Bank of New York Mellon Corp Buys Shares of 138,352 MeiraGTx Holdings PLC $MGTX

Key Points

• Institutional ownership increased: Bank of New York Mellon bought 138,352 MeiraGTx shares worth approximately $1.87 million, while Johnson & Johnson and several hedge funds also established or expanded positions. Institutions now own 67.48% of the stock.
• Insiders sold shares: MeiraGTx’s insider Stuart Naylor and CFO Richard Giroux sold a combined 83,659 shares for roughly $1.11 million under pre-arranged Rule 10b5-1 trading plans. Insiders have sold 145,659 shares worth $1.97 million over the past 90 days.
• Analyst sentiment remains positive: MeiraGTx reported quarterly EPS of $1.71, beating estimates by $2.17, and analysts maintain a consensus “Buy” rating with an average price target of $26.17, well above the reported $13.53 share price.

Bank of New York Mellon Corp purchased a new stake in shares of MeiraGTx Holdings PLC (NASDAQ:MGTX - Free Report) during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 138,352 shares of the company's stock, valued at approximately $1,869,000. Bank of New York Mellon Corp owned approximately 0.15% of MeiraGTx at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in MGTX. Johnson & Johnson acquired a new stake in MeiraGTx during the 2nd quarter worth approximately $89,720,775. Rubric Capital Management LP lifted its holdings in shares of MeiraGTx by 65.7% during the fourth quarter. Rubric Capital Management LP now owns 6,175,331 shares of the company's stock worth $49,094,000 after purchasing an additional 2,448,880 shares during the period. Millennium Management LLC grew its stake in shares of MeiraGTx by 23.5% in the fourth quarter. Millennium Management LLC now owns 3,176,390 shares of the company's stock worth $25,252,000 after purchasing an additional 604,121 shares during the last quarter. Adage Capital Partners GP L.L.C. increased its holdings in MeiraGTx by 7.1% in the second quarter. Adage Capital Partners GP L.L.C. now owns 6,034,578 shares of the company's stock valued at $39,345,000 after purchasing an additional 400,000 shares during the period. Finally, Opaleye Management Inc. acquired a new stake in MeiraGTx in the fourth quarter valued at $3,107,000. 67.48% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, insider Stuart Naylor sold 27,659 shares of the stock in a transaction dated Tuesday, July 7th. The shares were sold at an average price of $14.80, for a total transaction of $409,353.20. Following the transaction, the insider owned 640,846 shares of the company's stock, valued at $9,484,520.80. This represents a 4.14% decrease in their position. The transaction was disclosed in a document filed 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, CFO Richard Giroux sold 56,000 shares of the stock in a transaction dated Tuesday, July 21st. The stock was sold at an average price of $12.51, for a total transaction of $700,560.00. Following the transaction, the chief financial officer directly owned 908,530 shares in the company, valued at $11,365,710.30. This trade represents 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. Over the last ninety days, insiders sold 145,659 shares of company stock worth $1,969,233. 7.40% of the stock is currently owned by company insiders.

MeiraGTx Trading Down 2.6%

NASDAQ MGTX opened at $13.53 on Wednesday. The stock has a market capitalization of $1.30 billion, a P/E ratio of 19.06 and a beta of 1.27. The business has a 50 day simple moving average of $13.24 and a 200 day simple moving average of $10.62. The company has a debt-to-equity ratio of 0.46, a current ratio of 3.76 and a quick ratio of 3.76. MeiraGTx Holdings PLC has a one year low of $6.62 and a one year high of $15.35.

MeiraGTx (NASDAQ:MGTX - Get Free Report) last issued its quarterly earnings results on Thursday, August 13th. The company reported $1.71 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.46) by $2.17. The firm had revenue of $321.43 million for the quarter, compared to analyst estimates of $0.70 million. MeiraGTx had a return on equity of 283.85% and a net margin of 19.87%. Research analysts expect that MeiraGTx Holdings PLC will post 0.3 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on MGTX. Weiss Ratings reissued a "sell (d-)" rating on shares of MeiraGTx in a research note on Friday, July 17th. Wall Street Zen raised MeiraGTx from a "hold" rating to a "buy" rating in a research note on Saturday, August 15th. Zacks Research raised shares of MeiraGTx from a "hold" rating to a "strong-buy" rating in a research report on Thursday, August 13th. Royal Bank Of Canada raised their price target on shares of MeiraGTx from $26.00 to $27.00 and gave the stock an "outperform" rating in a report on Friday, August 14th. Finally, HC Wainwright restated a "buy" rating and issued a $20.00 price target on shares of MeiraGTx in a research report on Wednesday, July 8th. Two research analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and one has given a Sell rating to the company. According to MarketBeat, MeiraGTx has a consensus rating of "Buy" and an average price target of $26.17.

MeiraGTx Profile

MeiraGTx Holdings plc is a clinical-stage biotechnology company dedicated to developing gene therapies for the treatment of rare diseases. Founded in 2014 as an outgrowth of research at University College London, the company focuses on leveraging adeno-associated virus (AAV) vectors to deliver functional genes to target tissues. MeiraGTx's pipeline spans ocular, central nervous system and systemic indications, addressing conditions such as inherited retinal dystrophies and neurodegenerative disorders that currently lack effective therapies.

The company's lead programs include AAV-based candidates designed to restore or replace defective genes underlying rare retinal diseases and to modulate cellular pathways in neurological disorders.

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