MeiraGTx (NASDAQ:MGTX) Stock Price Up 7.9% – Still a Buy?

Shares of MeiraGTx Holdings PLC (NASDAQ:MGTX) traded up 7.9% on Monday . The company traded as high as $12.70 and last traded at $12.70. 77,409 shares traded hands during trading, a decline of 89% from the average daily volume of 729,733 shares. The stock had previously closed at $11.77.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on MGTX shares. HC Wainwright reiterated a “buy” rating and issued a $20.00 target price on shares of MeiraGTx in a research report on Wednesday, July 8th. Piper Sandler upped their price objective on MeiraGTx from $26.00 to $30.00 and gave the company an “overweight” rating in a research note on Wednesday, April 22nd. Royal Bank Of Canada raised 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, July 8th. Weiss Ratings reiterated a “sell (d-)” rating on shares of MeiraGTx in a research report on Friday, July 17th. Finally, Wall Street Zen upgraded shares of MeiraGTx from a “sell” rating to a “hold” rating in a research report on Sunday, April 5th. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $26.00.

MeiraGTx Stock Down 3.9%

The stock has a market capitalization of $1.09 billion, a price-to-earnings ratio of -7.99 and a beta of 1.20. The company has a 50 day simple moving average of $11.32 and a 200-day simple moving average of $9.38.

MeiraGTx (NASDAQ:MGTX) last announced its quarterly earnings data on Thursday, May 14th. The company reported ($0.57) EPS for the quarter, topping the consensus estimate 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. As a group, sell-side analysts anticipate that MeiraGTx Holdings PLC will post -1.53 earnings per share for the current fiscal year.

Insider Activity at MeiraGTx

In related news, CFO Richard Giroux sold 56,000 shares of the business’s stock in a transaction dated Tuesday, July 21st. The stock was sold at an average price of $12.51, for a total value of $700,560.00. Following the completion of the sale, the chief financial officer directly owned 908,530 shares of the company’s stock, valued at $11,365,710.30. The trade was a 5.81% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at 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 company’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 transaction, the chief executive officer directly owned 1,387,695 shares in the company, valued at approximately $12,725,163.15. This trade represents a 4.28% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 145,659 shares of company stock valued at $1,678,453 in the last three months. Corporate insiders own 7.40% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the business. BNP Paribas Financial Markets grew its holdings in shares of MeiraGTx by 43.8% during the second quarter. BNP Paribas Financial Markets now owns 4,810 shares of the company’s stock valued at $31,000 after buying an additional 1,466 shares during the last quarter. Tower Research Capital LLC TRC lifted its position in MeiraGTx by 390.9% in the 2nd quarter. Tower Research Capital LLC TRC now owns 8,797 shares of the company’s stock valued at $57,000 after acquiring an additional 7,005 shares in the last quarter. ProShare Advisors LLC bought a new position in MeiraGTx in the 4th quarter valued at about $94,000. Abel Hall LLC acquired a new position in MeiraGTx during the 4th quarter valued at about $98,000. Finally, Bank of Nova Scotia acquired a new position in MeiraGTx during the 1st quarter valued at about $105,000. 67.48% of the stock is owned by institutional investors.

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.