Invesco Ltd. Raises Stock Position in MeiraGTx Holdings PLC $MGTX

Key Points

• Invesco Ltd. significantly increased its stake in MeiraGTx Holdings PLC by 1,628.7% during the first quarter, acquiring a total of 350,401 shares.
• The company reported a quarterly loss of ($0.48) EPS, which was better than analysts' expected loss of ($0.52), but fell short on revenue with $3.69 million against an estimated $8.00 million.
• Analysts have set an average price target of $24.00 for MeiraGTx, with Chardan Capital issuing a "buy" rating and a more ambitious price objective of $35.00.

Invesco Ltd. grew its position in MeiraGTx Holdings PLC (NASDAQ:MGTX - Free Report) by 1,628.7% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 350,401 shares of the company's stock after purchasing an additional 330,131 shares during the period. Invesco Ltd. owned about 0.44% of MeiraGTx worth $2,376,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in MGTX. Sanofi purchased a new stake in MeiraGTx during the fourth quarter worth about $74,284,000. Woodline Partners LP purchased a new stake in MeiraGTx during the fourth quarter worth about $9,349,000. Readystate Asset Management LP increased its holdings in MeiraGTx by 59.6% during the first quarter. Readystate Asset Management LP now owns 189,598 shares of the company's stock worth $1,285,000 after buying an additional 70,768 shares during the last quarter. Nuveen Asset Management LLC increased its holdings in MeiraGTx by 43.2% during the fourth quarter. Nuveen Asset Management LLC now owns 191,311 shares of the company's stock worth $1,165,000 after buying an additional 57,737 shares during the last quarter. Finally, Northern Trust Corp increased its holdings in MeiraGTx by 18.9% during the fourth quarter. Northern Trust Corp now owns 315,665 shares of the company's stock worth $1,922,000 after buying an additional 50,267 shares during the last quarter. Hedge funds and other institutional investors own 67.48% of the company's stock.

MeiraGTx Price Performance

NASDAQ:MGTX traded up $0.39 during mid-day trading on Thursday, hitting $7.72. 346,883 shares of the stock traded hands, compared to its average volume of 294,619. The business's 50-day moving average price is $7.87 and its 200 day moving average price is $6.81. The company has a market cap of $621.07 million, a PE ratio of -3.78 and a beta of 1.29. MeiraGTx Holdings PLC has a 12-month low of $3.86 and a 12-month high of $8.98. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 26.29.

MeiraGTx (NASDAQ:MGTX - Get Free Report) last issued its quarterly earnings data on Thursday, August 14th. The company reported ($0.48) EPS for the quarter, beating the consensus estimate of ($0.52) by $0.04. MeiraGTx had a negative net margin of 415.39% and a negative return on equity of 314.44%. The company had revenue of $3.69 million during the quarter, compared to analysts' expectations of $8.00 million. On average, analysts expect that MeiraGTx Holdings PLC will post -1.48 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CEO Alexandria Forbes sold 47,500 shares of MeiraGTx stock in a transaction on Tuesday, July 8th. The shares were sold at an average price of $7.97, for a total value of $378,575.00. Following the transaction, the chief executive officer directly owned 1,361,483 shares of the company's stock, valued at $10,851,019.51. The trade was a 3.37% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Richard Giroux sold 24,000 shares of MeiraGTx stock in a transaction on Tuesday, July 22nd. The stock was sold at an average price of $8.52, for a total transaction of $204,480.00. Following the completion of the transaction, the chief financial officer directly owned 853,494 shares in the company, valued at approximately $7,271,768.88. The trade was a 2.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 7.50% of the company's stock.

Analyst Ratings Changes

MGTX has been the subject of a number of research analyst reports. Chardan Capital restated a "buy" rating and set a $35.00 price objective on shares of MeiraGTx in a report on Friday, August 15th. Wall Street Zen upgraded shares of MeiraGTx from a "sell" rating to a "hold" rating in a research note on Saturday, July 5th. Two equities research analysts have rated the stock with a Buy rating, According to MarketBeat, the stock presently has an average rating of "Buy" and an average price target of $24.00.

About MeiraGTx

MeiraGTx Holdings plc, a clinical stage gene therapy company, focusing on developing treatments for patients with serious diseases. The company develops various therapies for ocular diseases, including inherited retinal diseases and large degenerative ocular diseases, neurodegenerative diseases, and xerostomia.