Royal Bank Of Canada Issues Positive Forecast for MeiraGTx (NASDAQ:MGTX) Stock Price

Key Points

• Royal Bank of Canada raised its price target on MeiraGTx from $16 to $24 and kept an "outperform" rating, implying about 140% upside; MarketBeat's consensus is a "Moderate Buy" with an average target near $25.
• MeiraGTx posted a surprising quarter with $0.19 EPS vs. a -$0.60 estimate and revenue of $75.36M versus $3.87M expected, although the company still reports a negative net margin and deeply negative return on equity.

MeiraGTx (NASDAQ:MGTX - Get Free Report) had its price objective increased by equities research analysts at Royal Bank Of Canada from $16.00 to $24.00 in a research report issued on Friday,Benzinga reports. The firm presently has an "outperform" rating on the stock. Royal Bank Of Canada's price objective would indicate a potential upside of 140.31% from the company's previous close.

Other analysts also recently issued research reports about the company. Bank of America raised their target price on shares of MeiraGTx from $14.00 to $16.00 and gave the stock a "buy" rating in a report on Friday, March 27th. Zacks Research raised MeiraGTx from a "strong sell" rating to a "hold" rating in a research report on Monday, March 9th. Wall Street Zen upgraded shares of MeiraGTx from a "sell" rating to a "hold" rating in a report on Sunday, April 5th. Chardan Capital reiterated a "buy" rating and issued a $35.00 target price on shares of MeiraGTx in a report on Friday, March 27th. Finally, Weiss Ratings reissued a "sell (d-)" rating on shares of MeiraGTx in a research note on Thursday, January 22nd. One equities research 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 assigned a Sell rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $25.00.

MeiraGTx Trading Up 5.3%

NASDAQ MGTX traded up $0.51 during trading hours on Friday, reaching $9.99. The company's stock had a trading volume of 388,680 shares, compared to its average volume of 546,009. The stock has a market cap of $813.40 million, a PE ratio of -6.96 and a beta of 1.27. The business has a 50-day simple moving average of $8.06 and a 200 day simple moving average of $8.11. MeiraGTx has a 52 week low of $4.55 and a 52 week high of $11.85.

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, beating 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 firm had revenue of $75.36 million for the quarter, compared to the consensus estimate of $3.87 million. As a group, equities analysts predict that MeiraGTx will post -1.48 EPS for the current year.

Insiders Place Their Bets

In other MeiraGTx news, CEO Alexandria Forbes sold 62,000 shares of the firm's stock in a transaction that occurred on Tuesday, March 24th. The stock was sold at an average price of $7.41, for a total value of $459,420.00. Following the sale, the chief executive officer owned 1,449,695 shares of the company's stock, valued at $10,742,239.95. This trade represents a 4.10% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Stuart Naylor sold 27,661 shares of the firm's stock in a transaction that occurred on Tuesday, April 7th. The shares were sold at an average price of $9.36, for a total value of $258,906.96. Following the completion of the sale, the insider directly owned 668,505 shares in the company, valued at $6,257,206.80. This trade represents a 3.97% 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. 7.50% of the stock is owned by insiders.

Institutional Investors Weigh In On MeiraGTx

A number of institutional investors have recently added to or reduced their stakes in the company. State of Alaska Department of Revenue acquired a new position in MeiraGTx during the 3rd quarter worth $33,000. BNP Paribas Financial Markets increased its position in MeiraGTx by 43.8% in the second 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 during the period. Tower Research Capital LLC TRC increased its position in MeiraGTx by 390.9% in the second quarter. Tower Research Capital LLC TRC now owns 8,797 shares of the company's stock worth $57,000 after purchasing an additional 7,005 shares during the period. ProShare Advisors LLC acquired a new stake in MeiraGTx in the fourth quarter worth about $94,000. Finally, Abel Hall LLC acquired a new position in MeiraGTx in the fourth quarter valued at approximately $98,000. 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 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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