MeiraGTx Holdings PLC $MGTX Shares Bought by Opaleye Management Inc.

Key Points

• Opaleye Management increased its MeiraGTx stake by 67.2% in the second quarter, adding 1.43 million shares to own 3.55 million shares worth approximately $48 million. Institutional investors collectively hold 67.48% of MGTX.
• MeiraGTx reported quarterly earnings of $1.71 per share, exceeding the $0.46-per-share loss analysts expected, while revenue reached $321.43 million. Shares recently traded at $12.85, within a 52-week range of $6.62 to $15.35.
• Analyst sentiment is broadly positive, with a consensus “Buy” rating and an average price target of $26.17; however, insiders sold 145,659 shares worth about $1.97 million over the past three months under pre-arranged trading plans.

Opaleye Management Inc. increased its stake in MeiraGTx Holdings PLC (NASDAQ:MGTX - Free Report) by 67.2% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,550,000 shares of the company's stock after acquiring an additional 1,426,741 shares during the quarter. MeiraGTx accounts for approximately 4.3% of Opaleye Management Inc.'s portfolio, making the stock its 7th largest position. Opaleye Management Inc. owned approximately 3.70% of MeiraGTx worth $47,960,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the stock. Engineers Gate Manager LP grew its holdings in MeiraGTx by 157.8% in the second quarter. Engineers Gate Manager LP now owns 69,092 shares of the company's stock worth $933,000 after purchasing an additional 42,292 shares during the period. Squarepoint Ops LLC raised its holdings in shares of MeiraGTx by 773.9% during the second quarter. Squarepoint Ops LLC now owns 162,412 shares of the company's stock valued at $2,194,000 after purchasing an additional 143,828 shares during the period. Arizona State Retirement System acquired a new position in shares of MeiraGTx during the second quarter valued at about $207,000. California State Teachers Retirement System boosted its position in shares of MeiraGTx by 33,330.0% during the 2nd quarter. California State Teachers Retirement System now owns 818,031 shares of the company's stock worth $11,052,000 after purchasing an additional 815,584 shares in the last quarter. Finally, AXQ Capital LP bought a new position in shares of MeiraGTx during the 2nd quarter worth about $421,000. Institutional investors and hedge funds own 67.48% of the company's stock.

Insider Buying and Selling at MeiraGTx

In other news, insider Stuart Naylor sold 27,659 shares of the company's stock in a transaction on Tuesday, July 7th. The shares were sold at an average price of $14.80, for a total value of $409,353.20. Following the completion of the sale, the insider owned 640,846 shares in the company, valued at $9,484,520.80. This represents a 4.14% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through 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 stock in a transaction dated Tuesday, July 21st. The shares were sold at an average price of $12.51, for a total transaction of $700,560.00. Following the completion of the sale, the chief financial officer owned 908,530 shares of the company's stock, valued at approximately $11,365,710.30. This represents a 5.81% 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. Corporate insiders own 7.40% of the company's stock.

MeiraGTx Stock Performance

Shares of MeiraGTx stock opened at $12.85 on Friday. The company has a market cap of $1.23 billion, a PE ratio of 18.10 and a beta of 1.27. MeiraGTx Holdings PLC has a 52 week low of $6.62 and a 52 week high of $15.35. The business has a 50 day moving average price of $13.23 and a 200-day moving average price of $10.70. The company has a quick ratio of 3.76, a current ratio of 3.76 and a debt-to-equity ratio of 0.46.

MeiraGTx (NASDAQ:MGTX - Get Free Report) last posted its earnings results on Thursday, August 13th. The company reported $1.71 earnings per share 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 for the quarter, compared to analyst estimates of $0.70 million. Equities analysts anticipate that MeiraGTx Holdings PLC will post 0.3 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

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