MeiraGTx (NASDAQ:MGTX) Reaches New 12-Month High – Still a Buy?

Shares of MeiraGTx Holdings PLC (NASDAQ:MGTX) hit a new 52-week high during trading on Monday . The company traded as high as $12.38 and last traded at $12.1850, with a volume of 30716 shares trading hands. The stock had previously closed at $12.11.

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. Bank of America raised their price objective on shares of MeiraGTx from $14.00 to $16.00 and gave the company a “buy” rating in a research note on Friday, March 27th. Wall Street Zen upgraded shares of MeiraGTx from a “sell” rating to a “hold” rating in a report on Sunday, April 5th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of MeiraGTx in a research report on Tuesday, April 21st. Piper Sandler lifted their price target on MeiraGTx from $26.00 to $30.00 and gave the company an “overweight” rating in a research note on Wednesday, April 22nd. Finally, HC Wainwright reissued a “buy” rating on shares of MeiraGTx in a report on Tuesday, May 26th. 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 given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $25.83.

MeiraGTx Stock Performance

The stock has a market cap of $1.25 billion, a P/E ratio of -9.13 and a beta of 1.26. The company’s 50 day moving average price is $10.01 and its 200-day moving average price is $8.71.

MeiraGTx (NASDAQ:MGTX) last released its quarterly earnings results on Thursday, May 14th. The company reported ($0.57) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.61) by $0.04. MeiraGTx had a negative net margin of 151.12% and a negative return on equity of 1,065.47%. The company had revenue of $0.29 million for 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 fiscal year.

Insider Buying and Selling at MeiraGTx

In other MeiraGTx news, 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 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Alexandria Forbes sold 62,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 19th. The stock was sold at an average price of $9.17, for a total value of $568,540.00. Following the completion of the transaction, the chief executive officer owned 1,387,695 shares in the company, valued at $12,725,163.15. The trade was a 4.28% decrease in their position. 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. In the last 90 days, insiders sold 145,661 shares of company stock worth $1,399,767. Insiders own 7.40% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Rubric Capital Management LP increased its position in shares of MeiraGTx by 65.7% during the 4th quarter. Rubric Capital Management LP now owns 6,175,331 shares of the company’s stock valued at $49,094,000 after purchasing an additional 2,448,880 shares during the last quarter. Millennium Management LLC boosted its holdings in shares of MeiraGTx by 23.5% in the 4th quarter. Millennium Management LLC now owns 3,176,390 shares of the company’s stock worth $25,252,000 after buying an additional 604,121 shares during the last quarter. Adage Capital Partners GP L.L.C. boosted its holdings in shares of 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 worth $39,345,000 after buying an additional 400,000 shares during the last quarter. Opaleye Management Inc. bought a new position in MeiraGTx during the fourth quarter valued at about $3,107,000. Finally, Jefferies Financial Group Inc. bought a new position in MeiraGTx during the fourth quarter valued at about $2,371,000. 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.