MeiraGTx (NASDAQ:MGTX) Hits New 12-Month High – Here’s Why

MeiraGTx Holdings PLC (NASDAQ:MGTX)’s stock price reached a new 52-week high on Tuesday . The company traded as high as $10.54 and last traded at $10.5690, with a volume of 64607 shares traded. The stock had previously closed at $9.63.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the company. Wall Street Zen upgraded MeiraGTx from a “sell” rating to a “hold” rating in a research report on Sunday, April 5th. Piper Sandler dropped their target price on MeiraGTx from $30.00 to $26.00 and set an “overweight” rating for the company in a research report on Friday, March 27th. Zacks Research upgraded MeiraGTx from a “strong sell” rating to a “hold” rating in a research report on Monday, March 9th. Bank of America boosted their price target on shares of MeiraGTx from $14.00 to $16.00 and gave the stock a “buy” rating in a research note on Friday, March 27th. Finally, Chardan Capital reissued a “buy” rating and issued a $35.00 price target on shares of MeiraGTx in a research note on Friday, March 27th. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, MeiraGTx currently has an average rating of “Moderate Buy” and an average price target of $23.67.

MeiraGTx Stock Down 0.4%

The company has a 50-day simple moving average of $8.01 and a two-hundred day simple moving average of $8.10. The stock has a market cap of $916.31 million, a P/E ratio of -7.92 and a beta of 1.27.

MeiraGTx (NASDAQ:MGTX) last announced 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 return on equity of 1,065.47% and a negative net margin of 140.31%.The firm had revenue of $75.36 million during the quarter, compared to the consensus estimate of $3.87 million. As a group, sell-side analysts forecast that MeiraGTx Holdings PLC will post -1.48 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Stuart Naylor sold 27,661 shares of the company’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 directly owned 668,505 shares of the company’s stock, valued at approximately $6,257,206.80. This represents a 3.97% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Alexandria Forbes sold 62,000 shares of the company’s stock in a transaction dated Tuesday, March 24th. The shares were sold at an average price of $7.41, for a total transaction of $459,420.00. Following the transaction, the chief executive officer directly owned 1,449,695 shares of the company’s stock, valued at approximately $10,742,239.95. This trade represents a 4.10% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 7.50% of the company’s stock.

Hedge Funds Weigh In On MeiraGTx

Several hedge funds and other institutional investors have recently modified their holdings of MGTX. State of Alaska Department of Revenue bought a new position in shares of MeiraGTx during the third quarter valued at approximately $33,000. BNP Paribas Financial Markets raised its holdings in shares of MeiraGTx by 43.8% during the second quarter. BNP Paribas Financial Markets now owns 4,810 shares of the company’s stock valued at $31,000 after acquiring an additional 1,466 shares in the last quarter. Tower Research Capital LLC TRC raised its holdings in shares of MeiraGTx by 390.9% during the second quarter. Tower Research Capital LLC TRC now owns 8,797 shares of the company’s stock valued at $57,000 after acquiring an additional 7,005 shares in the last quarter. ProShare Advisors LLC bought a new position in shares of MeiraGTx during the fourth quarter valued at approximately $94,000. Finally, Abel Hall LLC bought a new position in shares of MeiraGTx during the fourth quarter valued at approximately $98,000. 67.48% of the stock is 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.