MeiraGTx (NASDAQ:MGTX) CEO Alexandria Forbes Sells 62,000 Shares

MeiraGTx Holdings PLC (NASDAQ:MGTX) CEO Alexandria Forbes sold 62,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 18th. The stock was sold at an average price of $13.86, for a total transaction of $859,320.00. Following the completion of the transaction, the chief executive officer directly owned 1,325,695 shares of the company’s stock, valued at approximately $18,374,132.70. This represents a 4.47% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

MeiraGTx Stock Performance

Shares of NASDAQ MGTX opened at $13.89 on Wednesday. The stock’s 50-day moving average is $12.28 and its 200 day moving average is $9.92. The stock has a market cap of $1.33 billion, a price-to-earnings ratio of 19.56 and a beta of 1.23. MeiraGTx Holdings PLC has a 1-year low of $6.62 and a 1-year high of $15.35. 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 issued its earnings results on Thursday, August 13th. The company reported $1.71 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.46) by $2.17. The business had revenue of $321.43 million during the quarter, compared to analyst estimates of $0.70 million. MeiraGTx had a return on equity of 283.85% and a net margin of 19.87%. On average, sell-side analysts anticipate that MeiraGTx Holdings PLC will post -0.27 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the company. Piper Sandler increased their target price on MeiraGTx from $26.00 to $30.00 and gave the company an “overweight” rating in a report on Wednesday, April 22nd. Zacks Research raised MeiraGTx from a “hold” rating to a “strong-buy” rating in a research note on Thursday, August 13th. Wall Street Zen upgraded MeiraGTx from a “hold” rating to a “buy” rating in a research report on Saturday. HC Wainwright restated a “buy” rating and issued a $20.00 target price on shares of MeiraGTx in a report on Wednesday, July 8th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of MeiraGTx in a research note on Friday, July 17th. Two investment analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average price target of $26.17.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of MGTX. Algert Global LLC raised its position in shares of MeiraGTx by 13.9% in the 2nd quarter. Algert Global LLC now owns 11,700 shares of the company’s stock worth $158,000 after acquiring an additional 1,430 shares in the last quarter. BNP Paribas Financial Markets boosted its position 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 purchasing an additional 1,466 shares in the last quarter. Kennedy Capital Management LLC grew its stake in MeiraGTx by 2.2% in the fourth quarter. Kennedy Capital Management LLC now owns 70,738 shares of the company’s stock worth $562,000 after purchasing an additional 1,495 shares during the period. Russell Investments Group Ltd. grew its stake in MeiraGTx by 4.3% in the third quarter. Russell Investments Group Ltd. now owns 82,844 shares of the company’s stock worth $682,000 after purchasing an additional 3,452 shares during the period. Finally, XTX Topco Ltd raised its holdings in MeiraGTx by 11.0% in the fourth quarter. XTX Topco Ltd now owns 38,030 shares of the company’s stock worth $302,000 after purchasing an additional 3,766 shares in the last quarter. Institutional investors own 67.48% of the company’s stock.

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.