MeiraGTx (NASDAQ:MGTX) Hits New 12-Month High - Here's Why

Key Points

• MeiraGTx shares hit a new 52-week high, trading as high as $11.88 intraday and recently up about 1.8%. The move came alongside light volume and the stock has been trending above its 50-day and 200-day moving averages.
• Wall Street sentiment is mostly constructive, with several firms recently raising price targets, including Piper Sandler to $30 and RBC to $25. The stock now carries a Moderate Buy consensus and an average price target of $25.83.
• The company’s latest earnings showed a narrower-than-expected loss of $0.57 per share, though revenue of $0.29 million fell well short of estimates. Insider sales have also been notable, with executives selling shares over the past 90 days.

MeiraGTx Holdings PLC (NASDAQ:MGTX - Get Free Report)'s share price reached a new 52-week high during mid-day trading on Monday . The company traded as high as $11.88 and last traded at $11.5380, with a volume of 565 shares changing hands. The stock had previously closed at $11.32.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the stock. Piper Sandler increased their price target on shares of MeiraGTx from $26.00 to $30.00 and gave the stock an "overweight" rating in a research note on Wednesday, April 22nd. Weiss Ratings reissued a "sell (d-)" rating on shares of MeiraGTx in a research note on Tuesday, April 21st. Bank of America upped their price objective on MeiraGTx from $14.00 to $16.00 and gave the stock a "buy" rating in a report on Friday, March 27th. HC Wainwright reaffirmed a "buy" rating on shares of MeiraGTx in a research report on Tuesday, May 26th. Finally, Royal Bank Of Canada increased their target price on MeiraGTx from $24.00 to $25.00 and gave the stock an "outperform" rating in a research report on Friday, May 15th. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, MeiraGTx presently has a consensus rating of "Moderate Buy" and a consensus price target of $25.83.

MeiraGTx Trading Up 1.8%

The stock's 50-day moving average is $9.73 and its 200-day moving average is $8.53. The stock has a market cap of $1.07 billion, a price-to-earnings ratio of -7.78 and a beta of 1.26.

MeiraGTx (NASDAQ:MGTX - Get Free Report) last announced its quarterly earnings results on Thursday, May 14th. The company reported ($0.57) earnings per share for the quarter, beating analysts' consensus estimates 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 firm had revenue of $0.29 million for the quarter, compared to analysts' expectations of $17.00 million. On average, equities analysts predict that MeiraGTx Holdings PLC will post -1.55 earnings per share for the current fiscal year.

Insider Activity

In related news, CEO Alexandria Forbes sold 62,000 shares of the company's stock in a transaction on Tuesday, March 24th. The shares were sold at an average price of $7.41, for a total transaction of $459,420.00. Following the completion of the sale, the chief executive officer directly owned 1,449,695 shares of the company's stock, valued at approximately $10,742,239.95. This represents a 4.10% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Stuart Naylor sold 27,661 shares of the stock in a transaction on Tuesday, April 7th. The shares were 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 disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 207,661 shares of company stock valued at $1,859,187. Company insiders own 7.40% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of MGTX. BNP Paribas Financial Markets grew its position in shares of MeiraGTx by 43.8% in the 2nd quarter. BNP Paribas Financial Markets now owns 4,810 shares of the company's stock worth $31,000 after acquiring an additional 1,466 shares in the last quarter. Kennedy Capital Management LLC increased its holdings in shares of MeiraGTx by 2.2% in the 4th quarter. Kennedy Capital Management LLC now owns 70,738 shares of the company's stock valued at $562,000 after acquiring 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 acquiring an additional 3,452 shares in the last quarter. 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 acquiring an additional 3,766 shares in the last quarter. Finally, Hsbc Holdings PLC lifted its stake in MeiraGTx by 24.3% during the fourth quarter. Hsbc Holdings PLC now owns 23,792 shares of the company's stock worth $189,000 after purchasing an additional 4,649 shares during the last quarter. 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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