MeiraGTx (NASDAQ:MGTX) Shares Down 7.4% - What's Next?

Key Points

• MeiraGTx shares fell 7.4% on Monday, trading as low as $9.87 after closing at $10.65, with volume below average during the session.
• Analysts remain mostly positive on the stock, with a Moderate Buy consensus and an average price target of $25.83, though opinions are mixed across firms.
• The company reported a smaller-than-expected quarterly loss of $0.57 per share, but revenue came in far below estimates at just $0.29 million; meanwhile, CEO Alexandria Forbes and CFO Richard Giroux both sold shares under pre-arranged trading plans.

MeiraGTx Holdings PLC (NASDAQ:MGTX - Get Free Report)'s stock price was down 7.4% on Monday . The stock traded as low as $9.87 and last traded at $9.86. Approximately 511,475 shares traded hands during mid-day trading, a decline of 20% from the average daily volume of 640,452 shares. The stock had previously closed at $10.65.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on MGTX shares. Chardan Capital reiterated a "buy" rating and issued a $35.00 price target on shares of MeiraGTx in a report on Friday, March 27th. 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 report on Wednesday, April 22nd. Zacks Research upgraded shares of MeiraGTx from a "strong sell" rating to a "hold" rating in a report on Monday, March 9th. Bank of America increased their price target on shares of MeiraGTx from $14.00 to $16.00 and gave the stock a "buy" rating in a report on Friday, March 27th. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of MeiraGTx in a report on Tuesday, April 21st. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $25.83.

MeiraGTx Trading Down 7.5%

The company has a 50-day simple moving average of $9.30 and a 200 day simple moving average of $8.34. The firm has a market cap of $912.76 million, a PE ratio of -6.66 and a beta of 1.26.

MeiraGTx (NASDAQ:MGTX - Get Free Report) last released its quarterly earnings data on Thursday, May 14th. The company reported ($0.57) EPS for the quarter, topping the consensus estimate of ($0.61) by $0.04. MeiraGTx had a negative return on equity of 1,065.47% and a negative net margin of 151.12%.The business had revenue of $0.29 million for the quarter, compared to analyst estimates of $17.00 million. On average, equities analysts expect that MeiraGTx Holdings PLC will post -1.55 earnings per share for the current year.

Insiders Place Their Bets

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 completion of the transaction, the chief executive officer directly owned 1,387,695 shares of the company's stock, valued at $12,725,163.15. This represents a 4.28% decrease in their position. The sale was disclosed in a filing with the SEC, which is available 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 company's 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 transaction, the chief financial officer directly owned 971,530 shares of the company's stock, 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. In the last 90 days, insiders have sold 207,661 shares of company stock worth $1,859,187. Corporate insiders own 7.50% of the company's stock.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the business. BNP Paribas Financial Markets raised its stake in shares of MeiraGTx by 43.8% during the 2nd quarter. BNP Paribas Financial Markets now owns 4,810 shares of the company's stock worth $31,000 after buying an additional 1,466 shares during the period. Kennedy Capital Management LLC raised its stake 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 during the period. Russell Investments Group Ltd. raised its stake 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 raised its stake 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, Hsbc Holdings PLC raised its stake in shares of MeiraGTx by 24.3% during the 4th quarter. Hsbc Holdings PLC now owns 23,792 shares of the company's stock worth $189,000 after buying an additional 4,649 shares during the period. 67.48% of the stock is owned by institutional investors and hedge funds.

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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