MeiraGTx (NASDAQ:MGTX) Rating Lowered to Hold at Wall Street Zen

Key Points

• Wall Street Zen downgraded MeiraGTx from “buy” to “hold.” Despite mixed analyst views, the consensus remains “Moderate Buy,” with a $24 average price target.
• MeiraGTx reported a quarterly loss of $0.53 per share, missing estimates of $0.50, and revenue of $4.81 million versus $6.95 million expected.
• Company insiders sold a combined 145,659 shares worth about $1.71 million in the last three months; the reported sales were made under pre-arranged trading plans.

MeiraGTx (NASDAQ:MGTX - Get Free Report) was downgraded by equities research analysts at Wall Street Zen from a "buy" rating to a "hold" rating in a report released on Saturday, Wall Street Zen reports.

Several other research analysts have also weighed in on the stock. Weiss Ratings raised shares of MeiraGTx from a "hold (c)" rating to a "hold (c+)" rating in a research note on Thursday, October 8th. Royal Bank Of Canada boosted their price target 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. Zacks Research downgraded shares of MeiraGTx from a "strong-buy" rating to a "hold" rating in a research note on Friday, September 11th. Finally, The Goldman Sachs Group assumed coverage on shares of MeiraGTx in a report on Thursday, September 24th. They issued a "neutral" rating and a $16.00 target price for the company. Five equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, MeiraGTx presently has an average rating of "Moderate Buy" and a consensus target price of $24.00.

MeiraGTx Stock Performance

Shares of MeiraGTx stock opened at $9.18 on Friday. MeiraGTx has a 52 week low of $6.62 and a 52 week high of $15.35. The business's fifty day simple moving average is $10.71 and its 200-day simple moving average is $10.36. The firm has a market cap of $881.65 million, a PE ratio of 11.47 and a beta of 1.09. The company has a quick ratio of 3.76, a current ratio of 3.76 and a debt-to-equity ratio of 0.46.

MeiraGTx (NASDAQ:MGTX - Get Free Report) last released its quarterly earnings results on Thursday, November 12th. The company reported ($0.53) earnings per share for the quarter, missing analysts' consensus estimates of ($0.50) by ($0.03). MeiraGTx had a return on equity of 154.51% and a net margin of 19.46%. The business had revenue of $4.81 million for the quarter, compared to analysts' expectations of $6.95 million. Equities analysts forecast that MeiraGTx will post 0.30 earnings per share for the current year.

Insider Activity at MeiraGTx

In other MeiraGTx news, CEO Alexandria Forbes sold 62,000 shares of the business's stock in a transaction dated Tuesday, August 18th. The shares were sold at an average price of $13.86, for a total transaction of $859,320.00. Following the sale, 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Stuart Naylor sold 27,659 shares of the business's stock in a transaction dated Tuesday, October 6th. The stock was sold at an average price of $10.64, for a total transaction of $294,291.76. Following the sale, the insider owned 613,187 shares in the company, valued at $6,524,309.68. This trade represents a 4.32% 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 worth $1,710,812 in the last three months. 7.40% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Global Retirement Partners LLC purchased a new stake in MeiraGTx during the 3rd quarter worth approximately $34,000. Meeder Asset Management Inc. acquired a new stake in MeiraGTx during the 3rd quarter worth approximately $52,000. Mirae Asset Global Investments Co. Ltd. purchased a new position in MeiraGTx in the 3rd quarter valued at approximately $54,000. Polymer Capital Management US LLC purchased a new position in MeiraGTx in the 3rd quarter valued at approximately $121,000. Finally, M Holdings Securities Inc. purchased a new position in MeiraGTx in the 3rd quarter valued at approximately $122,000. Hedge funds and other institutional investors own 67.48% of the company's stock.

MeiraGTx Company Profile

MeiraGTx Holdings plc is a biotechnology company developing gene therapies for serious diseases with limited treatment options. Its research focuses on using adeno-associated virus (AAV) vectors to deliver genetic material to target cells, including in programs for inherited retinal diseases, neurological conditions and salivary gland dysfunction. The company also develops manufacturing capabilities and technologies intended to support the production of gene therapies. MeiraGTx was founded in 2015 and has operations in the United States and the United Kingdom.

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