MeiraGTx (NASDAQ:MGTX) Shares Up 5.9% – Time to Buy?

MeiraGTx Holdings PLC (NASDAQ:MGTX)’s stock price traded up 5.9% during trading on Tuesday . The company traded as high as $14.39 and last traded at $14.7090. Approximately 193,185 shares were traded during mid-day trading, a decline of 73% from the average session volume of 720,253 shares. The stock had previously closed at $13.89.

Analyst Upgrades and Downgrades

Several research analysts recently commented on MGTX shares. Zacks Research raised shares of MeiraGTx from a “strong sell” rating to a “hold” rating in a research note on Monday, March 9th. HC Wainwright reiterated a “buy” rating on shares of MeiraGTx in a report on Tuesday, May 26th. Chardan Capital reiterated a “buy” rating and set a $35.00 price objective on shares of MeiraGTx in a report on Friday, March 27th. Wall Street Zen raised shares of MeiraGTx from a “sell” rating to a “hold” rating in a research report on Sunday, April 5th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of MeiraGTx in a research report on Tuesday, April 21st. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $25.83.

MeiraGTx Stock Performance

The company has a market capitalization of $1.39 billion, a PE ratio of -10.12 and a beta of 1.20. The company has a 50 day simple moving average of $10.30 and a 200 day simple moving average of $8.85.

MeiraGTx (NASDAQ:MGTX) last posted its quarterly earnings results on Thursday, May 14th. The company reported ($0.57) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.61) by $0.04. The business had revenue of $0.29 million for the quarter, compared to analyst estimates of $17.00 million. As a group, equities research analysts anticipate that MeiraGTx Holdings PLC will post -1.55 EPS for the current year.

Insider Buying and Selling at MeiraGTx

In related news, CEO Alexandria Forbes sold 62,000 shares of the firm’s stock in a transaction dated Tuesday, May 19th. The stock was sold at an average price of $9.17, for a total transaction of $568,540.00. Following the completion of the transaction, the chief executive officer directly owned 1,387,695 shares in the company, valued at $12,725,163.15. This trade represents a 4.28% decrease in their position. The sale 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, CFO Richard Giroux sold 56,000 shares of MeiraGTx stock in a transaction that occurred on Tuesday, April 21st. The shares were sold at an average price of $10.22, for a total transaction of $572,320.00. Following the completion of the transaction, the chief financial officer owned 971,530 shares of the company’s stock, valued at $9,929,036.60. This trade represents a 5.45% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 7.40% of the company’s stock.

Hedge Funds Weigh In On MeiraGTx

Large investors have recently bought and sold shares of the stock. Rubric Capital Management LP grew its position 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 worth $49,094,000 after acquiring an additional 2,448,880 shares during 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 valued at $25,252,000 after acquiring an additional 604,121 shares during the period. Adage Capital Partners GP L.L.C. lifted its stake in shares of MeiraGTx by 7.1% in the second 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 purchasing an additional 400,000 shares during the period. Opaleye Management Inc. purchased a new stake in shares of MeiraGTx during the 4th quarter worth approximately $3,107,000. Finally, Jefferies Financial Group Inc. purchased a new stake in MeiraGTx during the fourth quarter worth $2,371,000. Institutional investors and hedge funds 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.