MeiraGTx Holdings PLC (NASDAQ:MGTX) Receives Average Rating of "Moderate Buy" from Analysts

Key Points

• MeiraGTx has a consensus analyst rating of “Moderate Buy” from eight covering analysts, with an average 12-month price target of about $25.83.
• The stock was up 6.5% to $10.66 in Friday trading, leaving it well below the average analyst target but near its 52-week high of $11.85.
• MeiraGTx recently reported a smaller-than-expected loss of ($0.57) per share, though revenue of $0.29 million was far below expectations; the company remains a clinical-stage biotech with continued losses projected this year.

Shares of MeiraGTx Holdings PLC (NASDAQ:MGTX - Get Free Report) have been assigned a consensus recommendation of "Moderate Buy" from the eight analysts that are covering the stock, MarketBeat.com reports. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, five have given a buy rating and one has given a strong buy rating to the company. The average 1 year price target among brokerages that have updated their coverage on the stock in the last year is $25.8333.

MGTX has been the subject of several research reports. Zacks Research upgraded MeiraGTx from a "strong sell" rating to a "hold" rating in a research report on Monday, March 9th. Chardan Capital reiterated a "buy" rating and issued a $35.00 target price on shares of MeiraGTx in a research report on Friday, March 27th. Bank of America increased their target price on MeiraGTx from $14.00 to $16.00 and gave the company a "buy" rating in a research report on Friday, March 27th. Weiss Ratings reiterated a "sell (d-)" rating on shares of MeiraGTx in a research report on Tuesday, April 21st. Finally, Piper Sandler increased their target price on MeiraGTx from $26.00 to $30.00 and gave the company an "overweight" rating in a research report on Wednesday, April 22nd.

MeiraGTx Trading Up 6.5%

MeiraGTx stock opened at $10.66 on Friday. The company has a market capitalization of $986.76 million, a PE ratio of -7.20 and a beta of 1.23. MeiraGTx has a 12 month low of $5.02 and a 12 month high of $11.85. The stock has a 50-day moving average price of $9.30 and a two-hundred day moving average price of $8.34.

MeiraGTx (NASDAQ:MGTX - Get Free Report) last posted its earnings results on Thursday, May 14th. The company reported ($0.57) EPS for the quarter, beating the consensus estimate of ($0.61) by $0.04. The firm had revenue of $0.29 million during the quarter, compared to the consensus estimate of $17.00 million. MeiraGTx had a negative return on equity of 1,065.47% and a negative net margin of 151.12%. As a group, analysts predict that MeiraGTx will post -1.55 earnings per share for the current fiscal year.

Trending Headlines about 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

Insider Activity

In other news, insider Stuart Naylor sold 27,661 shares of the stock in a transaction dated Tuesday, April 7th. The stock was sold at an average price of $9.36, for a total value of $258,906.96. Following the completion of the sale, the insider owned 668,505 shares of the company's stock, valued at approximately $6,257,206.80. This represents a 3.97% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible 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 the stock in a transaction dated Tuesday, April 21st. The shares were sold at an average price of $10.22, for a total value of $572,320.00. Following the completion of the sale, the chief financial officer directly owned 971,530 shares of the company's stock, valued at approximately $9,929,036.60. The trade was a 5.45% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 207,661 shares of company stock valued at $1,859,187. Company insiders own 7.50% of the company's stock.

Institutional Investors Weigh In On MeiraGTx

Institutional investors and hedge funds have recently made changes to their positions in the stock. Hennion & Walsh Asset Management Inc. increased its stake in shares of 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 buying an additional 199,528 shares during the period. Jefferies Financial Group Inc. acquired a new stake in shares of MeiraGTx in the fourth quarter valued at about $2,371,000. AlphaCentric Advisors LLC increased its stake in shares of MeiraGTx by 88.4% in the first quarter. AlphaCentric Advisors LLC now owns 53,694 shares of the company's stock valued at $465,000 after buying an additional 25,198 shares during the period. Erste Asset Management GmbH increased its stake in shares of MeiraGTx by 11.3% in the fourth quarter. Erste Asset Management GmbH now owns 789,702 shares of the company's stock valued at $6,275,000 after buying an additional 80,000 shares during the period. Finally, ProShare Advisors LLC acquired a new stake in shares of MeiraGTx in the fourth quarter valued at about $94,000. Institutional investors and hedge funds own 67.48% of the company's stock.

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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