Insider Selling: MeiraGTx (NASDAQ:MGTX) CFO Sells 24,000 Shares of Stock

Key Points

• MeiraGTx CFO Richard Giroux sold 24,000 shares at an average price of $8.87, reducing his ownership by 2.81% to 829,494 shares.
• The company's stock, MGTX, has recently traded at $9.26, reflecting a significant increase in volume compared to its average.
• Analysts have mixed ratings on MGTX, with targets ranging from a "sell" rating at Weiss Ratings to a "strong-buy" with a $29 target from Raymond James Financial.

MeiraGTx Holdings PLC (NASDAQ:MGTX - Get Free Report) CFO Richard Giroux sold 24,000 shares of MeiraGTx stock in a transaction that occurred on Tuesday, October 21st. The stock was sold at an average price of $8.87, for a total transaction of $212,880.00. Following the completion of the transaction, the chief financial officer directly owned 829,494 shares in the company, valued at $7,357,611.78. This represents a 2.81% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

MeiraGTx Price Performance

MGTX stock traded up $1.02 on Tuesday, hitting $9.26. 1,090,084 shares of the company's stock traded hands, compared to its average volume of 379,847. The stock has a market cap of $744.97 million, a price-to-earnings ratio of -4.54 and a beta of 1.34. MeiraGTx Holdings PLC has a 1-year low of $4.55 and a 1-year high of $9.41. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 26.29. The stock has a fifty day moving average of $7.90 and a 200-day moving average of $7.05.

MeiraGTx (NASDAQ:MGTX - Get Free Report) last posted its quarterly earnings results on Thursday, August 14th. The company reported ($0.48) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.52) by $0.04. The company had revenue of $3.69 million for the quarter, compared to analysts' expectations of $8.00 million. MeiraGTx had a negative return on equity of 314.44% and a negative net margin of 415.39%. On average, analysts forecast that MeiraGTx Holdings PLC will post -1.48 EPS for the current fiscal year.

Institutional Trading of MeiraGTx

Hedge funds have recently made changes to their positions in the stock. GAMMA Investing LLC grew its position in MeiraGTx by 3,606.7% during the first quarter. GAMMA Investing LLC now owns 4,448 shares of the company's stock valued at $30,000 after purchasing an additional 4,328 shares in the last quarter. Wellington Management Group LLP boosted its stake in shares of MeiraGTx by 37.0% during the 1st quarter. Wellington Management Group LLP now owns 206,980 shares of the company's stock valued at $1,403,000 after buying an additional 55,854 shares during the period. Rhumbline Advisers boosted its stake in shares of MeiraGTx by 6.1% during the 1st quarter. Rhumbline Advisers now owns 58,227 shares of the company's stock valued at $395,000 after buying an additional 3,336 shares during the period. Janney Montgomery Scott LLC grew its holdings in shares of MeiraGTx by 62.3% during the 1st quarter. Janney Montgomery Scott LLC now owns 122,220 shares of the company's stock valued at $829,000 after acquiring an additional 46,902 shares in the last quarter. Finally, 683 Capital Management LLC grew its holdings in shares of MeiraGTx by 6.6% during the 1st quarter. 683 Capital Management LLC now owns 2,575,000 shares of the company's stock valued at $17,458,000 after acquiring an additional 160,000 shares in the last quarter. 67.48% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

MGTX has been the subject of a number of recent analyst reports. Weiss Ratings reiterated a "sell (d-)" rating on shares of MeiraGTx in a research report on Wednesday, October 8th. Chardan Capital reaffirmed a "buy" rating and set a $35.00 price objective on shares of MeiraGTx in a research note on Friday, August 15th. Wall Street Zen raised shares of MeiraGTx from a "sell" rating to a "hold" rating in a research report on Saturday, July 5th. Finally, Raymond James Financial began coverage on shares of MeiraGTx in a report on Tuesday. They set a "strong-buy" rating and a $29.00 price target on the stock. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat, MeiraGTx currently has a consensus rating of "Moderate Buy" and a consensus price target of $25.67.

About MeiraGTx

MeiraGTx Holdings plc, a clinical stage gene therapy company, focusing on developing treatments for patients with serious diseases. The company develops various therapies for ocular diseases, including inherited retinal diseases and large degenerative ocular diseases, neurodegenerative diseases, and xerostomia.

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