Stuart Naylor Sells 27,661 Shares of MeiraGTx (NASDAQ:MGTX) Stock

Key Points

• Insider sale: Stuart Naylor sold 27,661 shares on April 7 at an average price of $9.36 for about $258,907, reducing his stake by 3.97% to 668,505 shares; the trade was executed under a pre-arranged Rule 10b5-1 plan and disclosed to the SEC.
• Earnings surprise but weak profitability: MeiraGTx reported quarterly EPS of $0.19 (vs. -$0.60 est.) and revenue of $75.36M (vs. $3.87M est.), yet still shows a negative net margin (-140.31%) and extreme negative ROE, while analysts hold a "Moderate Buy" consensus with a $23.67 target amid mixed rating changes.

MeiraGTx Holdings PLC (NASDAQ:MGTX - Get Free Report) insider Stuart Naylor sold 27,661 shares of the business's stock in a transaction dated Tuesday, April 7th. The shares were sold at an average price of $9.36, for a total transaction of $258,906.96. Following the completion of the transaction, the insider owned 668,505 shares in the company, valued at approximately $6,257,206.80. This trade represents a 3.97% decrease in their ownership of the stock. The transaction was disclosed in a 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.

MeiraGTx Stock Down 0.1%

NASDAQ:MGTX opened at $9.51 on Wednesday. The firm has a market cap of $774.55 million, a PE ratio of -6.70 and a beta of 1.27. MeiraGTx Holdings PLC has a 12 month low of $4.55 and a 12 month high of $9.88. The company's 50-day moving average price is $7.75 and its two-hundred day moving average price is $8.02.

MeiraGTx (NASDAQ:MGTX - Get Free Report) last released its quarterly earnings results on Thursday, March 26th. The company reported $0.19 EPS for the quarter, beating analysts' consensus estimates of ($0.60) by $0.79. The firm had revenue of $75.36 million for the quarter, compared to analyst estimates of $3.87 million. MeiraGTx had a negative net margin of 140.31% and a negative return on equity of 1,065.47%. On average, research analysts expect that MeiraGTx Holdings PLC will post -1.48 EPS for the current fiscal year.

Hedge Funds Weigh In On MeiraGTx

Several large investors have recently bought and sold shares of the business. Perceptive Advisors LLC lifted its holdings in MeiraGTx by 0.4% in the second quarter. Perceptive Advisors LLC now owns 12,626,103 shares of the company's stock valued at $82,231,000 after buying an additional 45,000 shares during the period. Rubric Capital Management LP lifted its holdings in MeiraGTx by 65.7% in the fourth quarter. Rubric Capital Management LP now owns 6,175,331 shares of the company's stock valued at $49,094,000 after buying an additional 2,448,880 shares during the period. Adage Capital Partners GP L.L.C. lifted its holdings in MeiraGTx by 7.1% in the second 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 buying an additional 400,000 shares during the period. Millennium Management LLC lifted its holdings in MeiraGTx by 23.5% in the fourth quarter. Millennium Management LLC now owns 3,176,390 shares of the company's stock valued at $25,252,000 after buying an additional 604,121 shares during the period. Finally, 683 Capital Management LLC lifted its holdings in MeiraGTx by 4.5% in the second quarter. 683 Capital Management LLC now owns 2,690,000 shares of the company's stock valued at $17,539,000 after buying an additional 115,000 shares during the period. 67.48% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

MGTX has been the topic of a number of research reports. Zacks Research upgraded shares of 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 research report on Sunday. Bank of America upped their target price on shares of MeiraGTx from $14.00 to $16.00 and gave the stock a "buy" rating in a research report on Friday, March 27th. Weiss Ratings reiterated a "sell (d-)" rating on shares of MeiraGTx in a research report on Thursday, January 22nd. Finally, Piper Sandler reduced their target price on shares of MeiraGTx from $30.00 to $26.00 and set an "overweight" rating on the stock in a research report on Friday, March 27th. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $23.67.

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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