MeiraGTx (NASDAQ:MGTX) Releases Earnings Results, Misses Expectations By $0.12 EPS

MeiraGTx (NASDAQ:MGTX) posted its earnings results on Thursday. The company reported ($0.62) EPS for the quarter, missing the consensus estimate of ($0.50) by ($0.12), FiscalAI reports. The firm had revenue of $0.41 million during the quarter, compared to the consensus estimate of $7.71 million. MeiraGTx had a negative return on equity of 314.44% and a negative net margin of 415.39%.

MeiraGTx Price Performance

NASDAQ:MGTX traded up $0.12 during trading hours on Friday, reaching $8.38. The company had a trading volume of 201,562 shares, compared to its average volume of 498,032. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 26.29. The stock has a 50-day moving average of $8.26 and a two-hundred day moving average of $7.41. MeiraGTx has a one year low of $4.55 and a one year high of $9.73. The firm has a market capitalization of $673.77 million, a PE ratio of -4.11 and a beta of 1.35.

Analysts Set New Price Targets

Several research firms recently commented on MGTX. Royal Bank Of Canada raised their target price on MeiraGTx from $12.00 to $16.00 and gave the company an “outperform” rating in a research report on Friday. Raymond James Financial started coverage on shares of MeiraGTx in a research report on Tuesday, October 21st. They issued a “strong-buy” rating and a $29.00 target price on the stock. Chardan Capital reaffirmed a “buy” rating and set a $35.00 target price on shares of MeiraGTx in a research note on Tuesday. Weiss Ratings reissued a “sell (d-)” rating on shares of MeiraGTx in a research report on Wednesday, October 8th. Finally, Piper Sandler increased their price target on shares of MeiraGTx from $28.00 to $30.00 and gave the stock an “overweight” rating in a research note on Tuesday. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $27.50.

Insider Activity

In related news, CFO Richard Giroux sold 24,000 shares of the stock in a transaction that occurred on Tuesday, October 21st. The shares were sold at an average price of $8.87, for a total value of $212,880.00. Following the transaction, the chief financial officer directly owned 829,494 shares in the company, valued at $7,357,611.78. This represents a 2.81% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Alexandria Forbes sold 47,500 shares of the firm’s stock in a transaction on Tuesday, October 7th. The stock was sold at an average price of $8.39, for a total value of $398,525.00. Following the completion of the transaction, the chief executive officer owned 1,313,983 shares in the company, valued at $11,024,317.37. This represents a 3.49% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 7.50% of the stock is currently owned by corporate insiders.

Institutional Trading of MeiraGTx

A number of hedge funds have recently modified their holdings of the company. Perceptive Advisors LLC increased its stake 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 purchasing an additional 45,000 shares in the last quarter. Adage Capital Partners GP L.L.C. increased its position in shares of MeiraGTx by 7.1% in the 2nd 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 in the last quarter. Rubric Capital Management LP increased its position in shares of MeiraGTx by 109.8% in the 2nd quarter. Rubric Capital Management LP now owns 3,726,451 shares of the company’s stock valued at $24,296,000 after buying an additional 1,950,130 shares in the last quarter. Vanguard Group Inc. grew its stake in MeiraGTx by 10.3% in the third quarter. Vanguard Group Inc. now owns 463,935 shares of the company’s stock valued at $3,818,000 after acquiring an additional 43,261 shares during the period. Finally, Bank of America Corp DE grew its stake in MeiraGTx by 493.8% in the second quarter. Bank of America Corp DE now owns 266,666 shares of the company’s stock valued at $1,739,000 after acquiring an additional 221,755 shares during the period. 67.48% of the stock is currently owned by institutional investors and hedge funds.

About MeiraGTx

MeiraGTx Holdings plc, a clinical stage gene therapy company, focusing on developing treatments for patients with serious diseases. The company develops various therapies for ocular diseases, including inherited retinal diseases and large degenerative ocular diseases, neurodegenerative diseases, and xerostomia.