BlackRock Inc. Purchases New Position in MeiraGTx Holdings PLC $MGTX

Key Points

• BlackRock established a new position in MeiraGTx during the second quarter, purchasing 4.76 million shares valued at approximately $64.3 million, or 5.14% of the company. Institutional investors collectively own 67.48% of MGTX.
• MeiraGTx insiders sold 145,659 shares worth about $1.97 million over the past 90 days, including sales by the CEO and CFO under pre-arranged Rule 10b5-1 plans.
• The company reported quarterly EPS of $1.71, far above the consensus estimate of a $0.46 loss, while analysts maintain a consensus “Buy” rating with an average price target of $26.17.

BlackRock Inc. bought a new stake in MeiraGTx Holdings PLC (NASDAQ:MGTX - Free Report) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 4,757,178 shares of the company's stock, valued at approximately $64,269,000. BlackRock Inc. owned 5.14% of MeiraGTx as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. BNP Paribas Financial Markets grew its holdings in shares of MeiraGTx by 43.8% in the second quarter. BNP Paribas Financial Markets now owns 4,810 shares of the company's stock worth $31,000 after acquiring an additional 1,466 shares during the period. Tower Research Capital LLC TRC boosted its stake in MeiraGTx by 390.9% in the 2nd quarter. Tower Research Capital LLC TRC now owns 8,797 shares of the company's stock worth $57,000 after purchasing an additional 7,005 shares during the period. ProShare Advisors LLC purchased a new stake in MeiraGTx during the 4th quarter valued at approximately $94,000. Bank of Nova Scotia purchased a new stake in MeiraGTx during the 1st quarter valued at approximately $105,000. Finally, Abel Hall LLC purchased a new position in shares of MeiraGTx in the fourth quarter worth $98,000. 67.48% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at MeiraGTx

In other news, CEO Alexandria Forbes sold 62,000 shares of MeiraGTx stock in a transaction on Tuesday, August 18th. The stock was sold at an average price of $13.86, for a total transaction of $859,320.00. Following the transaction, the chief executive officer owned 1,325,695 shares in the company, valued at $18,374,132.70. The trade was a 4.47% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Richard Giroux sold 56,000 shares of the company's stock in a transaction that occurred on Tuesday, July 21st. The shares were sold at an average price of $12.51, for a total value of $700,560.00. Following the completion of the transaction, the chief financial officer owned 908,530 shares in the company, valued at $11,365,710.30. This represents a 5.81% 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. Over the last 90 days, insiders sold 145,659 shares of company stock valued at $1,969,233. 7.40% of the stock is currently owned by insiders.

MeiraGTx Stock Performance

Shares of MeiraGTx stock opened at $13.82 on Monday. MeiraGTx Holdings PLC has a 1 year low of $6.62 and a 1 year high of $15.35. The company has a debt-to-equity ratio of 0.46, a current ratio of 3.76 and a quick ratio of 3.76. The stock has a market cap of $1.33 billion, a PE ratio of 19.46 and a beta of 1.23. The firm has a fifty day moving average price of $12.98 and a 200 day moving average price of $10.30.

MeiraGTx (NASDAQ:MGTX - Get Free Report) last issued its quarterly earnings data on Thursday, August 13th. The company reported $1.71 EPS 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%. Equities research analysts predict that MeiraGTx Holdings PLC will post 0.3 earnings per share for the current year.

Analyst Ratings Changes

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

About MeiraGTx

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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