MeiraGTx (NASDAQ:MGTX) Given New $27.00 Price Target at Royal Bank Of Canada

Key Points

• Royal Bank of Canada raised MeiraGTx’s price target from $26 to $27 and maintained an “outperform” rating, implying 104.36% upside from the prior close.
• Analyst sentiment is broadly positive, with a consensus “Moderate Buy” rating and an average price target of $26.17, though ratings range from “Strong Buy” to “Sell.”
• MeiraGTx shares rose 4.3% to $13.21, while the company reported quarterly earnings of $1.71 per share, beating consensus estimates by $2.17; insiders have sold 145,659 shares worth about $1.68 million over the past 90 days.

MeiraGTx (NASDAQ:MGTX - Get Free Report) had its price objective boosted by analysts at Royal Bank Of Canada from $26.00 to $27.00 in a report issued on Friday,Benzinga reports. The firm currently has an "outperform" rating on the stock. Royal Bank Of Canada's price target indicates a potential upside of 104.36% from the company's previous close.

Other equities research analysts have also recently issued research reports about the stock. Weiss Ratings reiterated a "sell (d-)" rating on shares of MeiraGTx in a report on Friday, July 17th. HC Wainwright reissued a "buy" rating and set a $20.00 price objective on shares of MeiraGTx in a research report on Wednesday, July 8th. Finally, Piper Sandler raised their price target on MeiraGTx from $26.00 to $30.00 and gave the company an "overweight" rating in a report on Wednesday, April 22nd. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, MeiraGTx has an average rating of "Moderate Buy" and a consensus price target of $26.17.

MeiraGTx Trading Up 4.3%

MGTX traded up $0.54 during trading on Friday, reaching $13.21. The stock had a trading volume of 129,814 shares, compared to its average volume of 706,101. The stock's 50 day moving average is $12.00 and its two-hundred day moving average is $9.80. The company has a market capitalization of $1.22 billion, a price-to-earnings ratio of -8.93 and a beta of 1.23. MeiraGTx has a one year low of $6.62 and a one year high of $15.35.

MeiraGTx (NASDAQ:MGTX - Get Free Report) last announced its quarterly earnings data on Thursday, August 13th. The company reported $1.71 earnings per share for the quarter, topping analysts' consensus estimates of ($0.46) by $2.17. The business had revenue of $321.43 million during the quarter, compared to analysts' expectations of $0.70 million. On average, equities research analysts predict that MeiraGTx will post -1.69 earnings per share for the current year.

Insider Buying and Selling

In related news, insider Stuart Naylor sold 27,659 shares of the company's stock in a transaction dated Tuesday, July 7th. The shares were sold at an average price of $14.80, for a total transaction of $409,353.20. Following the completion of the sale, the insider owned 640,846 shares of the company's stock, valued at approximately $9,484,520.80. This represents a 4.14% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, 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 that occurred on Tuesday, July 21st. The stock was sold at an average price of $12.51, for a total transaction of $700,560.00. Following the transaction, the chief financial officer directly owned 908,530 shares of the company's stock, valued at $11,365,710.30. The trade was a 5.81% decrease in their position. 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. Over the last ninety days, insiders sold 145,659 shares of company stock worth $1,678,453. 7.40% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On MeiraGTx

A number of institutional investors have recently added to or reduced their stakes in the business. BNP Paribas Financial Markets lifted its holdings in shares of MeiraGTx by 43.8% in the second quarter. BNP Paribas Financial Markets now owns 4,810 shares of the company's stock valued at $31,000 after purchasing an additional 1,466 shares in the last quarter. Tower Research Capital LLC TRC increased its position in shares of 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 purchasing an additional 7,005 shares during the last quarter. ProShare Advisors LLC bought a new position in MeiraGTx during the 4th quarter worth approximately $94,000. Abel Hall LLC acquired a new position in shares of MeiraGTx in the 4th quarter valued at about $98,000. Finally, Bank of Nova Scotia bought a new stake in shares of MeiraGTx in the 1st quarter worth approximately $105,000. Hedge funds and other institutional investors 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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