Rubric Capital Management LP Acquires 824,669 Shares of MeiraGTx Holdings PLC $MGTX

Rubric Capital Management LP raised its holdings in MeiraGTx Holdings PLC (NASDAQ:MGTX) by 13.4% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 7,000,000 shares of the company’s stock after purchasing an additional 824,669 shares during the quarter. Rubric Capital Management LP owned 7.56% of MeiraGTx worth $60,620,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently made changes to their positions in the business. Hennion & Walsh Asset Management Inc. boosted its holdings in shares of MeiraGTx by 183.1% in the 4th quarter. Hennion & Walsh Asset Management Inc. now owns 308,509 shares of the company’s stock worth $2,453,000 after buying an additional 199,528 shares during the last quarter. Royce & Associates LP purchased a new stake in MeiraGTx during the fourth quarter worth about $1,400,000. Jefferies Financial Group Inc. bought a new stake in MeiraGTx in the fourth quarter worth about $2,371,000. Erste Asset Management GmbH raised its position in MeiraGTx by 11.3% in the fourth quarter. Erste Asset Management GmbH now owns 789,702 shares of the company’s stock worth $6,275,000 after acquiring an additional 80,000 shares during the period. Finally, Privium Fund Management B.V. raised its position in MeiraGTx by 22.7% in the fourth quarter. Privium Fund Management B.V. now owns 200,000 shares of the company’s stock worth $1,590,000 after acquiring an additional 37,000 shares during the period. 67.48% of the stock is owned by hedge funds and other institutional investors.

MeiraGTx Stock Up 4.5%

NASDAQ MGTX opened at $12.30 on Tuesday. The company’s 50 day moving average is $11.27 and its 200-day moving average is $9.35. MeiraGTx Holdings PLC has a 12-month low of $6.62 and a 12-month high of $15.35. The firm has a market cap of $1.14 billion, a P/E ratio of -8.31 and a beta of 1.20.

MeiraGTx (NASDAQ:MGTX) last released 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 business had revenue of $0.29 million during the quarter, compared to the consensus estimate of $17.00 million. Equities analysts expect that MeiraGTx Holdings PLC will post -1.53 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on MGTX. Weiss Ratings reissued a “sell (d-)” rating on shares of MeiraGTx in a research report on Friday, July 17th. Royal Bank Of Canada increased their price objective on MeiraGTx from $25.00 to $26.00 and gave the company an “outperform” rating in a report on Wednesday, July 8th. HC Wainwright reissued a “buy” rating and issued a $20.00 target price on shares of MeiraGTx in a research report on Wednesday, July 8th. Wall Street Zen upgraded MeiraGTx from a “sell” rating to a “hold” rating in a research note on Sunday, April 5th. Finally, Piper Sandler upped their price target on MeiraGTx from $26.00 to $30.00 and gave the company an “overweight” rating in a research report on Wednesday, April 22nd. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $26.00.

Insider Transactions at MeiraGTx

In other news, insider Stuart Naylor sold 27,659 shares of the company’s stock in a transaction dated Tuesday, July 7th. The stock was sold at an average price of $14.80, for a total transaction of $409,353.20. Following 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 SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Alexandria Forbes sold 62,000 shares of the stock in a transaction dated Tuesday, May 19th. The stock was sold at an average price of $9.17, for a total transaction of $568,540.00. Following the completion of the sale, the chief executive officer directly owned 1,387,695 shares in the company, valued at approximately $12,725,163.15. The trade was 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. Corporate insiders own 7.40% of the company’s stock.

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.