Alexandria Forbes Sells 62,000 Shares of MeiraGTx (NASDAQ:MGTX) Stock

MeiraGTx Holdings PLC (NASDAQ:MGTX) 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 transaction of $859,320.00. Following the completion of the transaction, the chief executive officer owned 1,325,695 shares of the company’s stock, valued at approximately $18,374,132.70. The trade was a 4.47% decrease in their position. 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.

MeiraGTx Stock Up 0.9%

Shares of NASDAQ MGTX traded up $0.12 during mid-day trading on Tuesday, reaching $13.89. The company had a trading volume of 775,657 shares, compared to its average volume of 469,914. The firm has a 50 day simple moving average of $12.28 and a two-hundred day simple moving average of $9.92. MeiraGTx Holdings PLC has a 52-week low of $6.62 and a 52-week high of $15.35. The company has a current ratio of 3.76, a quick ratio of 3.76 and a debt-to-equity ratio of 0.46. The stock has a market cap of $1.33 billion, a P/E ratio of 19.56 and a beta of 1.23.

MeiraGTx (NASDAQ:MGTX) last announced its quarterly earnings results on Thursday, August 13th. The company reported $1.71 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.46) by $2.17. MeiraGTx had a net margin of 19.87% and a return on equity of 283.85%. The firm had revenue of $321.43 million during the quarter, compared to analysts’ expectations of $0.70 million. Sell-side analysts predict that MeiraGTx Holdings PLC will post -0.27 earnings per share for the current year.

Analyst Upgrades and Downgrades

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

Hedge Funds Weigh In On MeiraGTx

A number of hedge funds and other institutional investors have recently bought and sold shares of MGTX. Algert Global LLC lifted its stake in shares of MeiraGTx by 13.9% in the 2nd quarter. Algert Global LLC now owns 11,700 shares of the company’s stock worth $158,000 after acquiring an additional 1,430 shares during the period. BNP Paribas Financial Markets boosted 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 valued at $31,000 after acquiring an additional 1,466 shares in the last quarter. Kennedy Capital Management LLC increased its stake in shares of MeiraGTx by 2.2% during the fourth quarter. Kennedy Capital Management LLC now owns 70,738 shares of the company’s stock worth $562,000 after acquiring an additional 1,495 shares during the period. Russell Investments Group Ltd. increased its stake in shares of MeiraGTx by 4.3% during the third quarter. Russell Investments Group Ltd. now owns 82,844 shares of the company’s stock worth $682,000 after acquiring an additional 3,452 shares during the period. Finally, XTX Topco Ltd raised its holdings in MeiraGTx by 11.0% during the fourth quarter. XTX Topco Ltd now owns 38,030 shares of the company’s stock worth $302,000 after purchasing an additional 3,766 shares in the last quarter. 67.48% of the stock is currently owned by hedge funds and other institutional investors.

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.