MeiraGTx (NASDAQ:MGTX) Releases Earnings Results, Misses Expectations By $0.07 EPS

Key Points

• MeiraGTx missed quarterly expectations: It reported a loss of $0.53 per share, $0.07 worse than analysts expected, while revenue of $4.81 million fell short of the $6.95 million consensus.
• The stock fell 7.8% on Thursday to $8.93. Analysts’ consensus rating is “Moderate Buy,” with an average price target of $24.
• Company insiders sold a combined 145,659 shares worth about $1.71 million over the last quarter; the CEO and CFO made the sales under pre-arranged trading plans.

MeiraGTx (NASDAQ:MGTX - Get Free Report) posted its quarterly earnings data on Thursday. The company reported ($0.53) earnings per share for the quarter, missing analysts' consensus estimates of ($0.46) by ($0.07), FiscalAI reports. The firm had revenue of $4.81 million during the quarter, compared to analyst estimates of $6.95 million. MeiraGTx had a net margin of 19.87% and a return on equity of 283.85%.

MeiraGTx Trading Down 7.8%

MeiraGTx stock traded down $0.76 during trading on Thursday, reaching $8.93. The company had a trading volume of 648,991 shares, compared to its average volume of 744,519. MeiraGTx has a 12-month low of $6.62 and a 12-month high of $15.35. The company has a debt-to-equity ratio of 0.46, a quick ratio of 3.76 and a current ratio of 3.76. The stock's 50 day moving average price is $10.91 and its two-hundred day moving average price is $10.35. The firm has a market capitalization of $857.16 million, a price-to-earnings ratio of 12.56 and a beta of 1.09.

Analysts Set New Price Targets

Several analysts have commented on the stock. Zacks Research cut shares of MeiraGTx from a "strong-buy" rating to a "hold" rating in a research note on Friday, September 11th. The Goldman Sachs Group began coverage on MeiraGTx in a research note on Thursday, September 24th. They set a "neutral" rating and a $16.00 price target on the stock. Wall Street Zen upgraded MeiraGTx from a "hold" rating to a "buy" rating in a report on Saturday, October 24th. Royal Bank Of Canada upped their target price on MeiraGTx from $26.00 to $27.00 and gave the company an "outperform" rating in a research note on Friday, August 14th. Finally, Weiss Ratings upgraded MeiraGTx from a "hold (c)" rating to a "hold (c+)" rating in a research report on Thursday, October 8th. Five investment 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 currently has an average rating of "Moderate Buy" and a consensus price target of $24.00.

Insiders Place Their Bets

In other news, CEO Alexandria Forbes sold 62,000 shares of the business's stock in a transaction on Tuesday, August 18th. The shares were sold at an average price of $13.86, for a total transaction of $859,320.00. Following the completion of the sale, the chief executive officer directly 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Richard Giroux sold 56,000 shares of the business's stock in a transaction on Tuesday, October 20th. The shares were sold at an average price of $9.95, for a total transaction of $557,200.00. Following the sale, the chief financial officer directly owned 852,530 shares of the company's stock, valued at $8,482,673.50. This represents a 6.16% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 145,659 shares of company stock valued at $1,710,812 over the last quarter. Company insiders own 7.40% 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.

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.