MeiraGTx (NASDAQ:MGTX) Sees Unusually-High Trading Volume on Analyst Upgrade

Key Points

• Royal Bank of Canada upgraded MeiraGTx to "outperform" and raised its price target from $16 to $24, sparking an intraday volume surge to 623,122 shares and a notable uptick in the stock price.
• MeiraGTx bolstered its pipeline by acquiring bota‑vec from Johnson & Johnson for X‑linked retinitis pigmentosa and reported positive three‑year Phase 1 AQUAx data for AAV‑hAQP1, strengthening its rare‑disease and retina programs.
• The company priced an underwritten offering of 11,111,111 shares at $9 to raise about $100M (dilutive), while insiders including the CEO sold stock; corporate insiders now own roughly 7.5% of the company.

MeiraGTx Holdings PLC (NASDAQ:MGTX - Get Free Report) shares saw an uptick in trading volume on Friday after Royal Bank Of Canada raised their price target on the stock from $16.00 to $24.00. Royal Bank Of Canada currently has an outperform rating on the stock. 623,122 shares were traded during mid-day trading, an increase of 13% from the previous session's volume of 549,177 shares.The stock last traded at $10.1330 and had previously closed at $9.48.

MGTX has been the subject of a number of other reports. Weiss Ratings restated a "sell (d-)" rating on shares of MeiraGTx in a report on Thursday, January 22nd. Zacks Research raised MeiraGTx from a "strong sell" rating to a "hold" rating in a report on Monday, March 9th. Chardan Capital reiterated a "buy" rating and issued a $35.00 price target on shares of MeiraGTx in a research report on Friday, March 27th. Piper Sandler decreased their price target on MeiraGTx from $30.00 to $26.00 and set an "overweight" rating for the company in a research note on Friday, March 27th. Finally, Bank of America lifted their price objective on MeiraGTx from $14.00 to $16.00 and gave the stock a "buy" rating in a research note on Friday, March 27th. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $25.00.

Insider Buying and Selling at MeiraGTx

In other MeiraGTx 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 sale, the chief executive officer 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 ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Stuart Naylor sold 27,661 shares of the stock in a transaction dated Tuesday, April 7th. The stock was sold at an average price of $9.36, for a total value of $258,906.96. Following the sale, the insider owned 668,505 shares of the company's stock, valued at approximately $6,257,206.80. The trade was a 3.97% 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. Corporate insiders own 7.50% of the company's stock.

Trending Headlines about MeiraGTx

Here are the key news stories impacting MeiraGTx this week:

• Positive Sentiment: Royal Bank of Canada raised its price target on MGTX to $24 and upgraded the stock to "outperform," implying roughly a 138% upside from the recent share price — a headline catalyst for buying interest. Article Title
• Positive Sentiment: MeiraGTx announced it acquired botaretigene sparoparvovec (bota‑vec) from Johnson & Johnson for the treatment of X‑linked retinitis pigmentosa (XLRP), adding a potentially valuable, late‑stage retina asset to its pipeline and strengthening its rare‑disease franchise. Article Title
• Positive Sentiment: MeiraGTx reported positive three‑year data from its Phase 1 AQUAx study of AAV‑hAQP1 for radiation‑induced xerostomia — clinical durability that de‑risks a lead program and supports the company’s commercial opportunity case. Article Title
• Positive Sentiment: Coverage and analysis pieces (Seeking Alpha) are highlighting the commercial potential of AAV‑hAQP1 and the company’s vertically integrated platform, which can amplify investor interest ahead of further clinical milestones. Article Title
• Neutral Sentiment: Press reports (The Pharma Letter / MSN) note MeiraGTx has regained rights to the eye‑disease program from J&J and is integrating the asset into its development plan — a strategic fit but integration and regulatory path remain to be executed. Article Title
• Negative Sentiment: MeiraGTx priced an underwritten offering of 11,111,111 ordinary shares at $9.00 to raise about $100M gross. The equity raise is dilutive and typically exerts near‑term pressure on the stock despite strengthening the company’s cash runway for development/launch activities. Article Title

Institutional Investors Weigh In On MeiraGTx

Several institutional investors and hedge funds have recently made changes to their positions in MGTX. BNP Paribas Financial Markets increased its holdings in MeiraGTx by 43.8% in the second quarter. BNP Paribas Financial Markets now owns 4,810 shares of the company's stock worth $31,000 after purchasing an additional 1,466 shares in the last quarter. Kennedy Capital Management LLC boosted its holdings in shares of MeiraGTx by 2.2% during the 4th quarter. Kennedy Capital Management LLC now owns 70,738 shares of the company's stock worth $562,000 after buying an additional 1,495 shares in the last quarter. Russell Investments Group Ltd. grew 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 worth $682,000 after buying an additional 3,452 shares during the period. XTX Topco Ltd grew 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 worth $302,000 after buying an additional 3,766 shares during the period. Finally, State of Alaska Department of Revenue bought a new stake in shares of MeiraGTx in the 3rd quarter valued at $33,000. Institutional investors own 67.48% of the company's stock.

MeiraGTx Trading Up 7.1%

The stock's 50-day moving average is $8.06 and its 200-day moving average is $8.11. The company has a market cap of $826.76 million, a price-to-earnings ratio of -7.13 and a beta of 1.27.

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

MeiraGTx Company Profile

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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