MeiraGTx (NASDAQ:MGTX) Releases Earnings Results, Beats Estimates By $0.04 EPS

Key Points

• MeiraGTx reported quarterly earnings of ($0.48) EPS, exceeding analyst estimates of ($0.52) by $0.04, with revenue of $3.69 million falling short of expectations of $8.00 million.
• The company's stock decreased by 2.2% on Friday, closing at $8.14, with a market capitalization of $654.37 million and a PE ratio of -3.50.
• Significant insider sales were reported, including CFO Richard Giroux selling 24,000 shares and CEO Alexandria Forbes selling 47,500 shares of MeiraGTx stock.

MeiraGTx (NASDAQ:MGTX - Get Free Report) posted its quarterly earnings data on Thursday. The company reported ($0.48) earnings per share for the quarter, topping the consensus estimate of ($0.52) by $0.04, Zacks reports. The company had revenue of $3.69 million for the quarter, compared to analysts' expectations of $8.00 million. MeiraGTx had a negative net margin of 415.39% and a negative return on equity of 314.44%.

MeiraGTx Trading Down 0.3%

MGTX stock traded down $0.02 on Wednesday, reaching $7.56. The company's stock had a trading volume of 259,760 shares, compared to its average volume of 533,066. The business has a fifty day simple moving average of $7.63 and a two-hundred day simple moving average of $6.74. MeiraGTx has a 12-month low of $3.85 and a 12-month high of $8.98. The firm has a market cap of $608.20 million, a PE ratio of -3.71 and a beta of 1.25. The company has a debt-to-equity ratio of 26.29, a quick ratio of 1.51 and a current ratio of 0.88.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on MGTX shares. Wall Street Zen upgraded shares of MeiraGTx from a "sell" rating to a "hold" rating in a research report on Saturday, July 5th. Chardan Capital reissued a "buy" rating and set a $35.00 price objective on shares of MeiraGTx in a research note on Friday, August 15th. Two equities research analysts have rated the stock with a Buy rating, According to data from MarketBeat, MeiraGTx has a consensus rating of "Buy" and a consensus price target of $24.00.

Insiders Place Their Bets

In related news, CFO Richard Giroux sold 24,000 shares of the firm's stock in a transaction on Tuesday, July 22nd. The stock was sold at an average price of $8.52, for a total value of $204,480.00. Following the completion of the sale, the chief financial officer owned 853,494 shares of the company's stock, valued at $7,271,768.88. This trade represents a 2.74% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Alexandria Forbes sold 47,500 shares of the firm's stock in a transaction on Tuesday, July 8th. The stock was sold at an average price of $7.97, for a total value of $378,575.00. Following the completion of the sale, the chief executive officer directly owned 1,361,483 shares of the company's stock, valued at $10,851,019.51. The trade was a 3.37% decrease in their position. The disclosure for this sale can be found here. Company insiders own 7.50% of the company's stock.

Institutional Trading of MeiraGTx

A number of hedge funds have recently modified their holdings of the business. AQR Capital Management LLC bought a new position in shares of MeiraGTx during the first quarter valued at approximately $557,000. Rhumbline Advisers increased its stake in shares of MeiraGTx by 9.4% during the second quarter. Rhumbline Advisers now owns 63,715 shares of the company's stock valued at $415,000 after purchasing an additional 5,488 shares in the last quarter. Brown Advisory Inc. bought a new position in shares of MeiraGTx during the second quarter valued at $326,000. Qube Research & Technologies Ltd purchased a new position in shares of MeiraGTx in the 2nd quarter worth about $530,000. Finally, Quantinno Capital Management LP bought a new position in MeiraGTx in the 2nd quarter worth about $319,000. Institutional investors own 67.48% of the company's stock.

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.