MeiraGTx Holdings PLC (NASDAQ:MGTX) Given Average Rating of "Moderate Buy" by Brokerages

Key Points

• Analyst sentiment is moderately bullish: Eight brokerages rate MeiraGTx an average “Moderate Buy,” with five buys, one strong buy, one hold and one sell. The average 12-month price target is $26, above the reported share price of $12.96.
• Insiders have recently reduced their holdings: CEO Alexandria Forbes and CFO Richard Giroux sold shares under pre-arranged Rule 10b5-1 plans, contributing to $1.68 million in insider sales during the last quarter. Insiders retain a 7.4% ownership stake.
• The stock has gained while the company remains loss-making: MGTX trades near $12.96, compared with a 52-week range of $6.62 to $15.35, and has a $1.2 billion market capitalization. Its latest quarterly loss of $0.57 per share beat estimates, but revenue of $0.29 million fell far short of the $17 million consensus forecast.

Shares of MeiraGTx Holdings PLC (NASDAQ:MGTX - Get Free Report) have received an average recommendation of "Moderate Buy" from the eight research firms that are presently covering the stock, MarketBeat reports. One analyst has rated the stock with a sell recommendation, one has given a hold recommendation, five have given a buy recommendation and one has given a strong buy recommendation to the company. The average twelve-month price target among brokers that have issued ratings on the stock in the last year is $26.00.

A number of research firms have recently commented on MGTX. Weiss Ratings restated a "sell (d-)" rating on shares of MeiraGTx in a research report on Friday, July 17th. HC Wainwright reaffirmed a "buy" rating and issued a $20.00 price target on shares of MeiraGTx in a report on Wednesday, July 8th. Piper Sandler increased their price target on MeiraGTx from $26.00 to $30.00 and gave the stock an "overweight" rating in a research report on Wednesday, April 22nd. Finally, Royal Bank Of Canada raised their price objective on MeiraGTx from $25.00 to $26.00 and gave the company an "outperform" rating in a report on Wednesday, July 8th.

Insider Activity

In related news, CEO Alexandria Forbes sold 62,000 shares of MeiraGTx stock in a transaction on Tuesday, May 19th. The shares were sold at an average price of $9.17, for a total value of $568,540.00. Following the sale, the chief executive officer 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. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Richard Giroux sold 56,000 shares of MeiraGTx stock in a transaction on 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 directly owned 908,530 shares in the company, valued at $11,365,710.30. This represents a 5.81% decrease in their position. 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 $1,678,453 in the last quarter. Corporate insiders own 7.40% of the company's stock.

Institutional Trading of MeiraGTx

Institutional investors have recently modified their holdings of the stock. BNP Paribas Financial Markets raised its position in shares of MeiraGTx by 43.8% during the 2nd quarter. BNP Paribas Financial Markets now owns 4,810 shares of the company's stock worth $31,000 after purchasing an additional 1,466 shares during the last quarter. Tower Research Capital LLC TRC boosted its holdings in MeiraGTx by 390.9% in the 2nd quarter. Tower Research Capital LLC TRC now owns 8,797 shares of the company's stock worth $57,000 after buying an additional 7,005 shares during the last quarter. ProShare Advisors LLC acquired a new stake in MeiraGTx in the 4th quarter worth about $94,000. Abel Hall LLC purchased a new stake in MeiraGTx during the 4th quarter worth approximately $98,000. Finally, Bank of Nova Scotia purchased a new stake in MeiraGTx during the 1st quarter worth approximately $105,000. Institutional investors and hedge funds own 67.48% of the company's stock.

MeiraGTx Price Performance

NASDAQ:MGTX opened at $12.96 on Thursday. The company has a 50 day moving average price of $11.94 and a 200-day moving average price of $9.76. MeiraGTx has a 1-year low of $6.62 and a 1-year high of $15.35. The firm has a market cap of $1.20 billion, a price-to-earnings ratio of -8.76 and a beta of 1.23.

MeiraGTx (NASDAQ:MGTX - Get Free Report) last announced its quarterly earnings results on Thursday, May 14th. The company reported ($0.57) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.61) by $0.04. The firm had revenue of $0.29 million for the quarter, compared to analysts' expectations of $17.00 million. On average, sell-side analysts anticipate that MeiraGTx will post -1.69 earnings per share for the current fiscal year.

About MeiraGTx

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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