MeiraGTx (NASDAQ:MGTX) Shares Gap Down – Here’s What Happened

MeiraGTx Holdings PLC (NASDAQ:MGTX) shares gapped down before the market opened on Thursday . The stock had previously closed at $11.25, but opened at $9.55. MeiraGTx shares last traded at $9.4710, with a volume of 555,164 shares traded.

Trending Headlines about MeiraGTx

Here are the key news stories impacting MeiraGTx this week:

• Positive Sentiment: Royal Bank of Canada raised its price target to $24 and upgraded MGTX to “Outperform,” signaling substantial analyst conviction and creating a large implied upside versus the current share level. This upgrade can attract momentum buyers and institutional interest. RBC upgrade
• Positive Sentiment: MeiraGTx completed an asset purchase from Johnson & Johnson to reacquire bota-vec (botaretigene sparoparvovec) for X-linked retinitis pigmentosa, restoring full control of that program and potential future value. The company and media also note regained rights tied to an Eli Lilly partnership, which may enhance development/commercial prospects. Acquisition release MSN article
• Positive Sentiment: MeiraGTx reported positive three‑year Phase 1 data for AAV-hAQP1 (treatment for radiation-induced xerostomia). Long-term positive clinical data materially de-risks that program and supports commercial potential, which is a fundamental upside driver. Phase 1 data
• Neutral Sentiment: Analyst and media coverage (transcript/slideshow of investor discussion and Seeking Alpha write-ups) amplifies visibility but is secondary to the underlying clinical and corporate actions. Seeking Alpha transcript
• Negative Sentiment: MeiraGTx priced a $100M underwritten offering of 11,111,111 ordinary shares at $9.00 per share (all shares sold by the company). While proceeds strengthen the balance sheet to fund the reacquisition and programs, the below‑market offering price and dilution are immediate headwinds and can pressure the stock. Offering announcement

Wall Street Analysts Forecast Growth

MGTX has been the subject of several recent research reports. Royal Bank Of Canada boosted their target price on shares of MeiraGTx from $16.00 to $24.00 and gave the company an “outperform” rating in a research note on Friday. Zacks Research upgraded shares of MeiraGTx from a “strong sell” rating to a “hold” rating in a research report on Monday, March 9th. Chardan Capital reaffirmed a “buy” rating and issued a $35.00 price target on shares of MeiraGTx in a report on Friday, March 27th. Bank of America boosted their price objective on shares of MeiraGTx from $14.00 to $16.00 and gave the company a “buy” rating in a research report on Friday, March 27th. Finally, Piper Sandler dropped their price objective on shares of MeiraGTx from $30.00 to $26.00 and set an “overweight” rating on the stock in a research note on Friday, March 27th. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, MeiraGTx has a consensus rating of “Moderate Buy” and an average target price of $25.00.

MeiraGTx Stock Performance

The firm has a market cap of $824.27 million, a price-to-earnings ratio of -7.13 and a beta of 1.27. The stock’s fifty day moving average is $8.11 and its two-hundred day moving average is $8.12.

MeiraGTx (NASDAQ:MGTX) last posted its earnings results on Thursday, March 26th. The company reported $0.19 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $3.87 million. Sell-side analysts predict that MeiraGTx Holdings PLC will post -1.48 earnings per share for the current year.

Insider Activity at MeiraGTx

In related news, insider Stuart Naylor sold 27,661 shares of the stock in a transaction that occurred on Tuesday, April 7th. The stock was sold at an average price of $9.36, for a total value of $258,906.96. Following the completion of the transaction, the insider directly owned 668,505 shares of the company’s stock, valued at $6,257,206.80. This represents a 3.97% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Alexandria Forbes sold 62,000 shares of the firm’s stock in a transaction that occurred on Tuesday, March 24th. The shares were sold at an average price of $7.41, for a total value of $459,420.00. Following the completion of the sale, the chief executive officer owned 1,449,695 shares in the company, valued at approximately $10,742,239.95. This represents a 4.10% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 7.50% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of MGTX. Rubric Capital Management LP raised its stake in shares of MeiraGTx by 65.7% during the fourth quarter. Rubric Capital Management LP now owns 6,175,331 shares of the company’s stock valued at $49,094,000 after purchasing an additional 2,448,880 shares in the last quarter. 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 worth $25,252,000 after purchasing an additional 604,121 shares during the period. Adage Capital Partners GP L.L.C. grew its position in 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. Opaleye Management Inc. bought a new position in MeiraGTx in the 4th quarter valued at about $3,107,000. Finally, Jefferies Financial Group Inc. acquired a new position in MeiraGTx during the 4th quarter valued at about $2,371,000. Institutional investors own 67.48% of the company’s stock.

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.