MeiraGTx (NASDAQ:MGTX) Hits New 52-Week High - Time to Buy?

Key Points

• MeiraGTx hit a new 52-week high, trading as high as $14.22, and was up about 2.2% on the day. The move came amid relatively light volume of 22,274 shares.
• Analyst sentiment is mixed but generally positive: the stock has a Moderate Buy consensus rating with a $25.83 average price target. Recent updates included Buy ratings from HC Wainwright and Bank of America, while Weiss Ratings kept a Sell rating.
• The company recently beat EPS estimates but fell far short on revenue, posting a $0.57 loss per share versus a $0.61 loss expected, while revenue came in at just $0.29 million versus $17 million expected. Insider selling has also been notable, including share sales by the CEO and CFO under pre-arranged trading plans.

MeiraGTx Holdings PLC (NASDAQ:MGTX - Get Free Report) reached a new 52-week high on Monday . The stock traded as high as $14.22 and last traded at $13.9440, with a volume of 22274 shares trading hands. The stock had previously closed at $13.92.

Wall Street Analyst Weigh In

Several analysts recently commented on the company. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of MeiraGTx in a report on Tuesday, April 21st. HC Wainwright reissued a "buy" rating on shares of MeiraGTx in a research report on Tuesday, May 26th. Bank of America boosted their price target on MeiraGTx from $14.00 to $16.00 and gave the company a "buy" rating 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 research report on Sunday, April 5th. Finally, Royal Bank Of Canada increased their price objective on shares of MeiraGTx from $24.00 to $25.00 and gave the stock an "outperform" rating in a research note 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 issued a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $25.83.

MeiraGTx Stock Up 2.2%

The firm has a market capitalization of $1.32 billion, a P/E ratio of -9.69 and a beta of 1.20. The stock has a fifty day simple moving average of $10.21 and a 200 day simple moving average of $8.81.

MeiraGTx (NASDAQ:MGTX - Get Free Report) last released its quarterly earnings results on Thursday, May 14th. The company reported ($0.57) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.61) by $0.04. The business had revenue of $0.29 million for the quarter, compared to analysts' expectations of $17.00 million. Research analysts anticipate that MeiraGTx Holdings PLC will post -1.55 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, 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 transaction of $568,540.00. Following the transaction, the chief executive officer owned 1,387,695 shares of the company's stock, valued at approximately $12,725,163.15. This represents a 4.28% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 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, 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 owned 971,530 shares in the company, valued at approximately $9,929,036.60. The trade was a 5.45% 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 valued at $1,399,767 in the last ninety days. 7.40% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. BNP Paribas Financial Markets grew its stake in 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 raised its stake in shares of MeiraGTx by 2.2% during the fourth 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 in the last quarter. Russell Investments Group Ltd. raised its stake in shares of MeiraGTx by 4.3% during the third 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 boosted its holdings in shares of MeiraGTx by 11.0% in the fourth quarter. XTX Topco Ltd now owns 38,030 shares of the company's stock valued at $302,000 after purchasing an additional 3,766 shares during the period. Finally, Hsbc Holdings PLC grew its stake in MeiraGTx by 24.3% in 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 in the last quarter. 67.48% of the stock is currently owned by institutional investors.

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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