MeiraGTx (NASDAQ:MGTX) Posts Earnings Results, Misses Estimates By $0.03 EPS

MeiraGTx (NASDAQ:MGTX) posted its quarterly earnings data on Thursday. The company reported ($0.53) earnings per share for the quarter, missing the consensus estimate of ($0.50) by ($0.03), FiscalAI reports. MeiraGTx had a return on equity of 283.85% and a net margin of 19.87%. The firm had revenue of $4.81 million for the quarter, compared to the consensus estimate of $6.95 million.

MeiraGTx Trading Up 3.3%

MGTX stock traded up $0.29 during mid-day trading on Friday, reaching $9.08. The company’s stock had a trading volume of 262,401 shares, compared to its average volume of 745,752. MeiraGTx has a 12 month low of $6.62 and a 12 month 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. The business’s 50 day moving average price is $10.81 and its 200 day moving average price is $10.36. The company has a market cap of $872.14 million, a price-to-earnings ratio of 12.79 and a beta of 1.09.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on MGTX. The Goldman Sachs Group assumed coverage on shares of MeiraGTx in a research report on Thursday, September 24th. They issued a “neutral” rating and a $16.00 price target for the company. Wall Street Zen raised shares of MeiraGTx from a “hold” rating to a “buy” rating in a report on Saturday, October 24th. Zacks Research cut MeiraGTx from a “strong-buy” rating to a “hold” rating in a research note on Friday, September 11th. Weiss Ratings upgraded shares of MeiraGTx from a “hold (c)” rating to a “hold (c+)” rating in a research report on Thursday, October 8th. Finally, Royal Bank Of Canada lifted their target price on MeiraGTx from $26.00 to $27.00 and gave the stock an “outperform” rating in a report on Friday, August 14th. Five analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $24.00.

Insiders Place Their Bets

In other news, insider Stuart Naylor sold 27,659 shares of MeiraGTx stock in a transaction on Tuesday, October 6th. The shares were sold at an average price of $10.64, for a total value of $294,291.76. Following the completion of the sale, the insider owned 613,187 shares in the company, valued at $6,524,309.68. The trade was a 4.32% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Alexandria Forbes sold 62,000 shares of MeiraGTx stock in a transaction on Tuesday, August 18th. The shares were sold at an average price of $13.86, for a total transaction of $859,320.00. Following the completion of the sale, the chief executive officer owned 1,325,695 shares of the company’s stock, valued at $18,374,132.70. This represents a 4.47% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 145,659 shares of company stock worth $1,710,812. Corporate insiders own 7.40% of the company’s stock.

MeiraGTx Company Profile

MeiraGTx Holdings plc is a biotechnology company developing gene therapies for serious diseases with limited treatment options. Its research focuses on using adeno-associated virus (AAV) vectors to deliver genetic material to target cells, including in programs for inherited retinal diseases, neurological conditions and salivary gland dysfunction. The company also develops manufacturing capabilities and technologies intended to support the production of gene therapies. MeiraGTx was founded in 2015 and has operations in the United States and the United Kingdom.