MeiraGTx Holdings PLC (NASDAQ:MGTX) Stock Has Average Price Target of $24.00

MeiraGTx Holdings PLC (NASDAQ:MGTX) has earned an average rating of “Moderate Buy” from the eight analysts that are presently covering the stock, Marketbeat Ratings reports. Three equities research analysts have rated the stock with a hold rating and five have issued a buy rating on the company. The average 1 year price target among brokerages that have updated their coverage on the stock in the last year is $24.00.

MGTX has been the topic of several research analyst reports. Royal Bank Of Canada raised their target price on shares of MeiraGTx from $26.00 to $27.00 and gave the company an “outperform” rating in a research note on Friday, August 14th. Weiss Ratings upgraded shares of MeiraGTx from a “hold (c)” rating to a “hold (c+)” rating in a report on Thursday, October 8th. Zacks Research lowered MeiraGTx from a “strong-buy” rating to a “hold” rating in a research note on Friday, September 11th. HC Wainwright reissued a “buy” rating and issued a $20.00 price objective on shares of MeiraGTx in a research note on Wednesday, July 8th. Finally, The Goldman Sachs Group assumed coverage on MeiraGTx in a report on Thursday, September 24th. They issued a “neutral” rating and a $16.00 price objective for the company.

MeiraGTx Trading Down 1.8%

Shares of MGTX stock opened at $9.32 on Tuesday. MeiraGTx has a 1 year low of $6.62 and a 1 year high of $15.35. The firm has a market capitalization of $895.09 million, a PE ratio of 13.13 and a beta of 1.35. The stock has a fifty day moving average of $11.61 and a two-hundred day moving average of $10.30. The company has a debt-to-equity ratio of 0.46, a quick ratio of 3.76 and a current ratio of 3.76.

MeiraGTx (NASDAQ:MGTX) last issued its quarterly earnings results on Thursday, August 13th. The company reported $1.71 EPS for the quarter, beating analysts’ consensus estimates of ($0.46) by $2.17. MeiraGTx had a return on equity of 283.85% and a net margin of 19.87%. The company had revenue of $321.43 million for the quarter, compared to analyst estimates of $0.70 million. As a group, research analysts expect that MeiraGTx will post 0.30 EPS for the current year.

Insider Activity at MeiraGTx

In related news, CFO Richard Giroux sold 56,000 shares of the firm’s stock in a transaction that occurred on Tuesday, October 20th. The shares were sold at an average price of $9.95, for a total transaction of $557,200.00. Following the completion of the sale, the chief financial officer directly owned 852,530 shares in the company, valued at approximately $8,482,673.50. This trade represents a 6.16% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at 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 company’s stock in a transaction on Tuesday, August 18th. The shares were sold at an average price of $13.86, for a total value of $859,320.00. Following the completion of the transaction, the chief executive officer directly owned 1,325,695 shares in the company, valued at $18,374,132.70. This represents a 4.47% decrease in their position. 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 145,659 shares of company stock valued at $1,710,812 over the last ninety days. Insiders own 7.40% of the company’s stock.

Hedge Funds Weigh In On MeiraGTx

A number of hedge funds have recently modified their holdings of the stock. Squarepoint Ops LLC grew its position in MeiraGTx by 773.9% during the second quarter. Squarepoint Ops LLC now owns 162,412 shares of the company’s stock valued at $2,194,000 after purchasing an additional 143,828 shares in the last quarter. Johnson & Johnson purchased a new stake in MeiraGTx in the 2nd quarter worth approximately $89,720,775. Tocqueville Asset Management L.P. purchased a new stake in shares of MeiraGTx during the second quarter worth $1,050,000. Bank of America Corp DE purchased a new stake in shares of MeiraGTx during the second quarter worth $3,914,000. Finally, Sei Investments Co. purchased a new stake in shares of MeiraGTx during the first quarter worth $863,000. 67.48% of the stock is currently owned by institutional investors and hedge funds.

MeiraGTx Company Profile

MeiraGTx Holdings plc is a clinical-stage biotechnology company focused on developing gene therapies for serious diseases with limited treatment options. The company uses adeno-associated virus (AAV) vectors and other genetic medicine technologies to deliver therapeutic genes to targeted tissues and address the underlying causes of disease.

Its research and development activities have focused primarily on disorders of the central nervous system, including neurodegenerative diseases, as well as retinal and salivary-gland conditions.