MeiraGTx (NASDAQ:MGTX) Shares Up 10.9% – Here’s What Happened

MeiraGTx Holdings PLC (NASDAQ:MGTX) shot up 10.9% on Wednesday . The stock traded as high as $10.79 and last traded at $10.7690. 580,449 shares traded hands during trading, a decline of 9% from the average session volume of 637,263 shares. The stock had previously closed at $9.71.

Wall Street Analyst Weigh In

Several equities analysts have commented on MGTX shares. Royal Bank Of Canada increased their price target on shares of MeiraGTx from $24.00 to $25.00 and gave the company an “outperform” rating in a research note on Friday, May 15th. Bank of America increased their target price on shares of MeiraGTx from $14.00 to $16.00 and gave the company a “buy” rating in a research report on Friday, March 27th. Wall Street Zen upgraded shares of MeiraGTx from a “sell” rating to a “hold” rating in a research note on Sunday, April 5th. Piper Sandler boosted their price target on shares of MeiraGTx from $26.00 to $30.00 and gave the company an “overweight” rating in a research report on Wednesday, April 22nd. Finally, Chardan Capital restated a “buy” rating and issued a $35.00 price objective on shares of MeiraGTx in a research note on Friday, March 27th. One 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 company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $25.83.

MeiraGTx Stock Up 6.9%

The company’s fifty day moving average price is $9.63 and its two-hundred day moving average price is $8.46. The firm has a market cap of $961.48 million, a PE ratio of -6.93 and a beta of 1.26.

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

Insider Buying and Selling at MeiraGTx

In other MeiraGTx news, CFO Richard Giroux sold 56,000 shares of the business’s stock in a transaction on Tuesday, April 21st. The stock was sold at an average price of $10.22, for a total transaction of $572,320.00. Following the sale, the chief financial officer directly owned 971,530 shares in the company, valued at approximately $9,929,036.60. The trade was a 5.45% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Alexandria Forbes sold 62,000 shares of MeiraGTx stock in a transaction on Tuesday, March 24th. The stock was sold at an average price of $7.41, for a total value of $459,420.00. Following the transaction, the chief executive officer directly owned 1,449,695 shares of the company’s stock, valued at $10,742,239.95. This trade represents a 4.10% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 207,661 shares of company stock valued at $1,859,187. Corporate insiders own 7.40% of the company’s stock.

Institutional Trading of MeiraGTx

Several institutional investors and hedge funds have recently modified their holdings of the business. BNP Paribas Financial Markets raised its holdings in shares of MeiraGTx by 43.8% in the second quarter. BNP Paribas Financial Markets now owns 4,810 shares of the company’s stock worth $31,000 after acquiring an additional 1,466 shares during the last quarter. Tower Research Capital LLC TRC boosted its stake in shares of MeiraGTx by 390.9% during the second quarter. Tower Research Capital LLC TRC now owns 8,797 shares of the company’s stock valued at $57,000 after acquiring an additional 7,005 shares during the last quarter. ProShare Advisors LLC purchased a new stake in MeiraGTx during the 4th quarter worth about $94,000. Bank of Nova Scotia acquired a new position in MeiraGTx in the 1st quarter valued at about $105,000. Finally, Abel Hall LLC acquired a new position in MeiraGTx in the 4th quarter valued at about $98,000. Hedge funds and other 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.