683 Capital Management LLC Has $20.35 Million Position in MeiraGTx Holdings PLC $MGTX

683 Capital Management LLC reduced its holdings in MeiraGTx Holdings PLC (NASDAQ:MGTX) by 2.5% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 2,559,082 shares of the company’s stock after selling 65,918 shares during the period. MeiraGTx makes up about 0.9% of 683 Capital Management LLC’s investment portfolio, making the stock its 16th biggest position. 683 Capital Management LLC’s holdings in MeiraGTx were worth $20,345,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. BNP Paribas Financial Markets raised its holdings in MeiraGTx by 43.8% in the second quarter. BNP Paribas Financial Markets now owns 4,810 shares of the company’s stock worth $31,000 after purchasing an additional 1,466 shares during the period. Tower Research Capital LLC TRC raised its holdings in MeiraGTx by 390.9% in the second quarter. Tower Research Capital LLC TRC now owns 8,797 shares of the company’s stock worth $57,000 after purchasing an additional 7,005 shares during the period. ProShare Advisors LLC acquired a new stake in MeiraGTx in the fourth quarter worth $94,000. Abel Hall LLC acquired a new stake in MeiraGTx in the fourth quarter worth $98,000. Finally, Perigon Wealth Management LLC acquired a new stake in MeiraGTx in the fourth quarter worth $119,000. 67.48% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on MGTX shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of MeiraGTx in a report on Tuesday, April 21st. Zacks Research upgraded shares of MeiraGTx from a “strong sell” rating to a “hold” rating in a report on Monday, March 9th. Chardan Capital reiterated a “buy” rating and issued a $35.00 target price on shares of MeiraGTx in a report on Friday, March 27th. Piper Sandler increased their target price on shares of MeiraGTx from $26.00 to $30.00 and gave the stock an “overweight” rating in a report on Wednesday, April 22nd. Finally, Royal Bank Of Canada increased their target price on shares of MeiraGTx from $24.00 to $25.00 and gave the stock an “outperform” rating in a report on Friday, May 15th. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, MeiraGTx has a consensus rating of “Moderate Buy” and a consensus price target of $25.83.

Insider Activity

In other news, CEO Alexandria Forbes sold 62,000 shares of the business’s stock in a transaction dated Tuesday, May 19th. The stock was sold at an average price of $9.17, for a total value of $568,540.00. Following the sale, the chief executive officer directly owned 1,387,695 shares in the company, valued at $12,725,163.15. The trade was a 4.28% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Stuart Naylor sold 27,661 shares of the business’s stock in a transaction dated Tuesday, April 7th. The shares were sold at an average price of $9.36, for a total value of $258,906.96. Following the completion of the sale, the insider owned 668,505 shares in the company, valued at approximately $6,257,206.80. This trade represents a 3.97% decrease in their ownership of the stock. 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. Insiders have sold a total of 207,661 shares of company stock worth $1,859,187 over the last three months. Corporate insiders own 7.40% of the company’s stock.

MeiraGTx Price Performance

MGTX opened at $10.41 on Thursday. The business’s 50-day moving average price is $9.65 and its two-hundred day moving average price is $8.48. MeiraGTx Holdings PLC has a 1 year low of $6.07 and a 1 year high of $11.85. The company has a market capitalization of $964.07 million, a price-to-earnings ratio of -7.03 and a beta of 1.26.

MeiraGTx (NASDAQ:MGTX) last issued its quarterly earnings results on Thursday, May 14th. The company reported ($0.57) EPS for the quarter, beating analysts’ consensus estimates of ($0.61) by $0.04. The company had revenue of $0.29 million for the quarter, compared to analyst estimates of $17.00 million. MeiraGTx had a negative return on equity of 1,065.47% and a negative net margin of 151.12%. Sell-side analysts anticipate that MeiraGTx Holdings PLC will post -1.55 earnings per share for the current fiscal year.

MeiraGTx 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.