Richard Giroux Sells 56,000 Shares of MeiraGTx (NASDAQ:MGTX) Stock

Key Points

• CFO Richard Giroux sold 56,000 shares of MeiraGTx at an average price of $10.22 (totaling $572,320) under a pre-arranged Rule 10b5-1 plan, reducing his stake by 5.45% to 971,530 shares.
• MeiraGTx reported a strong quarter—EPS of $0.19 vs. a -$0.60 consensus and revenue of $75.36M vs. $3.87M expected—but the company remains unprofitable with a negative net margin and ROE, and analysts still forecast -1.19 EPS for the year.
• Analysts have been upgrading the stock (average rating: Moderate Buy) and raising targets (average price target $25.00), while the shares traded down about 3.4% to $10.17 mid-day with a market cap near $828M.

MeiraGTx Holdings PLC (NASDAQ:MGTX - Get Free Report) CFO Richard Giroux sold 56,000 shares of MeiraGTx stock in a transaction dated Tuesday, April 21st. The shares were 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 in the company, valued at approximately $9,929,036.60. The trade was a 5.45% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

MeiraGTx Trading Down 3.4%

MeiraGTx stock traded down $0.36 during mid-day trading on Tuesday, hitting $10.17. The stock had a trading volume of 1,262,223 shares, compared to its average volume of 1,091,787. MeiraGTx Holdings PLC has a one year low of $4.55 and a one year high of $11.85. The firm has a market capitalization of $828.35 million, a P/E ratio of -7.16 and a beta of 1.27. The firm's 50 day moving average is $8.22 and its 200 day moving average is $8.14.

MeiraGTx (NASDAQ:MGTX - Get Free Report) last announced its quarterly earnings data on Thursday, March 26th. The company reported $0.19 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 analyst estimates of $3.87 million. As a group, equities research analysts forecast that MeiraGTx Holdings PLC will post -1.19 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on MGTX shares. Chardan Capital reaffirmed a "buy" rating and set a $35.00 target price on shares of MeiraGTx in a research note on Friday, March 27th. Royal Bank Of Canada boosted their price objective on MeiraGTx from $16.00 to $24.00 and gave the company an "outperform" rating in a report on Friday. Bank of America upped their price objective on MeiraGTx from $14.00 to $16.00 and gave the company a "buy" rating in a research report on Friday, March 27th. Wall Street Zen upgraded MeiraGTx from a "sell" rating to a "hold" rating in a research report on Sunday, April 5th. Finally, Zacks Research raised shares of 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 issued a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $25.00.

Hedge Funds Weigh In On MeiraGTx

Large investors have recently added to or reduced their stakes in the company. BNP Paribas Financial Markets boosted its position in shares of MeiraGTx by 43.8% in the 2nd quarter. BNP Paribas Financial Markets now owns 4,810 shares of the company's stock worth $31,000 after purchasing an additional 1,466 shares in the last quarter. State of Alaska Department of Revenue acquired a new position in MeiraGTx during the 3rd quarter valued at about $33,000. Tower Research Capital LLC TRC raised its stake in MeiraGTx by 390.9% in the second quarter. Tower Research Capital LLC TRC now owns 8,797 shares of the company's stock valued at $57,000 after buying an additional 7,005 shares during the last quarter. ProShare Advisors LLC purchased a new stake in MeiraGTx in the fourth quarter valued at about $94,000. Finally, Abel Hall LLC acquired a new stake in MeiraGTx in the fourth quarter worth about $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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