Bank of America Corp DE Makes New $3.91 Million Investment in MeiraGTx Holdings PLC $MGTX

Key Points

• Bank of America initiated a roughly $3.91 million stake in MeiraGTx, while several other institutions—including Johnson & Johnson—also bought shares. Institutional investors now own 67.48% of MGTX.
• Company insiders sold 145,659 shares worth approximately $1.97 million over the past 90 days, including sales by CEO Alexandria Forbes and insider Stuart Naylor under pre-arranged Rule 10b5-1 plans.
• Analyst sentiment remains moderately positive, with a consensus rating of “Moderate Buy” and a $24.71 price target, despite several recent downgrades to “Hold.” MeiraGTx also reported quarterly EPS of $1.71, exceeding estimates by $2.17.

Bank of America Corp DE bought a new stake in shares of MeiraGTx Holdings PLC (NASDAQ:MGTX - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm bought 289,720 shares of the company's stock, valued at approximately $3,914,000. Bank of America Corp DE owned approximately 0.30% of MeiraGTx at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of MGTX. Johnson & Johnson purchased a new stake in MeiraGTx during the 2nd quarter worth approximately $89,720,775. Tocqueville Asset Management L.P. purchased a new position in shares of MeiraGTx during the 2nd quarter valued at approximately $1,050,000. Sei Investments Co. purchased a new position in shares of MeiraGTx during the 1st quarter valued at approximately $863,000. Bank of New York Mellon Corp acquired a new stake in shares of MeiraGTx during the second quarter worth approximately $1,869,000. Finally, Jupiter Topco LLC acquired a new stake in shares of MeiraGTx during the second quarter worth approximately $6,427,000. 67.48% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at MeiraGTx

In other news, insider Stuart Naylor sold 27,659 shares of MeiraGTx stock in a transaction that occurred on Tuesday, July 7th. The stock was sold at an average price of $14.80, for a total transaction of $409,353.20. Following the sale, the insider owned 640,846 shares of the company's stock, valued at approximately $9,484,520.80. The trade was a 4.14% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Alexandria Forbes sold 62,000 shares of the business'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 transaction, the chief executive officer owned 1,325,695 shares of the company's stock, valued at approximately $18,374,132.70. This represents a 4.47% 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. Over the last 90 days, insiders have sold 145,659 shares of company stock worth $1,969,233. 7.40% of the stock is owned by company insiders.

Analyst Ratings Changes

Several research firms recently issued reports on MGTX. Wall Street Zen cut shares of MeiraGTx from a "buy" rating to a "hold" rating in a report on Saturday. The Goldman Sachs Group began coverage on shares of MeiraGTx in a report on Thursday, September 24th. They set a "neutral" rating and a $16.00 price objective for the company. Weiss Ratings raised shares of MeiraGTx from a "sell (d-)" rating to a "hold (c)" rating in a research report on Tuesday, September 22nd. Zacks Research lowered shares of MeiraGTx from a "strong-buy" rating to a "hold" rating in a research note on Friday, September 11th. Finally, HC Wainwright reaffirmed a "buy" rating and set a $20.00 price target on shares of MeiraGTx in a research report on Wednesday, July 8th. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and three have issued a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $24.71.

MeiraGTx Stock Performance

Shares of MGTX opened at $11.13 on Wednesday. MeiraGTx Holdings PLC has a 1 year low of $6.62 and a 1 year high of $15.35. The company has a market cap of $1.07 billion, a price-to-earnings ratio of 15.68 and a beta of 1.27. 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 firm has a fifty day moving average of $12.99 and a 200-day moving average of $11.13.

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, topping analysts' consensus estimates of ($0.46) by $2.17. The business had revenue of $321.43 million for the quarter, compared to analysts' expectations of $0.70 million. MeiraGTx had a net margin of 19.87% and a return on equity of 283.85%. As a group, equities analysts anticipate that MeiraGTx Holdings PLC will post 0.3 earnings per share for the current year.

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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