MeiraGTx (NASDAQ:MGTX) Upgraded by Wall Street Zen to "Hold" Rating

Key Points

• Wall Street Zen upgraded MeiraGTx from a "sell" to a "hold," while the broader analyst mix (1 Strong Buy, 5 Buy, 1 Hold, 1 Sell) yields a MarketBeat consensus price target of $23.67 and an average rating of Moderate Buy.
• MeiraGTx posted a surprise quarter, reporting EPS $0.19 vs. consensus -$0.60 and revenue $75.36M vs. $3.87M, but the company remains unprofitable with a -140.31% net margin and negative return on equity.
• CEO Alexandria Forbes sold 62,000 shares (~$459K), reducing her position by 4.1%; insiders own 7.5% of the company while institutional investors hold about 67.5%.

MeiraGTx (NASDAQ:MGTX - Get Free Report) was upgraded by stock analysts at Wall Street Zen from a "sell" rating to a "hold" rating in a report issued on Sunday.

A number of other equities research analysts have also recently weighed in on the stock. Bank of America boosted their price target on shares of MeiraGTx from $14.00 to $16.00 and gave the company a "buy" rating in a research report on Friday, March 27th. Chardan Capital reiterated a "buy" rating and set a $35.00 target price on shares of MeiraGTx in a research report on Friday, March 27th. Weiss Ratings reissued a "sell (d-)" rating on shares of MeiraGTx in a report on Thursday, January 22nd. Piper Sandler decreased their target price on MeiraGTx from $30.00 to $26.00 and set an "overweight" rating for the company in a research report on Friday, March 27th. Finally, Zacks Research upgraded MeiraGTx from a "strong sell" rating to a "hold" rating in a research note on Monday, March 9th. One investment 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 given a Sell rating to the stock. According to data from MarketBeat.com, MeiraGTx has an average rating of "Moderate Buy" and a consensus price target of $23.67.

MeiraGTx Stock Performance

Shares of MeiraGTx stock opened at $9.18 on Friday. MeiraGTx has a one year low of $4.55 and a one year high of $9.73. The business's 50 day moving average price is $7.69 and its 200 day moving average price is $7.99. The company has a market cap of $747.71 million, a price-to-earnings ratio of -6.46 and a beta of 1.27.

MeiraGTx (NASDAQ:MGTX - Get Free Report) last issued its quarterly earnings data on Thursday, March 26th. The company reported $0.19 earnings per share for the quarter, topping the consensus estimate 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 the consensus estimate of $3.87 million. On average, analysts predict that MeiraGTx will post -1.48 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CEO Alexandria Forbes sold 62,000 shares of the firm's stock in a transaction on Tuesday, March 24th. The shares were sold at an average price of $7.41, for a total value of $459,420.00. Following the completion of the sale, the chief executive officer owned 1,449,695 shares in the company, valued at approximately $10,742,239.95. This trade represents a 4.10% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 7.50% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in MGTX. Perceptive Advisors LLC raised its holdings in MeiraGTx by 0.4% during the second quarter. Perceptive Advisors LLC now owns 12,626,103 shares of the company's stock worth $82,231,000 after purchasing an additional 45,000 shares in the last quarter. Rubric Capital Management LP boosted its holdings in MeiraGTx by 65.7% in the 4th quarter. Rubric Capital Management LP now owns 6,175,331 shares of the company's stock valued at $49,094,000 after purchasing an additional 2,448,880 shares in the last quarter. Adage Capital Partners GP L.L.C. boosted its holdings in MeiraGTx by 7.1% in the 2nd quarter. Adage Capital Partners GP L.L.C. now owns 6,034,578 shares of the company's stock valued at $39,345,000 after purchasing an additional 400,000 shares in the last quarter. Millennium Management LLC increased its position in MeiraGTx by 23.5% during the 4th quarter. Millennium Management LLC now owns 3,176,390 shares of the company's stock worth $25,252,000 after purchasing an additional 604,121 shares during the period. Finally, 683 Capital Management LLC increased its position in MeiraGTx by 4.5% during the 2nd quarter. 683 Capital Management LLC now owns 2,690,000 shares of the company's stock worth $17,539,000 after purchasing an additional 115,000 shares during the period. 67.48% of the stock is currently 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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