MeiraGTx (NASDAQ:MGTX) Stock Rating Upgraded by Wall Street Zen

Key Points

• Wall Street Zen upgraded MeiraGTx from “hold” to “buy.” Overall analyst sentiment is “Moderate Buy,” with five Buy ratings, three Holds, and an average price target of $24.
• MGTX shares opened at $9.21, versus a 52-week range of $6.62 to $15.35. The company’s latest quarterly results significantly exceeded estimates, reporting $1.71 in EPS and $321.43 million in revenue.
• Insiders sold 145,659 shares worth approximately $1.71 million during the last quarter, while hedge funds and institutional investors own 67.48% of the company.

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

Several other research firms also recently weighed in on MGTX. The Goldman Sachs Group started coverage on shares of MeiraGTx in a research note on Thursday, September 24th. They issued a "neutral" rating and a $16.00 price target for the company. Zacks Research cut shares of MeiraGTx from a "strong-buy" rating to a "hold" rating in a research report on Friday, September 11th. HC Wainwright reissued a "buy" rating and set a $20.00 price objective on shares of MeiraGTx in a research report on Wednesday, July 8th. Weiss Ratings upgraded MeiraGTx from a "hold (c)" rating to a "hold (c+)" rating in a research note on Thursday, October 8th. Finally, Royal Bank Of Canada boosted their target price on MeiraGTx from $26.00 to $27.00 and gave the company an "outperform" rating in a research report on Friday, August 14th. Five equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $24.00.

MeiraGTx Stock Performance

Shares of MGTX stock opened at $9.21 on Friday. The firm has a 50 day moving average of $12.18 and a 200-day moving average of $11.39. The company has a market cap of $884.53 million, a price-to-earnings ratio of 12.97 and a beta of 1.35. 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 has a 52 week low of $6.62 and a 52 week high of $15.35.

MeiraGTx (NASDAQ:MGTX - Get Free Report) last released its quarterly earnings data on Thursday, August 13th. The company reported $1.71 earnings per share for the quarter, beating the consensus estimate of ($0.46) by $2.17. The company had revenue of $321.43 million during the quarter, compared to analyst estimates of $0.70 million. MeiraGTx had a net margin of 19.87% and a return on equity of 283.85%. On average, equities analysts forecast that MeiraGTx will post 0.30 earnings per share for the current year.

Insiders Place Their Bets

In other news, CFO Richard Giroux sold 56,000 shares of the business's stock in a transaction that occurred on Tuesday, October 20th. The shares were sold at an average price of $9.95, for a total value of $557,200.00. Following the sale, the chief financial officer owned 852,530 shares of the company's stock, valued at $8,482,673.50. The trade was a 6.16% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, 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 that occurred on Tuesday, October 6th. The shares were sold at an average price of $10.64, for a total transaction of $294,291.76. Following the completion of the sale, the insider directly owned 613,187 shares in the company, valued at approximately $6,524,309.68. This trade represents a 4.32% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 145,659 shares of company stock valued at $1,710,812. Insiders own 7.40% of the company's stock.

Hedge Funds Weigh In On MeiraGTx

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Algert Global LLC increased its stake in 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 last quarter. Bank of Nova Scotia bought a new stake in shares of MeiraGTx during the 1st quarter valued at about $105,000. Perigon Wealth Management LLC bought a new stake in shares of MeiraGTx during the 2nd quarter valued at about $203,000. Arizona State Retirement System bought a new stake in shares of MeiraGTx during the 2nd quarter valued at about $207,000. Finally, Hsbc Holdings PLC grew its holdings in shares of MeiraGTx by 67.2% during the first quarter. Hsbc Holdings PLC now owns 39,787 shares of the company's stock worth $338,000 after purchasing an additional 15,995 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 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 and address the underlying causes of disease.

Its research and development activities have focused primarily on disorders of the central nervous system, including neurodegenerative diseases, as well as retinal and salivary-gland conditions.

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