MeiraGTx Holdings PLC (NASDAQ:MGTX) Stock Has Consensus Target Price of $24.71 According to Brokerages

Key Points

• Analyst sentiment is moderately positive: Nine analysts give MeiraGTx a consensus “Moderate Buy” rating, with an average 12-month price target of $24.71 versus the stock’s recent price of $10.66.
• Shares have declined recently: MGTX was down 3.1%, trading below its 50-day moving average, although it remains above its 52-week low of $6.62.
• Insiders have been selling: Company insiders sold 145,659 shares worth approximately $1.97 million in the last quarter, while institutional investors own 67.48% of the stock.

Shares of MeiraGTx Holdings PLC (NASDAQ:MGTX - Get Free Report) have been given an average rating of "Moderate Buy" by the nine analysts that are currently covering the company, Marketbeat reports. Three equities research analysts have rated the stock with a hold recommendation, five have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 1 year price target among brokers that have updated their coverage on the stock in the last year is $24.71.

Several research analysts recently commented on MGTX shares. Wall Street Zen downgraded shares of MeiraGTx from a "buy" rating to a "hold" rating in a report on Saturday, September 26th. Weiss Ratings upgraded MeiraGTx from a "sell (d-)" rating to a "hold (c)" rating in a research report on Tuesday, September 22nd. Zacks Research downgraded MeiraGTx from a "strong-buy" rating to a "hold" rating in a research report on Friday, September 11th. The Goldman Sachs Group initiated coverage on MeiraGTx in a report on Thursday, September 24th. They issued a "neutral" rating and a $16.00 price target for the company. Finally, Royal Bank Of Canada lifted their price target on MeiraGTx from $26.00 to $27.00 and gave the company an "outperform" rating in a research report on Friday, August 14th.

Insiders Place Their Bets

In other MeiraGTx news, CEO Alexandria Forbes sold 62,000 shares of MeiraGTx stock in a transaction dated Tuesday, August 18th. The stock was 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 $18,374,132.70. The trade was a 4.47% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Stuart Naylor sold 27,659 shares of the company's stock in a transaction dated Tuesday, July 7th. The shares were sold at an average price of $14.80, for a total value of $409,353.20. Following the sale, the insider owned 640,846 shares in the company, valued at approximately $9,484,520.80. This represents a 4.14% 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 a total of 145,659 shares of company stock worth $1,969,233 in the last quarter. 7.40% of the stock is owned by company insiders.

Institutional Trading of MeiraGTx

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. ProShare Advisors LLC purchased a new stake in MeiraGTx in the 4th quarter worth approximately $94,000. Bank of Nova Scotia purchased a new position in shares of MeiraGTx during the 1st quarter valued at $105,000. Algert Global LLC grew its position in shares of MeiraGTx by 13.9% during the 2nd quarter. Algert Global LLC now owns 11,700 shares of the company's stock valued at $158,000 after purchasing an additional 1,430 shares in the last quarter. Perigon Wealth Management LLC bought a new position in shares of MeiraGTx in the second quarter worth $203,000. Finally, Arizona State Retirement System bought a new position in shares of MeiraGTx in the second quarter worth $207,000. Institutional investors own 67.48% of the company's stock.

MeiraGTx Trading Down 3.1%

Shares of MGTX opened at $10.66 on Friday. The business has a 50-day moving average of $12.94 and a 200 day moving average of $11.18. MeiraGTx has a fifty-two week low of $6.62 and a fifty-two week high of $15.35. The firm has a market cap of $1.02 billion, a P/E ratio of 15.01 and a beta of 1.35. The company has a debt-to-equity ratio of 0.46, a quick ratio of 3.76 and a current ratio of 3.76.

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

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, 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.