MeiraGTx (NASDAQ:MGTX) Stock Price Up 7.9% - Here's Why

Key Points

• MeiraGTx shares rose 7.9% to $12.70 in Monday trading, although volume was 89% below the stock’s average daily level.
• Analyst sentiment remains broadly positive, with a consensus “Moderate Buy” rating and a $26 average price target; recent targets range from $20 to $30.
• The company beat quarterly EPS expectations, reporting a loss of $0.57 per share versus the expected $0.61 loss, but revenue was only $0.29 million compared with the $17 million consensus estimate. Insiders have recently sold shares, while institutional investors own 67.48% of the stock.

MeiraGTx Holdings PLC (NASDAQ:MGTX - Get Free Report) was up 7.9% during trading on Monday . The company traded as high as $12.70 and last traded at $12.70. 77,409 shares traded hands during mid-day trading, a decline of 89% from the average daily volume of 729,733 shares. The stock had previously closed at $11.77.

Analyst Ratings Changes

Several analysts have recently commented on MGTX shares. Weiss Ratings reiterated a "sell (d-)" rating on shares of MeiraGTx in a report on Friday, July 17th. Royal Bank Of Canada increased their price objective on shares of MeiraGTx from $25.00 to $26.00 and gave the company an "outperform" rating in a research note on Wednesday, July 8th. HC Wainwright reissued a "buy" rating and set a $20.00 target price on shares of MeiraGTx in a research report on Wednesday, July 8th. Piper Sandler upped their target price on MeiraGTx from $26.00 to $30.00 and gave the company an "overweight" rating in a report on Wednesday, April 22nd. Finally, Wall Street Zen raised MeiraGTx from a "sell" rating to a "hold" rating in a research report on Sunday, April 5th. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, one has given a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $26.00.

MeiraGTx Price Performance

The firm has a fifty day simple moving average of $11.21 and a two-hundred day simple moving average of $9.32. The firm has a market capitalization of $1.15 billion, a P/E ratio of -8.36 and a beta of 1.20.

MeiraGTx (NASDAQ:MGTX - Get Free Report) last issued its quarterly earnings results on Thursday, May 14th. The company reported ($0.57) EPS for the quarter, beating analysts' consensus estimates of ($0.61) by $0.04. The firm had revenue of $0.29 million for the quarter, compared to analysts' expectations of $17.00 million. On average, research analysts anticipate that MeiraGTx Holdings PLC will post -1.53 EPS for the current year.

Insider Activity at MeiraGTx

In other news, CEO Alexandria Forbes sold 62,000 shares of the firm's stock in a transaction on Tuesday, May 19th. The stock was sold at an average price of $9.17, for a total value 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 trade represents a 4.28% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Stuart Naylor sold 27,659 shares of the firm's stock in a transaction dated Tuesday, July 7th. The stock was sold at an average price of $14.80, for a total value of $409,353.20. Following the completion of the transaction, the insider owned 640,846 shares of the company's stock, valued at approximately $9,484,520.80. This represents a 4.14% 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 own 7.40% of the company's stock.

Hedge Funds Weigh In On MeiraGTx

Large investors have recently modified their holdings of the company. BNP Paribas Financial Markets increased its holdings in 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 acquiring an additional 1,466 shares during the period. Tower Research Capital LLC TRC grew its position in shares of MeiraGTx by 390.9% during the 2nd quarter. Tower Research Capital LLC TRC now owns 8,797 shares of the company's stock valued at $57,000 after purchasing an additional 7,005 shares in the last quarter. ProShare Advisors LLC purchased a new position in shares of MeiraGTx during the 4th quarter valued at $94,000. Bank of Nova Scotia bought a new position in shares of MeiraGTx in the first quarter worth $105,000. Finally, Abel Hall LLC purchased a new stake in shares of MeiraGTx in the fourth quarter worth $98,000. 67.48% of the stock is currently owned by institutional investors.

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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