MeiraGTx (NASDAQ:MGTX) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of MeiraGTx (NASDAQ:MGTX) from a hold rating to a buy rating in a research report released on Saturday.

Several other equities analysts have also recently issued reports on the stock. Weiss Ratings reissued a “sell (d-)” rating on shares of MeiraGTx in a research note on Friday, July 17th. Royal Bank Of Canada lifted their target price on shares of MeiraGTx from $26.00 to $27.00 and gave the company an “outperform” rating in a report on Friday. Piper Sandler boosted their price target on shares of MeiraGTx from $26.00 to $30.00 and gave the stock an “overweight” rating in a research note on Wednesday, April 22nd. Finally, HC Wainwright reissued a “buy” rating and set a $20.00 price target on shares of MeiraGTx in a report on Wednesday, July 8th. Two analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $26.17.

MeiraGTx Trading Up 1.8%

Shares of MGTX stock opened at $13.77 on Friday. The business’s 50 day moving average is $12.18 and its two-hundred day moving average is $9.87. MeiraGTx has a twelve month low of $6.62 and a twelve month high of $15.35. The company has a market capitalization of $1.28 billion, a P/E ratio of 19.39 and a beta of 1.23. The company has a current ratio of 3.76, a quick ratio of 3.76 and a debt-to-equity ratio of 0.46.

MeiraGTx (NASDAQ:MGTX) last released its earnings results on Thursday, August 13th. The company reported $1.71 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.46) by $2.17. MeiraGTx had a return on equity of 283.85% and a net margin of 19.87%.The business had revenue of $321.43 million for the quarter, compared to analyst estimates of $0.70 million. Equities analysts forecast that MeiraGTx will post -0.48 EPS for the current year.

Insiders Place Their Bets

In other MeiraGTx news, insider Stuart Naylor sold 27,659 shares of the firm’s stock in a transaction on Tuesday, July 7th. The stock was sold at an average price of $14.80, for a total value of $409,353.20. Following the completion of the sale, the insider owned 640,846 shares of the company’s stock, valued at approximately $9,484,520.80. This trade represents a 4.14% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Richard Giroux sold 56,000 shares of the firm’s stock in a transaction on Tuesday, July 21st. The shares were sold at an average price of $12.51, for a total value of $700,560.00. Following the completion of the sale, the chief financial officer directly owned 908,530 shares of the company’s stock, valued at approximately $11,365,710.30. This trade represents a 5.81% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 7.40% of the company’s stock.

Hedge Funds Weigh In On MeiraGTx

A number of institutional investors and hedge funds have recently made changes to their positions in MGTX. BNP Paribas Financial Markets increased its holdings in shares of MeiraGTx by 43.8% in the 2nd quarter. BNP Paribas Financial Markets now owns 4,810 shares of the company’s stock valued at $31,000 after purchasing an additional 1,466 shares in the last quarter. Tower Research Capital LLC TRC boosted its holdings in MeiraGTx by 390.9% during the second quarter. Tower Research Capital LLC TRC now owns 8,797 shares of the company’s stock worth $57,000 after buying an additional 7,005 shares in the last quarter. ProShare Advisors LLC purchased a new stake in MeiraGTx during the fourth quarter worth about $94,000. Abel Hall LLC acquired a new position in MeiraGTx during the fourth quarter worth about $98,000. Finally, Bank of Nova Scotia acquired a new position in MeiraGTx during the first quarter worth about $105,000. 67.48% of the stock is owned by institutional investors and hedge funds.

MeiraGTx Company Profile

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.