Royce & Associates LP Buys Shares of 176,057 MeiraGTx Holdings PLC $MGTX

Key Points

• Royce & Associates LP disclosed a new fourth-quarter stake in MeiraGTx Holdings, buying 176,057 shares valued at about $1.4 million. Institutional investors now own a large majority of the company’s stock.
• Wall Street sentiment remains broadly constructive, with several analysts raising price targets and ratings. The stock currently carries an average “Moderate Buy” rating and a consensus target price of $25.83.
• MeiraGTx reported a smaller-than-expected quarterly loss, but revenue was far below estimates. Shares were up about 6.5%, while insiders including the CFO and CEO recently sold shares under pre-arranged trading plans.

Royce & Associates LP bought a new stake in MeiraGTx Holdings PLC (NASDAQ:MGTX - Free Report) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 176,057 shares of the company's stock, valued at approximately $1,400,000. Royce & Associates LP owned approximately 0.22% of MeiraGTx as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently bought and sold shares of the company. Hennion & Walsh Asset Management Inc. increased its stake in MeiraGTx by 183.1% in the fourth quarter. Hennion & Walsh Asset Management Inc. now owns 308,509 shares of the company's stock valued at $2,453,000 after purchasing an additional 199,528 shares in the last quarter. Jefferies Financial Group Inc. bought a new stake in MeiraGTx in the fourth quarter valued at approximately $2,371,000. Tower Research Capital LLC TRC increased its stake in MeiraGTx by 390.9% in the second quarter. Tower Research Capital LLC TRC now owns 8,797 shares of the company's stock valued at $57,000 after purchasing an additional 7,005 shares in the last quarter. BNP Paribas Financial Markets increased its stake in MeiraGTx by 43.8% in the second quarter. BNP Paribas Financial Markets now owns 4,810 shares of the company's stock valued at $31,000 after purchasing an additional 1,466 shares in the last quarter. Finally, ProShare Advisors LLC bought a new stake in MeiraGTx in the fourth quarter valued at approximately $94,000. Institutional investors own 67.48% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have commented on the stock. Royal Bank Of Canada upped their target price on shares of MeiraGTx from $24.00 to $25.00 and gave the company an "outperform" rating in a research note on Friday, May 15th. Bank of America upped their target price on shares of MeiraGTx from $14.00 to $16.00 and gave the company a "buy" rating in a research note on Friday, March 27th. Zacks Research upgraded shares of MeiraGTx from a "strong sell" rating to a "hold" rating in a report on Monday, March 9th. Wall Street Zen upgraded shares of MeiraGTx from a "sell" rating to a "hold" rating in a report on Sunday, April 5th. Finally, Piper Sandler raised their price objective on shares of MeiraGTx from $26.00 to $30.00 and gave the stock an "overweight" rating in a report on Wednesday, April 22nd. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $25.83.

Insider Buying and Selling

In related news, CFO Richard Giroux sold 56,000 shares of the firm's stock in a transaction on Tuesday, April 21st. The shares were sold at an average price of $10.22, for a total transaction of $572,320.00. Following the sale, the chief financial officer directly owned 971,530 shares in the company, valued at $9,929,036.60. This trade represents a 5.45% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Alexandria Forbes sold 62,000 shares of the firm's stock in a transaction on Tuesday, May 19th. The shares were sold at an average price of $9.17, for a total transaction of $568,540.00. Following the completion of the transaction, the chief executive officer directly owned 1,387,695 shares of the company's stock, valued at approximately $12,725,163.15. This trade represents a 4.28% 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. Insiders have sold a total of 207,661 shares of company stock worth $1,859,187 over the last ninety days. Company insiders own 7.50% of the company's stock.

Key Stories Impacting MeiraGTx

Here are the key news stories impacting MeiraGTx this week:

• Positive Sentiment: HC Wainwright raised MeiraGTx’s earnings estimates for several upcoming quarters and years, signaling better expected profitability ahead. Source article
• Positive Sentiment: The firm kept a Buy rating on MeiraGTx, reinforcing a constructive outlook from Wall Street. Source article
• Neutral Sentiment: Short interest data showed 0 shares reported, which does not provide a meaningful trading signal. Source article

MeiraGTx Stock Up 6.5%

Shares of NASDAQ:MGTX opened at $10.66 on Friday. MeiraGTx Holdings PLC has a 12 month low of $5.02 and a 12 month high of $11.85. The company's fifty day simple moving average is $9.30 and its 200 day simple moving average is $8.34. The firm has a market cap of $986.76 million, a price-to-earnings ratio of -7.20 and a beta of 1.23.

MeiraGTx (NASDAQ:MGTX - Get Free Report) last issued its quarterly earnings data on Thursday, May 14th. The company reported ($0.57) EPS for the quarter, topping analysts' consensus estimates of ($0.61) by $0.04. MeiraGTx had a negative net margin of 151.12% and a negative return on equity of 1,065.47%. The business had revenue of $0.29 million for the quarter, compared to analyst estimates of $17.00 million. Research analysts expect that MeiraGTx Holdings PLC will post -1.55 earnings per share for the current fiscal year.

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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