating of “Moderate Buy” from Analysts

Shares of MeiraGTx Holdings PLC (NASDAQ:MGTX) have earned a consensus recommendation of “Moderate Buy” from the eight ratings firms that are presently covering the firm, Marketbeat reports. One equities research analyst has rated the stock with a sell recommendation, one has assigned a hold recommendation, five have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year price objective among analysts that have issued ratings on the stock in the last year is $25.6667.

A number of research firms have recently commented on MGTX. Zacks Research upgraded MeiraGTx from a “strong sell” rating to a “hold” rating in a report on Monday, March 9th. Wall Street Zen upgraded MeiraGTx from a “sell” rating to a “hold” rating in a report on Sunday, April 5th. Piper Sandler increased 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. Chardan Capital reiterated a “buy” rating and issued a $35.00 price objective on shares of MeiraGTx in a report on Friday, March 27th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of MeiraGTx in a report on Tuesday, April 21st.

MeiraGTx Stock Performance

MGTX opened at $9.70 on Tuesday. MeiraGTx has a one year low of $4.55 and a one year high of $11.85. The company has a market cap of $790.07 million, a P/E ratio of -6.83 and a beta of 1.23. The business’s 50-day simple moving average is $8.47 and its 200-day simple moving average is $8.20.

MeiraGTx (NASDAQ:MGTX) last released its quarterly earnings data on Thursday, March 26th. The company reported $0.19 EPS for the quarter, beating analysts’ consensus estimates of ($0.60) by $0.79. MeiraGTx had a negative return on equity of 1,065.47% and a negative net margin of 140.31%.The business had revenue of $75.36 million for the quarter, compared to the consensus estimate of $3.87 million. As a group, analysts predict that MeiraGTx will post -1.76 earnings per share for the current fiscal year.

Insider Activity at MeiraGTx

In related news, insider Stuart Naylor sold 27,661 shares of the company’s stock in a transaction dated Tuesday, April 7th. The stock was sold at an average price of $9.36, for a total value of $258,906.96. Following the completion of the sale, the insider directly owned 668,505 shares of the company’s stock, valued at $6,257,206.80. This represents a 3.97% 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, CFO Richard Giroux sold 56,000 shares of the company’s stock in a transaction dated Tuesday, April 21st. The shares were 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 directly owned 971,530 shares of the company’s stock, valued at approximately $9,929,036.60. This trade represents a 5.45% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 145,661 shares of company stock valued at $1,290,647 in the last three months. 7.50% of the stock is currently owned by company insiders.

Institutional Trading of MeiraGTx

A number of large investors have recently made changes to their positions in MGTX. Rubric Capital Management LP boosted its position in shares of MeiraGTx by 65.7% in the 4th quarter. Rubric Capital Management LP now owns 6,175,331 shares of the company’s stock valued at $49,094,000 after purchasing an additional 2,448,880 shares during the period. Millennium Management LLC boosted its position in shares of MeiraGTx by 23.5% in the 4th quarter. Millennium Management LLC now owns 3,176,390 shares of the company’s stock valued at $25,252,000 after purchasing an additional 604,121 shares during the period. Adage Capital Partners GP L.L.C. boosted its position in shares of MeiraGTx by 7.1% in the 2nd quarter. Adage Capital Partners GP L.L.C. now owns 6,034,578 shares of the company’s stock valued at $39,345,000 after purchasing an additional 400,000 shares during the period. Opaleye Management Inc. acquired a new stake in shares of MeiraGTx in the 4th quarter valued at about $3,107,000. Finally, Jefferies Financial Group Inc. acquired a new stake in shares of MeiraGTx in the 4th quarter valued at about $2,371,000. 67.48% of the stock is owned by institutional investors and hedge funds.

About MeiraGTx

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.