MeiraGTx (NASDAQ:MGTX) Shares Up 4.3% – Here’s Why

MeiraGTx Holdings PLC (NASDAQ:MGTX)’s share price was up 4.3% during trading on Tuesday . The company traded as high as $14.33 and last traded at $14.41. 207,671 shares traded hands during mid-day trading, a decline of 71% from the average daily volume of 714,177 shares. The stock had previously closed at $13.81.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on MGTX shares. Royal Bank Of Canada lifted their price target on shares of MeiraGTx from $26.00 to $27.00 and gave the stock an “outperform” rating in a research note on Friday, August 14th. Wall Street Zen raised shares of MeiraGTx from a “hold” rating to a “buy” rating in a research report on Saturday, August 15th. Weiss Ratings restated a “sell (d-)” rating on shares of MeiraGTx in a research note on Friday, July 17th. HC Wainwright reaffirmed a “buy” rating and set a $20.00 price target on shares of MeiraGTx in a research report on Wednesday, July 8th. Finally, Zacks Research upgraded MeiraGTx from a “hold” rating to a “strong-buy” rating in a research note on Thursday, August 13th. Two research analysts have rated the stock with a Strong Buy rating, five have given a Buy rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $26.17.

MeiraGTx Stock Up 4.6%

The firm has a market cap of $1.39 billion, a price-to-earnings ratio of 20.34 and a beta of 1.23. The company has a debt-to-equity ratio of 0.46, a current ratio of 3.76 and a quick ratio of 3.76. The firm’s fifty day moving average is $13.03 and its two-hundred day moving average is $10.35.

MeiraGTx (NASDAQ:MGTX) last announced its quarterly earnings data on Thursday, August 13th. The company reported $1.71 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.46) by $2.17. The company had revenue of $321.43 million for the quarter, compared to analysts’ expectations of $0.70 million. MeiraGTx had a net margin of 19.87% and a return on equity of 283.85%. On average, sell-side analysts expect that MeiraGTx Holdings PLC will post 0.3 EPS for the current fiscal year.

Insider Activity at MeiraGTx

In other news, insider Stuart Naylor sold 27,659 shares of the company’s stock in a transaction dated Tuesday, July 7th. The stock was sold at an average price of $14.80, for a total transaction of $409,353.20. Following the completion of the sale, the insider owned 640,846 shares in the company, valued at approximately $9,484,520.80. This represents a 4.14% decrease in their position. The transaction was disclosed in a legal filing 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 firm’s stock in a transaction on Tuesday, July 21st. The shares were sold at an average price of $12.51, for a total transaction of $700,560.00. Following the completion of the transaction, the chief financial officer owned 908,530 shares in the company, valued at $11,365,710.30. The trade was a 5.81% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 145,659 shares of company stock valued at $1,969,233. 7.40% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On MeiraGTx

Several hedge funds have recently added to or reduced their stakes in the company. California State Teachers Retirement System grew its position in shares of MeiraGTx by 33,330.0% during the 2nd quarter. California State Teachers Retirement System now owns 818,031 shares of the company’s stock worth $11,052,000 after buying an additional 815,584 shares during the period. AXQ Capital LP acquired a new stake in shares of MeiraGTx in the 2nd quarter valued at approximately $421,000. Susquehanna International Group LLP increased its stake in MeiraGTx by 129.6% during the 2nd quarter. Susquehanna International Group LLP now owns 48,474 shares of the company’s stock worth $655,000 after purchasing an additional 27,360 shares in the last quarter. Wellington Management Group LLP grew its holdings in shares of MeiraGTx by 13.1% during the second quarter. Wellington Management Group LLP now owns 142,923 shares of the company’s stock worth $1,931,000 after buying an additional 16,592 shares in the last quarter. Finally, Beacon Pointe Advisors LLC bought a new stake in shares of MeiraGTx in the second quarter worth $362,000. Institutional investors own 67.48% of the company’s stock.

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.