MeiraGTx (NASDAQ:MGTX) Stock: Insider Richard Giroux Sells 56,000 Shares

Key Points

• MeiraGTx CFO Richard Giroux sold 56,000 shares at an average price of $9.95, generating $557,200. The Rule 10b5-1 plan transaction reduced his direct holdings by 6.16% to 852,530 shares.
• MGTX shares closed at $9.97 after rising $0.52, with a market capitalization of approximately $957.5 million. The stock remains below its 50-day and 200-day moving averages and has traded between $6.62 and $15.35 over the past year.
• Analyst sentiment remains generally positive, with a consensus “Moderate Buy” rating and an average price target of $24.71, while institutional investors own 67.48% of the company.

MeiraGTx Holdings PLC (NASDAQ:MGTX - Get Free Report) CFO Richard Giroux sold 56,000 shares of MeiraGTx stock in a transaction on Tuesday, October 20th. The stock was sold at an average price of $9.95, for a total value of $557,200.00. Following the sale, the chief financial officer directly owned 852,530 shares of the company's stock, valued at $8,482,673.50. This represents a 6.16% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

MeiraGTx Price Performance

Shares of MGTX stock traded up $0.52 during trading on Tuesday, hitting $9.97. The company had a trading volume of 755,861 shares, compared to its average volume of 1,084,015. The company has a debt-to-equity ratio of 0.46, a quick ratio of 3.76 and a current ratio of 3.76. The firm has a market capitalization of $957.52 million, a P/E ratio of 14.04 and a beta of 1.35. The stock's 50-day moving average price is $12.39 and its 200 day moving average price is $11.40. MeiraGTx Holdings PLC has a one year low of $6.62 and a one year high of $15.35.

MeiraGTx (NASDAQ:MGTX - Get Free Report) last posted its quarterly earnings data on Thursday, August 13th. The company reported $1.71 EPS for the quarter, topping analysts' consensus estimates of ($0.46) by $2.17. The firm had revenue of $321.43 million for the quarter, compared to analyst estimates of $0.70 million. MeiraGTx had a return on equity of 283.85% and a net margin of 19.87%. Equities analysts expect that MeiraGTx Holdings PLC will post 0.30 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. Squarepoint Ops LLC raised its stake in MeiraGTx by 773.9% during the second quarter. Squarepoint Ops LLC now owns 162,412 shares of the company's stock worth $2,194,000 after buying an additional 143,828 shares during the last quarter. Tocqueville Asset Management L.P. acquired a new position in MeiraGTx in the second quarter valued at $1,050,000. Johnson & Johnson bought a new stake in MeiraGTx during the second quarter valued at $89,720,775. Sei Investments Co. bought a new stake in MeiraGTx during the first quarter valued at $863,000. Finally, Bank of New York Mellon Corp bought a new stake in MeiraGTx during the second quarter valued at $1,869,000. 67.48% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on MGTX shares. The Goldman Sachs Group started coverage on shares of MeiraGTx in a research note on Thursday, September 24th. They set a "neutral" rating and a $16.00 price objective on the stock. Weiss Ratings raised shares of MeiraGTx from a "hold (c)" rating to a "hold (c+)" rating in a report on Thursday, October 8th. Zacks Research downgraded MeiraGTx from a "strong-buy" rating to a "hold" rating in a report on Friday, September 11th. HC Wainwright reissued a "buy" rating and set a $20.00 price objective on shares of MeiraGTx in a report on Wednesday, July 8th. Finally, Wall Street Zen lowered MeiraGTx from a "buy" rating to a "hold" rating in a research report on Saturday, September 26th. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $24.71.

MeiraGTx Company Profile

MeiraGTx Holdings plc NASDAQ: MGTX is a clinical-stage biotechnology company developing gene therapy and ribonucleic acid (RNA) medicines for diseases with significant unmet medical needs. Its research focuses primarily on the central nervous system, immune-mediated conditions and disorders affecting salivary gland function.

The company's technology platforms are designed to deliver therapeutic genes or regulate gene expression in targeted tissues. Its investigational programs have included gene therapies for Parkinson's disease and radiation-induced xerostomia, a condition involving chronic dry mouth after cancer treatment.

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