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

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

MeiraGTx Trading Up 7.8%

NASDAQ MGTX opened at $14.97 on Thursday. The firm has a 50 day simple moving average of $12.39 and a 200-day simple moving average of $9.97. The company has a debt-to-equity ratio of 0.46, a quick ratio of 3.76 and a current ratio of 3.76. MeiraGTx Holdings PLC has a one year low of $6.62 and a one year high of $15.35. The firm has a market cap of $1.44 billion, a price-to-earnings ratio of 21.08 and a beta of 1.23.

MeiraGTx (NASDAQ:MGTX) last announced its earnings results on Thursday, August 13th. The company reported $1.71 earnings per share for the quarter, topping the consensus estimate of ($0.46) by $2.17. The firm had revenue of $321.43 million for the quarter, compared to the consensus estimate of $0.70 million. MeiraGTx had a net margin of 19.87% and a return on equity of 283.85%. Equities research analysts anticipate that MeiraGTx Holdings PLC will post 0.3 EPS for the current fiscal year.

Analyst Ratings Changes

Several analysts have recently issued reports on the company. Zacks Research upgraded MeiraGTx from a “hold” rating to a “strong-buy” rating in a research note on Thursday, August 13th. Royal Bank Of Canada upped their price target on MeiraGTx from $26.00 to $27.00 and gave the stock an “outperform” rating in a report on Friday, August 14th. Piper Sandler upped their price target on MeiraGTx from $26.00 to $30.00 and gave the stock an “overweight” rating in a report on Wednesday, April 22nd. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of MeiraGTx in a research report on Friday, July 17th. Finally, HC Wainwright reiterated a “buy” rating and issued a $20.00 price objective on shares of MeiraGTx in a research note on Wednesday, July 8th. Two investment analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, MeiraGTx presently has an average rating of “Buy” and an average target price of $26.17.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Royce & Associates LP purchased a new position in MeiraGTx in the fourth quarter valued at approximately $1,400,000. Jefferies Financial Group Inc. purchased a new stake in shares of MeiraGTx during the 4th quarter worth approximately $2,371,000. Johnson & Johnson acquired a new position in shares of MeiraGTx in the 2nd quarter valued at $89,720,775,000. Sei Investments Co. acquired a new position in shares of MeiraGTx in the 1st quarter valued at $863,000. Finally, Rubric Capital Management LP grew its position in shares of MeiraGTx by 13.4% in the 1st quarter. Rubric Capital Management LP now owns 7,000,000 shares of the company’s stock valued at $60,620,000 after buying an additional 824,669 shares during the last quarter. Hedge funds and other 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.