MeiraGTx (NASDAQ:MGTX) Reaches New 52-Week High - Here's What Happened

Key Points

• Shares hit a new 52-week high, trading as high as $10.54 (last $10.569) during mid-day Tuesday, a gain of about 13.6% on volume of ~64,600 shares.
• Quarterly results massively beat expectations: MeiraGTx reported EPS of $0.19 vs. a -$0.60 consensus and revenue of $75.36M vs. $3.87M expected, though the company still shows a negative net margin and analysts forecast -1.48 EPS for the year.
• Analyst sentiment is cautiously positive with an average rating of "Moderate Buy" and a $23.67 average price target, while insiders have recently sold shares and institutional investors own about 67.5% of the stock.

Shares of MeiraGTx Holdings PLC (NASDAQ:MGTX - Get Free Report) reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $10.54 and last traded at $10.5690, with a volume of 64607 shares trading hands. The stock had previously closed at $9.63.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on MGTX. Wall Street Zen raised shares of MeiraGTx from a "sell" rating to a "hold" rating in a research note on Sunday, April 5th. Zacks Research raised shares of MeiraGTx from a "strong sell" rating to a "hold" rating in a research note on Monday, March 9th. Chardan Capital reissued a "buy" rating and set a $35.00 target price on shares of MeiraGTx in a research note on Friday, March 27th. Piper Sandler lowered their target price on shares of MeiraGTx from $30.00 to $26.00 and set an "overweight" rating for the company in a research note on Friday, March 27th. Finally, Weiss Ratings reissued a "sell (d-)" rating on shares of MeiraGTx in a research note on Thursday, January 22nd. One equities research 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's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $23.67.

MeiraGTx Stock Up 13.6%

The business's 50 day moving average is $7.87 and its two-hundred day moving average is $8.05. The firm has a market cap of $891.18 million, a P/E ratio of -7.74 and a beta of 1.27.

MeiraGTx (NASDAQ:MGTX - Get Free Report) last announced its earnings results on Thursday, March 26th. The company reported $0.19 earnings per share for the quarter, topping analysts' consensus estimates of ($0.60) by $0.79. The business had revenue of $75.36 million during the quarter, compared to the consensus estimate of $3.87 million. MeiraGTx had a negative net margin of 140.31% and a negative return on equity of 1,065.47%. Equities research analysts anticipate that MeiraGTx Holdings PLC will post -1.48 EPS for the current year.

Insiders Place Their Bets

In other MeiraGTx news, insider Stuart Naylor sold 27,661 shares of the firm's 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 directly owned 668,505 shares in the company, valued at approximately $6,257,206.80. This trade represents a 3.97% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Alexandria Forbes sold 62,000 shares of the firm's stock in a transaction on Tuesday, March 24th. The stock was 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 owned 1,449,695 shares of the company's stock, valued at $10,742,239.95. The trade was a 4.10% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Company insiders own 7.50% of the company's stock.

Institutional Investors Weigh In On MeiraGTx

Large investors have recently bought and sold shares of the stock. Hennion & Walsh Asset Management Inc. grew its holdings in MeiraGTx by 183.1% in the fourth quarter. Hennion & Walsh Asset Management Inc. now owns 308,509 shares of the company's stock worth $2,453,000 after purchasing an additional 199,528 shares during the period. AMH Equity Ltd acquired a new stake in MeiraGTx in the third quarter worth $658,000. Jefferies Financial Group Inc. acquired a new position in shares of MeiraGTx during the fourth quarter valued at about $2,371,000. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in shares of MeiraGTx during the fourth quarter valued at about $176,000. Finally, JPMorgan Chase & Co. grew its holdings in shares of MeiraGTx by 142.9% during the third quarter. JPMorgan Chase & Co. now owns 60,394 shares of the company's stock valued at $497,000 after buying an additional 35,527 shares during the last quarter. 67.48% of the stock is currently 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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