Brokerages Set MeiraGTx Holdings PLC (NASDAQ:MGTX) Target Price at $25.83

Shares of MeiraGTx Holdings PLC (NASDAQ:MGTX) have been given a consensus rating of “Moderate Buy” by the eight ratings firms that are currently covering the company, MarketBeat Ratings reports. One analyst has rated the stock with a sell recommendation, one has assigned a hold recommendation, five have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1 year target price among brokerages that have issued ratings on the stock in the last year is $25.8333.

Several brokerages have recently issued reports on MGTX. Royal Bank Of Canada raised their target price on MeiraGTx from $24.00 to $25.00 and gave the company an “outperform” rating in a research report on Friday, May 15th. Wall Street Zen raised MeiraGTx from a “sell” rating to a “hold” rating in a research report on Sunday, April 5th. HC Wainwright reaffirmed a “buy” rating on shares of MeiraGTx in a research report on Tuesday, May 26th. Piper Sandler raised their target price on MeiraGTx from $26.00 to $30.00 and gave the company an “overweight” rating in a research report on Wednesday, April 22nd. Finally, Zacks Research raised MeiraGTx from a “strong sell” rating to a “hold” rating in a research report on Monday, March 9th.

MeiraGTx Trading Down 6.0%

NASDAQ MGTX opened at $9.00 on Friday. The firm has a market capitalization of $833.49 million, a P/E ratio of -6.08 and a beta of 1.26. The business has a fifty day simple moving average of $9.50 and a 200 day simple moving average of $8.37. MeiraGTx has a 12 month low of $5.47 and a 12 month high of $11.85.

MeiraGTx (NASDAQ:MGTX) last released its quarterly earnings results on Thursday, May 14th. The company reported ($0.57) EPS for the quarter, beating analysts’ consensus estimates of ($0.61) by $0.04. MeiraGTx had a negative return on equity of 1,065.47% and a negative net margin of 151.12%.The business had revenue of $0.29 million during the quarter, compared to analyst estimates of $17.00 million. As a group, sell-side analysts predict that MeiraGTx will post -1.55 EPS for the current fiscal year.

Insider Activity

In other news, insider Stuart Naylor sold 27,661 shares of the firm’s stock in a transaction 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 completion of the sale, the insider directly owned 668,505 shares of the company’s stock, valued at $6,257,206.80. This trade represents a 3.97% decrease in their position. The sale was disclosed in a document filed with the SEC, 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 firm’s stock in a transaction on Tuesday, May 19th. The shares were sold at an average price of $9.17, for a total value of $568,540.00. Following the sale, the chief executive officer directly owned 1,387,695 shares of the company’s stock, valued at approximately $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. Insiders sold a total of 207,661 shares of company stock valued at $1,859,187 in the last ninety days. 7.50% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in MGTX. Rubric Capital Management LP grew its stake in shares of MeiraGTx by 65.7% during the 4th quarter. Rubric Capital Management LP now owns 6,175,331 shares of the company’s stock worth $49,094,000 after acquiring an additional 2,448,880 shares during the period. Millennium Management LLC grew its stake in shares of MeiraGTx by 23.5% during the 4th 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 period. Adage Capital Partners GP L.L.C. grew its stake in shares of MeiraGTx by 7.1% during the 2nd 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 period. Opaleye Management Inc. bought a new position in shares of MeiraGTx during the 4th quarter worth $3,107,000. Finally, Jefferies Financial Group Inc. bought a new position in shares of MeiraGTx during the 4th quarter worth $2,371,000. 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.