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

Key Points

• MeiraGTx Holdings has a consensus analyst rating of “Moderate Buy” from eight brokerages, with an average 12-month price target of about $25.83.
• The stock was up 2.9% and opened at $11.81, near its 52-week high of $11.90; the company also reported a smaller-than-expected quarterly loss of ($0.57) per share, though revenue was far below estimates.
• Insiders sold shares recently, including the CFO and CEO in pre-arranged trading plans, while institutional ownership remains high at 67.48% of the stock.

MeiraGTx Holdings PLC (NASDAQ:MGTX - Get Free Report) has earned a consensus rating of "Moderate Buy" from the eight brokerages that are currently covering the firm, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, one has assigned a hold recommendation, five have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average twelve-month target price among brokerages that have issued a report on the stock in the last year is $25.8333.

Several research analysts recently weighed in on the company. Weiss Ratings reiterated a "sell (d-)" rating on shares of MeiraGTx in a research report on Tuesday, April 21st. Zacks Research raised shares of MeiraGTx from a "strong sell" rating to a "hold" rating in a 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 note on Friday, March 27th. Wall Street Zen raised shares of MeiraGTx from a "sell" rating to a "hold" rating in a report on Sunday, April 5th. Finally, HC Wainwright reaffirmed a "buy" rating on shares of MeiraGTx in a report on Tuesday, May 26th.

MeiraGTx Stock Up 2.9%

Shares of NASDAQ:MGTX opened at $11.81 on Wednesday. MeiraGTx has a 52-week low of $6.12 and a 52-week high of $11.90. The stock has a market cap of $1.09 billion, a price-to-earnings ratio of -7.98 and a beta of 1.26. The business has a 50-day moving average price of $9.82 and a 200-day moving average price of $8.58.

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

Insider Activity

In other news, CFO Richard Giroux sold 56,000 shares of the business's stock in a transaction that occurred on Tuesday, April 21st. The stock was 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 in the company, valued at $9,929,036.60. The trade was a 5.45% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available 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 the company's stock in a transaction that occurred on Tuesday, May 19th. The stock was sold at an average price of $9.17, for a total value of $568,540.00. Following the transaction, the chief executive officer directly owned 1,387,695 shares of the company's stock, valued at approximately $12,725,163.15. The trade was a 4.28% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 145,661 shares of company stock worth $1,399,767 in the last ninety days. Company insiders own 7.40% of the company's stock.

Institutional Trading of MeiraGTx

A number of institutional investors have recently made changes to their positions in MGTX. BNP Paribas Financial Markets raised its stake in MeiraGTx by 43.8% during the second 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 period. Kennedy Capital Management LLC increased its holdings in shares of MeiraGTx by 2.2% during the 4th quarter. Kennedy Capital Management LLC now owns 70,738 shares of the company's stock worth $562,000 after buying an additional 1,495 shares during the last quarter. Russell Investments Group Ltd. raised its position in shares of MeiraGTx by 4.3% during the 3rd quarter. Russell Investments Group Ltd. now owns 82,844 shares of the company's stock valued at $682,000 after buying an additional 3,452 shares during the period. XTX Topco Ltd raised its position in shares of MeiraGTx by 11.0% during the 4th quarter. XTX Topco Ltd now owns 38,030 shares of the company's stock valued at $302,000 after buying an additional 3,766 shares during the period. Finally, Hsbc Holdings PLC lifted its holdings in MeiraGTx by 24.3% in the fourth quarter. Hsbc Holdings PLC now owns 23,792 shares of the company's stock valued at $189,000 after acquiring an additional 4,649 shares during the last quarter. 67.48% of the stock is owned by institutional investors and hedge funds.

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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