MeiraGTx Holdings PLC (NASDAQ:MGTX – Get Free Report) traded down 6.7% during trading on Wednesday following insider selling activity. The stock traded as low as $13.69 and last traded at $13.6730. Approximately 267,207 shares traded hands during trading, a decline of 63% from the average daily volume of 731,484 shares. The stock had previously closed at $14.66.
Specifically, insider Stuart Naylor sold 27,659 shares of the stock in a transaction dated Tuesday, July 7th. The shares were sold at an average price of $14.80, for a total value of $409,353.20. Following the completion of the sale, the insider directly owned 640,846 shares in the company, valued at $9,484,520.80. This represents a 4.14% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Wall Street Analysts Forecast Growth
A number of research firms recently weighed in on MGTX. 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 report on Wednesday, April 22nd. Royal Bank Of Canada increased their price objective on shares of MeiraGTx from $25.00 to $26.00 and gave the company an “outperform” rating in a report on Wednesday. Wall Street Zen upgraded MeiraGTx from a “sell” rating to a “hold” rating in a report on Sunday, April 5th. Chardan Capital restated a “buy” rating and issued a $35.00 price target on shares of MeiraGTx in a research report on Friday, March 27th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of MeiraGTx in a report on Tuesday, April 21st. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $26.00.
MeiraGTx Stock Performance
The firm’s 50 day moving average price is $10.41 and its two-hundred day moving average price is $8.89. The firm has a market cap of $1.27 billion, a PE ratio of -9.28 and a beta of 1.20.
MeiraGTx (NASDAQ:MGTX – Get Free Report) last released its quarterly earnings data on Thursday, May 14th. The company reported ($0.57) EPS for the quarter, beating analysts’ consensus estimates of ($0.61) by $0.04. The business had revenue of $0.29 million during the quarter, compared to analyst estimates of $17.00 million. On average, analysts forecast that MeiraGTx Holdings PLC will post -1.55 earnings per share for the current year.
Institutional Trading of MeiraGTx
Several institutional investors and hedge funds have recently bought and sold shares of MGTX. Rubric Capital Management LP boosted 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 buying an additional 2,448,880 shares during the period. Millennium Management LLC boosted its holdings in MeiraGTx by 23.5% during the 4th 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. 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 acquiring an additional 400,000 shares in the last quarter. Opaleye Management Inc. acquired a new position in MeiraGTx in the 4th quarter valued at about $3,107,000. Finally, Jefferies Financial Group Inc. purchased a new stake in MeiraGTx during the fourth quarter worth about $2,371,000. 67.48% of the stock is currently owned by hedge funds and other institutional investors.
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.
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