MeiraGTx (MGTX) Reaches New 12-Month High on Strong Earnings

MeiraGTx Holdings PLC (NASDAQ:MGTX) shares reached a new 52-week high during mid-day trading on Wednesday after the company announced better than expected quarterly earnings. The stock traded as high as $22.80 and last traded at $21.10, with a volume of 3513 shares traded. The stock had previously closed at $21.50.

The company reported ($0.62) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.64) by $0.02. The firm had revenue of $0.79 million for the quarter.

A number of research analysts have recently issued reports on the company. Chardan Capital reaffirmed a “buy” rating on shares of MeiraGTx in a research note on Tuesday. Barclays reaffirmed a “positive” rating and set a $30.00 price objective (up from $20.00) on shares of MeiraGTx in a research note on Wednesday. Finally, Zacks Investment Research raised MeiraGTx from a “hold” rating to a “buy” rating and set a $20.00 price objective on the stock in a research note on Saturday, March 30th. Five investment analysts have rated the stock with a buy rating, The company presently has an average rating of “Buy” and an average target price of $27.75.

In related news, major shareholder Life Sciences Maste Perceptive acquired 1,304,348 shares of MeiraGTx stock in a transaction dated Friday, March 1st. The shares were purchased at an average cost of $13.80 per share, with a total value of $18,000,002.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

Several large investors have recently made changes to their positions in the company. SG Americas Securities LLC bought a new stake in shares of MeiraGTx in the fourth quarter worth about $138,000. IFP Advisors Inc grew its stake in shares of MeiraGTx by 3,697.6% in the fourth quarter. IFP Advisors Inc now owns 75,192 shares of the company’s stock worth $725,000 after purchasing an additional 73,212 shares during the last quarter. BlackRock Inc. grew its stake in shares of MeiraGTx by 23.5% in the fourth quarter. BlackRock Inc. now owns 178,769 shares of the company’s stock worth $1,723,000 after purchasing an additional 34,070 shares during the last quarter. Virtu Financial LLC bought a new stake in shares of MeiraGTx in the first quarter worth about $174,000. Finally, Sphera Funds Management LTD. bought a new stake in shares of MeiraGTx in the fourth quarter worth about $686,000. 21.81% of the stock is currently owned by hedge funds and other institutional investors.

The company has a market capitalization of $592.83 million and a PE ratio of -5.06.

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About MeiraGTx (NASDAQ:MGTX)

MeiraGTx Holdings plc, a clinical-stage gene therapy company, focusing on developing treatments for patients living with serious diseases. The company develops various therapies for ocular diseases, including rare inherited blindness, as well as Xerostomia following radiation treatment for head and neck cancers; neurodegenerative diseases, such as amyothrophic lateral sclerosis; and Parkinson's diseases.

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