MeiraGTx (NASDAQ:MGTX) Stock Lifted to Hold by The Goldman Sachs Group

Key Points

• Goldman Sachs upgraded MeiraGTx to “hold,” joining mixed analyst opinions; the stock has an average “Moderate Buy” rating and a consensus price target of $24.71.
• Shares fell 6.0% to open at $11.05, compared with a 52-week range of $6.62 to $15.35. The company’s latest quarterly results significantly exceeded expectations, with EPS of $1.71 versus the estimated loss of $0.46.
• Insiders have sold 145,659 shares worth about $1.97 million over the past 90 days, while institutional investors own 67.48% of the company.

MeiraGTx (NASDAQ:MGTX - Get Free Report) was upgraded by investment analysts at The Goldman Sachs Group to a "hold" rating in a report released on Thursday, Zacks reports.

A number of other brokerages have also recently weighed in on MGTX. Weiss Ratings raised MeiraGTx from a "sell (d-)" rating to a "hold (c)" rating in a research note on Tuesday. HC Wainwright reaffirmed a "buy" rating and issued a $20.00 target price on shares of MeiraGTx in a research report on Wednesday, July 8th. Wall Street Zen upgraded shares of MeiraGTx from a "hold" rating to a "buy" rating in a research note on Saturday, August 15th. Royal Bank Of Canada increased their price target on shares of MeiraGTx from $26.00 to $27.00 and gave the stock an "outperform" rating in a research report on Friday, August 14th. Finally, Zacks Research lowered shares of MeiraGTx from a "strong-buy" rating to a "hold" rating in a research note on Friday, September 11th. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and three have given a Hold rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $24.71.

MeiraGTx Trading Down 6.0%

Shares of MGTX stock opened at $11.05 on Thursday. 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 firm has a market cap of $1.06 billion, a PE ratio of 15.56 and a beta of 1.27. The company has a 50-day moving average of $13.07 and a two-hundred day moving average of $11.06. MeiraGTx has a 1-year low of $6.62 and a 1-year high of $15.35.

MeiraGTx (NASDAQ:MGTX - Get Free Report) last issued its quarterly earnings data on Thursday, August 13th. The company reported $1.71 EPS for the quarter, topping the consensus estimate 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 for the quarter, compared to analyst estimates of $0.70 million. On average, analysts predict that MeiraGTx will post 0.3 EPS for the current year.

Insider Activity

In related news, CEO Alexandria Forbes sold 62,000 shares of the company's stock in a transaction that occurred on Tuesday, August 18th. The stock was sold at an average price of $13.86, for a total value of $859,320.00. Following the completion of the transaction, the chief executive officer directly owned 1,325,695 shares of the company's stock, 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 SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Richard Giroux sold 56,000 shares of the firm's stock in a transaction that occurred on 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 approximately $11,365,710.30. The trade was a 5.81% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 145,659 shares of company stock worth $1,969,233. 7.40% of the stock is currently owned by insiders.

Institutional Trading of MeiraGTx

Several institutional investors and hedge funds have recently made changes to their positions in the company. Algert Global LLC boosted its stake in shares of MeiraGTx by 13.9% during the second quarter. Algert Global LLC now owns 11,700 shares of the company's stock worth $158,000 after buying an additional 1,430 shares during the period. ProShare Advisors LLC purchased a new stake in shares of MeiraGTx during the 4th quarter worth $94,000. Bank of Nova Scotia purchased a new stake in shares of MeiraGTx during the 1st quarter worth $105,000. Perigon Wealth Management LLC acquired a new position in shares of MeiraGTx during the 2nd quarter worth $203,000. Finally, Arizona State Retirement System acquired a new position in shares of MeiraGTx during the 2nd quarter worth $207,000. 67.48% of the stock is owned by hedge funds and other institutional investors.

About MeiraGTx

MeiraGTx Holdings plc is a clinical-stage biotechnology company focused on developing gene therapies for serious diseases with limited treatment options. The company uses adeno-associated virus (AAV) vectors and other genetic medicine technologies to deliver therapeutic genes to targeted tissues, with an emphasis on disorders affecting the central nervous system, the eye and other organs.

MeiraGTx's pipeline has included botaretigene sparoparvovec, an investigational AAV-based gene therapy for X-linked retinitis pigmentosa caused by mutations in the RPGR gene.

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