Rubric Capital Management LP Purchases 824,669 Shares of MeiraGTx Holdings PLC $MGTX

Rubric Capital Management LP increased its holdings in MeiraGTx Holdings PLC (NASDAQ:MGTX) by 13.4% during the first quarter, HoldingsChannel reports. The institutional investor owned 7,000,000 shares of the company’s stock after acquiring an additional 824,669 shares during the quarter. Rubric Capital Management LP owned about 0.08% of MeiraGTx worth $60,620,000 at the end of the most recent reporting period.

Other large investors also recently added to or reduced their stakes in the company. BNP Paribas Financial Markets increased its stake in MeiraGTx by 43.8% in the 2nd 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 position in shares of MeiraGTx by 390.9% during the 2nd 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 bought a new stake in shares of MeiraGTx during the 4th quarter valued at about $94,000. Bank of Nova Scotia purchased a new position in shares of MeiraGTx during the first quarter worth about $105,000. Finally, Abel Hall LLC bought a new position in shares of MeiraGTx in the fourth quarter worth approximately $98,000. Institutional investors own 67.48% of the company’s stock.

MeiraGTx Price Performance

Shares of MGTX opened at $12.30 on Tuesday. MeiraGTx Holdings PLC has a 1 year low of $6.62 and a 1 year high of $15.35. The stock has a 50 day simple moving average of $11.27 and a two-hundred day simple moving average of $9.35. The firm has a market cap of $1.14 billion, a P/E ratio of -8.31 and a beta of 1.20.

MeiraGTx (NASDAQ:MGTX) last posted its quarterly earnings results on Thursday, May 14th. The company reported ($0.57) EPS for the quarter, topping the consensus estimate of ($0.61) by $0.04. The business had revenue of $0.29 million for the quarter, compared to analysts’ expectations of $17.00 million. On average, equities analysts anticipate that MeiraGTx Holdings PLC will post -1.53 earnings per share for the current year.

Insider Buying and Selling at MeiraGTx

In other MeiraGTx news, CEO Alexandria Forbes sold 62,000 shares of the company’s stock in a transaction dated Tuesday, May 19th. The shares were sold at an average price of $9.17, for a total transaction of $568,540.00. Following the completion of the sale, the chief executive officer directly owned 1,387,695 shares in the company, valued at $12,725,163.15. This represents a 4.28% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Stuart Naylor sold 27,659 shares of the firm’s stock in a transaction dated Tuesday, July 7th. The shares were sold at an average price of $14.80, for a total value of $409,353.20. Following the transaction, the insider directly owned 640,846 shares in the company, valued at $9,484,520.80. This trade represents a 4.14% 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 own 7.40% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have commented on MGTX. Royal Bank Of Canada boosted their price target on shares of MeiraGTx from $25.00 to $26.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 8th. Wall Street Zen upgraded shares of MeiraGTx from a “sell” rating to a “hold” rating in a research report on Sunday, April 5th. Piper Sandler lifted their price objective on shares of MeiraGTx from $26.00 to $30.00 and gave the stock an “overweight” rating in a report on Wednesday, April 22nd. Weiss Ratings reiterated a “sell (d-)” rating on shares of MeiraGTx in a research report on Friday, July 17th. Finally, HC Wainwright restated a “buy” rating and set a $20.00 price target on shares of MeiraGTx in a research report on Wednesday, July 8th. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $26.00.

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.