MeiraGTx (NASDAQ:MGTX) Shares Gap Up on Strong Earnings

Key Points

• MeiraGTx shares jumped from a $12.96 close to a $14.19 open after the company reported quarterly EPS of $1.71, well above the analyst consensus estimate of a $0.46 loss. Revenue totaled $321.43 million versus expectations of $0.70 million.
• Analyst sentiment remains broadly positive, with a consensus “Moderate Buy” rating and a $26.00 target price; recent targets range from $20.00 to $30.00, although Weiss Ratings maintained a sell rating.
• Insiders sold 145,659 shares worth about $1.68 million over the past three months under pre-arranged trading plans, while institutional investors and hedge funds own 67.48% of the company.

Shares of MeiraGTx Holdings PLC (NASDAQ:MGTX - Get Free Report) gapped up prior to trading on Thursday following a better than expected earnings announcement. The stock had previously closed at $12.96, but opened at $14.19. MeiraGTx shares last traded at $13.6490, with a volume of 108,563 shares trading hands.

The company reported $1.71 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.46) by $2.17. The firm had revenue of $321.43 million for the quarter, compared to analyst estimates of $0.70 million.

Analysts Set New Price Targets

MGTX has been the subject of a number of research analyst reports. HC Wainwright reiterated a "buy" rating and issued a $20.00 target price on shares of MeiraGTx in a research note on Wednesday, July 8th. Piper Sandler raised their price target on MeiraGTx from $26.00 to $30.00 and gave the company an "overweight" rating in a report on Wednesday, April 22nd. Royal Bank Of Canada lifted their price objective on MeiraGTx from $25.00 to $26.00 and gave the company an "outperform" rating in a research report on Wednesday, July 8th. Finally, Weiss Ratings reissued a "sell (d-)" rating on shares of MeiraGTx in a research note on Friday, July 17th. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $26.00.

Insider Transactions at MeiraGTx

In related news, insider Stuart Naylor sold 27,659 shares of the firm's stock in a transaction that occurred on Tuesday, July 7th. The shares were sold at an average price of $14.80, for a total value of $409,353.20. Following the completion of the sale, the insider owned 640,846 shares of the company's stock, valued at $9,484,520.80. This trade represents a 4.14% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 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 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 directly 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. 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. Over the last three months, insiders have sold 145,659 shares of company stock worth $1,678,453. Corporate insiders own 7.40% of the company's stock.

Institutional Investors Weigh In On MeiraGTx

Hedge funds and other institutional investors have recently made changes to their positions in the company. Jefferies Financial Group Inc. bought a new position in MeiraGTx in the fourth quarter valued at about $2,371,000. Royce & Associates LP bought a new stake in MeiraGTx during the 4th quarter worth about $1,400,000. Rubric Capital Management LP raised its holdings in MeiraGTx by 13.4% during the 1st quarter. Rubric Capital Management LP now owns 7,000,000 shares of the company's stock worth $60,620,000 after purchasing an additional 824,669 shares during the last quarter. Erste Asset Management GmbH lifted its position in MeiraGTx by 11.3% during the 4th quarter. Erste Asset Management GmbH now owns 789,702 shares of the company's stock valued at $6,275,000 after purchasing an additional 80,000 shares during the period. Finally, Hennion & Walsh Asset Management Inc. lifted its position in MeiraGTx by 18.9% during the 2nd quarter. Hennion & Walsh Asset Management Inc. now owns 421,979 shares of the company's stock valued at $5,701,000 after purchasing an additional 67,224 shares during the period. 67.48% of the stock is owned by institutional investors and hedge funds.

MeiraGTx Stock Performance

The company has a market capitalization of $1.26 billion, a price-to-earnings ratio of -9.23 and a beta of 1.23. The business's 50-day simple moving average is $11.94 and its 200-day simple moving average is $9.76.

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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