Tocqueville Asset Management L.P. Makes New $1.05 Million Investment in MeiraGTx Holdings PLC $MGTX

Key Points

• Institutional interest increased: Tocqueville Asset Management bought 77,700 MeiraGTx shares worth approximately $1.05 million, while several other institutions also initiated positions. Institutional investors and hedge funds now own 67.48% of the company.
• Analysts are broadly bullish: MeiraGTx carries a consensus “Buy” rating with an average price target of $26.17, although Weiss Ratings maintained a “sell” rating.
• Strong quarterly results contrasted with insider selling: The company reported quarterly EPS of $1.71, beating estimates by $2.17, and revenue of $321.43 million. However, insiders sold 145,659 shares worth about $1.97 million over the past three months under pre-arranged trading plans.

Tocqueville Asset Management L.P. purchased a new stake in shares of MeiraGTx Holdings PLC (NASDAQ:MGTX - Free Report) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 77,700 shares of the company's stock, valued at approximately $1,050,000. Tocqueville Asset Management L.P. owned 0.08% of MeiraGTx at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. BlackRock Inc. acquired a new position in shares of MeiraGTx during the 2nd quarter worth about $64,269,000. Deutsche Bank AG acquired a new stake in MeiraGTx in the 2nd quarter valued at approximately $805,000. Perigon Wealth Management LLC bought a new position in MeiraGTx in the 2nd quarter worth approximately $203,000. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in MeiraGTx in the 2nd quarter worth approximately $331,000. Finally, Bank of New York Mellon Corp acquired a new position in shares of MeiraGTx during the second quarter worth approximately $1,869,000. 67.48% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the stock. HC Wainwright restated a "buy" rating and issued a $20.00 price objective on shares of MeiraGTx in a research note on Wednesday, July 8th. Royal Bank Of Canada boosted their price objective on shares of MeiraGTx from $26.00 to $27.00 and gave the stock an "outperform" rating in a 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. Wall Street Zen upgraded MeiraGTx from a "hold" rating to a "buy" rating in a research note on Saturday, August 15th. Finally, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of MeiraGTx in a report on Friday, July 17th. Two investment analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Buy" and a consensus price target of $26.17.

MeiraGTx Stock Performance

NASDAQ MGTX opened at $14.54 on Friday. MeiraGTx Holdings PLC has a twelve month low of $6.62 and a twelve month high of $15.35. The company has a quick ratio of 3.76, a current ratio of 3.76 and a debt-to-equity ratio of 0.46. The stock has a market cap of $1.40 billion, a P/E ratio of 20.48 and a beta of 1.23. The company's 50-day simple moving average is $12.49 and its 200 day simple moving average is $10.02.

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, topping analysts' consensus estimates of ($0.46) by $2.17. MeiraGTx had a net margin of 19.87% and a return on equity of 283.85%. The firm had revenue of $321.43 million during the quarter, compared to analysts' expectations of $0.70 million. As a group, research analysts forecast that MeiraGTx Holdings PLC will post 0.3 earnings per share for the current fiscal year.

Insider Buying and Selling at MeiraGTx

In other MeiraGTx news, insider Stuart Naylor sold 27,659 shares of the stock in a transaction on 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 transaction, the insider directly owned 640,846 shares in the company, valued at $9,484,520.80. This represents a 4.14% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Alexandria Forbes sold 62,000 shares of MeiraGTx stock in a transaction on Tuesday, August 18th. The shares were 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. The trade was a 4.47% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 145,659 shares of company stock worth $1,969,233 over the last three months. Company insiders own 7.40% of the company's stock.

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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