Johnson & Johnson Makes New $89.72 Million Investment in MeiraGTx Holdings PLC $MGTX

Johnson & Johnson acquired a new position in MeiraGTx Holdings PLC (NASDAQ:MGTX - Free Report) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 6,641,064 shares of the company's stock, valued at approximately $89,720,775. MeiraGTx makes up 0.0% of Johnson & Johnson's holdings, making the stock its 3rd largest holding. Johnson & Johnson owned 7.17% of MeiraGTx as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of MGTX. BNP Paribas Financial Markets grew its position in MeiraGTx by 43.8% in the 2nd quarter. BNP Paribas Financial Markets now owns 4,810 shares of the company's stock valued at $31,000 after acquiring an additional 1,466 shares during the last quarter. Tower Research Capital LLC TRC grew its position in MeiraGTx by 390.9% during 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 last quarter. ProShare Advisors LLC acquired a new position in MeiraGTx during the fourth quarter worth $94,000. Abel Hall LLC acquired a new stake in MeiraGTx during the fourth quarter worth about $98,000. Finally, Bank of Nova Scotia acquired a new stake in MeiraGTx in the first quarter valued at $105,000. 67.48% of the stock is currently owned by institutional investors.

Insider Transactions at MeiraGTx

In related news, CEO Alexandria Forbes sold 62,000 shares of the company'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 directly 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 position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Stuart Naylor sold 27,659 shares of the firm's stock in a transaction dated Tuesday, July 7th. The stock was sold at an average price of $14.80, for a total transaction of $409,353.20. Following the completion of the sale, the insider directly 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 position. 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. In the last three months, insiders have sold 145,659 shares of company stock worth $1,969,233. 7.40% of the stock is currently owned by insiders.

MeiraGTx Price Performance

NASDAQ MGTX traded down $0.42 on Friday, reaching $13.72. The company's stock had a trading volume of 444,847 shares, compared to its average volume of 714,153. The stock has a market cap of $1.32 billion, a PE ratio of 19.32 and a beta of 1.23. The company has a debt-to-equity ratio of 0.46, a quick ratio of 3.76 and a current ratio of 3.76. MeiraGTx Holdings PLC has a twelve month low of $6.62 and a twelve month high of $15.35. The firm's 50 day moving average is $12.93 and its two-hundred day moving average is $10.26.

MeiraGTx (NASDAQ:MGTX - Get Free Report) last announced its quarterly earnings results on Thursday, August 13th. The company reported $1.71 EPS for the quarter, beating analysts' consensus estimates of ($0.46) by $2.17. MeiraGTx had a return on equity of 283.85% and a net margin of 19.87%.The company had revenue of $321.43 million during the quarter, compared to analysts' expectations of $0.70 million. As a group, sell-side analysts predict that MeiraGTx Holdings PLC will post 0.3 EPS for the current year.

Wall Street Analyst Weigh In

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

MeiraGTx Company 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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