MeiraGTx (NASDAQ:MGTX) Releases Quarterly Earnings Results, Beats Expectations By $2.17 EPS

Key Points

• MeiraGTx beat quarterly earnings expectations, reporting $1.71 in EPS versus the consensus estimate of a $0.46 loss. Revenue was $321.43 million, far above the $0.70 million estimate.
• MGTX shares traded at $12.67, with the stock valued at approximately $1.17 billion and ranging between $6.62 and $15.35 over the past year. Analysts maintain a consensus “Moderate Buy” rating with a $26.00 target price.
• Insiders sold 145,659 shares worth about $1.68 million over the past 90 days under pre-arranged Rule 10b5-1 plans, while institutional investors own 67.48% of the company.

MeiraGTx (NASDAQ:MGTX - Get Free Report) issued its quarterly earnings data on Thursday. The company reported $1.71 earnings per share for the quarter, topping analysts' consensus estimates of ($0.46) by $2.17, FiscalAI reports. The firm had revenue of $321.43 million for the quarter, compared to the consensus estimate of $0.70 million.

MeiraGTx Stock Performance

Shares of MGTX traded down $0.29 during mid-day trading on Thursday, reaching $12.67. 795,630 shares of the company were exchanged, compared to its average volume of 440,896. The business has a 50 day simple moving average of $12.00 and a two-hundred day simple moving average of $9.80. The stock has a market capitalization of $1.17 billion, a PE ratio of -8.56 and a beta of 1.23. MeiraGTx has a 52 week low of $6.62 and a 52 week high of $15.35.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the company. Royal Bank Of Canada boosted their price target on MeiraGTx from $25.00 to $26.00 and gave the stock an "outperform" rating in a report on Wednesday, July 8th. Piper Sandler lifted their target price on shares of MeiraGTx from $26.00 to $30.00 and gave the stock an "overweight" rating in a research report on Wednesday, April 22nd. HC Wainwright reissued a "buy" rating and set a $20.00 target price on shares of MeiraGTx in a report on Wednesday, July 8th. Finally, Weiss Ratings restated a "sell (d-)" rating on shares of MeiraGTx in a research report on Friday, July 17th. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $26.00.

Insider Activity at MeiraGTx

In other MeiraGTx news, CEO Alexandria Forbes sold 62,000 shares of the stock in a transaction that occurred on Tuesday, May 19th. The shares were sold at an average price of $9.17, for a total transaction of $568,540.00. Following the completion of the sale, 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 position. 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, CFO Richard Giroux sold 56,000 shares of the firm's 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 owned 908,530 shares of the company's stock, valued at approximately $11,365,710.30. The trade was a 5.81% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 145,659 shares of company stock worth $1,678,453 over the last ninety days. Insiders own 7.40% of the company's stock.

Hedge Funds Weigh In On MeiraGTx

A number of hedge funds have recently bought and sold shares of MGTX. VARCOV Co. acquired a new stake in MeiraGTx during the fourth quarter worth approximately $262,000. Virtus Investment Advisers LLC acquired a new stake in shares of MeiraGTx during the 4th quarter worth approximately $237,000. AlphaCentric Advisors LLC bought a new stake in shares of MeiraGTx in the 4th quarter valued at $227,000. Deutsche Bank AG increased its stake in shares of MeiraGTx by 22.2% in the 4th quarter. Deutsche Bank AG now owns 40,711 shares of the company's stock valued at $324,000 after acquiring an additional 7,390 shares in the last quarter. Finally, CIBC Bancorp USA Inc. acquired a new position in shares of MeiraGTx during the 3rd quarter valued at $318,000. 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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