MeiraGTx (NASDAQ:MGTX) Shares Down 4.9% - Here's Why

Key Points

• MeiraGTx shares fell 4.9% to $12.44 in Tuesday trading, with volume down 32% from its average.
• Analyst sentiment remains broadly positive: the stock has a consensus “Moderate Buy” rating and a $26.17 price target, despite Zacks Research downgrading it to “Hold.”
• The company reported quarterly EPS of $1.71, far exceeding the $0.46 loss analysts expected, while insiders sold 145,659 shares worth about $1.97 million over the past quarter.

MeiraGTx Holdings PLC (NASDAQ:MGTX - Get Free Report) traded down 4.9% on Tuesday . The company traded as low as $12.42 and last traded at $12.44. 486,648 shares traded hands during mid-day trading, a decline of 32% from the average daily volume of 720,058 shares. The stock had previously closed at $13.08.

Analyst Ratings Changes

Several analysts have recently commented on MGTX shares. Zacks Research cut shares of MeiraGTx from a "strong-buy" rating to a "hold" rating in a research note on Friday, September 11th. Royal Bank Of Canada upped their price objective on MeiraGTx from $26.00 to $27.00 and gave the stock an "outperform" rating in a report on Friday, August 14th. Weiss Ratings reiterated a "sell (d-)" rating on shares of MeiraGTx in a research report on Friday, July 17th. Wall Street Zen raised MeiraGTx from a "hold" rating to a "buy" rating in a research note on Saturday, August 15th. Finally, HC Wainwright reaffirmed a "buy" rating and set a $20.00 price target on shares of MeiraGTx in a research note on Wednesday, July 8th. 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's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $26.17.

MeiraGTx Stock Performance

The firm has a market cap of $1.20 billion, a P/E ratio of 17.54 and a beta of 1.27. The company has a debt-to-equity ratio of 0.46, a quick ratio of 3.76 and a current ratio of 3.76. The stock's 50-day moving average is $13.11 and its 200 day moving average is $10.96.

MeiraGTx (NASDAQ:MGTX - Get Free Report) last posted its earnings results on Thursday, August 13th. The company reported $1.71 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.46) by $2.17. MeiraGTx had a return on equity of 283.85% and a net margin of 19.87%.The business had revenue of $321.43 million during the quarter, compared to analysts' expectations of $0.70 million. On average, research analysts predict that MeiraGTx Holdings PLC will post 0.3 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO Alexandria Forbes sold 62,000 shares of the stock in a transaction that occurred on Tuesday, August 18th. The stock was sold at an average price of $13.86, for a total transaction of $859,320.00. Following the completion of the transaction, the chief executive officer directly owned 1,325,695 shares of the company's stock, valued at approximately $18,374,132.70. This represents a 4.47% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Richard Giroux sold 56,000 shares of MeiraGTx stock in a transaction dated Tuesday, July 21st. The shares were sold at an average price of $12.51, for a total transaction of $700,560.00. Following the completion of the transaction, the chief financial officer directly owned 908,530 shares of the company's stock, valued at approximately $11,365,710.30. This trade represents a 5.81% 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 quarter, insiders have sold 145,659 shares of company stock worth $1,969,233. Corporate insiders own 7.40% of the company's stock.

Hedge Funds Weigh In On MeiraGTx

Several hedge funds and other institutional investors have recently added to or reduced their stakes in MGTX. ProShare Advisors LLC bought a new position in shares of MeiraGTx in the fourth quarter worth about $94,000. Bank of Nova Scotia bought a new stake in MeiraGTx during the 1st quarter worth $105,000. Algert Global LLC grew its position in MeiraGTx by 13.9% during the 2nd quarter. Algert Global LLC now owns 11,700 shares of the company's stock worth $158,000 after acquiring an additional 1,430 shares during the last quarter. Perigon Wealth Management LLC acquired a new position in MeiraGTx in the 2nd quarter worth about $203,000. Finally, Arizona State Retirement System acquired a new position in MeiraGTx in the 2nd quarter worth about $207,000. 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 focused on developing gene therapies for serious diseases with limited treatment options. The company uses adeno-associated virus (AAV) vectors and other genetic medicine technologies to deliver therapeutic genes to targeted tissues, with an emphasis on disorders affecting the central nervous system, the eye and other organs.

MeiraGTx's pipeline has included botaretigene sparoparvovec, an investigational AAV-based gene therapy for X-linked retinitis pigmentosa caused by mutations in the RPGR gene.

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