Opaleye Management Inc. Raises Holdings in MeiraGTx Holdings PLC $MGTX

Opaleye Management Inc. boosted its holdings in MeiraGTx Holdings PLC (NASDAQ:MGTX) by 67.2% during the 2nd quarter, Holdings Channel reports. The firm owned 3,550,000 shares of the company’s stock after acquiring an additional 1,426,741 shares during the period. MeiraGTx makes up about 4.3% of Opaleye Management Inc.’s investment portfolio, making the stock its 7th largest holding. Opaleye Management Inc.’s holdings in MeiraGTx were worth $47,960,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of MGTX. Engineers Gate Manager LP increased its position in shares of MeiraGTx by 157.8% during the 2nd quarter. Engineers Gate Manager LP now owns 69,092 shares of the company’s stock valued at $933,000 after purchasing an additional 42,292 shares during the last quarter. 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 buying an additional 143,828 shares during the period. Arizona State Retirement System bought a new position in MeiraGTx during the second quarter valued at about $207,000. California State Teachers Retirement System increased its holdings in MeiraGTx by 33,330.0% during the second 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 last quarter. Finally, AXQ Capital LP purchased a new stake in MeiraGTx during the second quarter worth about $421,000. Institutional investors own 67.48% of the company’s stock.

MeiraGTx Price Performance

MeiraGTx stock opened at $12.85 on Friday. The firm has a market capitalization of $1.23 billion, a P/E ratio of 18.10 and a beta of 1.27. MeiraGTx Holdings PLC has a one year low of $6.62 and a one year high of $15.35. 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 business has a fifty day moving average price of $13.23 and a 200-day moving average price of $10.70.

MeiraGTx (NASDAQ:MGTX) last released its quarterly earnings data on Thursday, August 13th. The company reported $1.71 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.46) by $2.17. The company had revenue of $321.43 million for the quarter, compared to analyst estimates of $0.70 million. MeiraGTx had a return on equity of 283.85% and a net margin of 19.87%. As a group, equities research analysts forecast that MeiraGTx Holdings PLC will post 0.3 EPS for the current year.

Analysts Set New Price Targets

A number of research analysts have weighed in on MGTX shares. Royal Bank Of Canada boosted 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 reaffirmed a “sell (d-)” rating on shares of MeiraGTx in a report on Friday, July 17th. Zacks Research upgraded MeiraGTx from a “hold” rating to a “strong-buy” rating in a research note on Thursday, August 13th. HC Wainwright reiterated a “buy” rating and issued a $20.00 price objective on shares of MeiraGTx in a research note on Wednesday, July 8th. Finally, Wall Street Zen raised MeiraGTx from a “hold” rating to a “buy” rating in a report on Saturday, August 15th. Two equities 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 stock. Based on data from MarketBeat, MeiraGTx has an average rating of “Buy” and an average price target of $26.17.

Insider Buying and Selling at MeiraGTx

In other news, CFO Richard Giroux sold 56,000 shares of the company’s stock in a transaction dated Tuesday, July 21st. The stock was sold at an average price of $12.51, for a total transaction of $700,560.00. Following the sale, the chief financial officer directly owned 908,530 shares in the company, valued at $11,365,710.30. This represents a 5.81% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. 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 dated Tuesday, August 18th. The shares were sold at an average price of $13.86, for a total value of $859,320.00. Following the sale, the chief executive officer owned 1,325,695 shares in the company, valued at approximately $18,374,132.70. This represents a 4.47% 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. Insiders sold 145,659 shares of company stock valued at $1,969,233 in the last quarter. 7.40% of the stock is currently owned by corporate insiders.

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.