Key Points
- Insider sale: Stuart Naylor sold 27,659 MeiraGTx shares at an average of $10.64, totaling approximately $294,292. The Rule 10b5-1 transaction reduced his direct ownership by 4.32% to 613,187 shares.
- Stock and financial performance: MGTX opened at $10.60 after declining 2.9%; the company reported quarterly EPS of $1.71, beating estimates by $2.17, alongside $321.43 million in revenue.
- Investor outlook: Institutional investors own 67.48% of the stock, while analysts maintain a consensus “Moderate Buy” rating with an average price target of $24.71.
MeiraGTx Holdings PLC (NASDAQ:MGTX - Get Free Report) insider Stuart Naylor sold 27,659 shares of the stock in a transaction that occurred on Tuesday, October 6th. The shares were sold at an average price of $10.64, for a total transaction of $294,291.76. Following the sale, the insider directly owned 613,187 shares of the company's stock, valued at approximately $6,524,309.68. This represents a 4.32% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
MeiraGTx Trading Down 2.9%
Shares of NASDAQ:MGTX opened at $10.60 on Wednesday. The stock has a market capitalization of $1.02 billion, a price-to-earnings ratio of 14.93 and a beta of 1.35. MeiraGTx Holdings PLC has a 1-year low of $6.62 and a 1-year high of $15.35. The company has a debt-to-equity ratio of 0.46, a quick ratio of 3.76 and a current ratio of 3.76. The company has a 50 day moving average price of $12.87 and a 200 day moving average price of $11.24.
MeiraGTx (NASDAQ:MGTX - Get Free Report) last posted its quarterly earnings results on Thursday, August 13th. The company reported $1.71 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.46) by $2.17. The company had revenue of $321.43 million for the quarter, compared to analysts' expectations of $0.70 million. MeiraGTx had a return on equity of 283.85% and a net margin of 19.87%. On average, research analysts anticipate that MeiraGTx Holdings PLC will post 0.3 EPS for the current fiscal year.
Hedge Funds Weigh In On MeiraGTx
Several institutional investors and hedge funds have recently added to or reduced their stakes in MGTX. Rubric Capital Management LP raised its stake in MeiraGTx by 13.4% during the 1st quarter. Rubric Capital Management LP now owns 7,000,000 shares of the company's stock valued at $60,620,000 after purchasing an additional 824,669 shares during the period. Johnson & Johnson purchased a new stake in shares of MeiraGTx in the second quarter valued at $89,720,775. BlackRock Inc. acquired a new stake in shares of MeiraGTx in the second quarter worth $64,269,000. Opaleye Management Inc. boosted its position in shares of MeiraGTx by 67.2% in the second quarter. Opaleye Management Inc. now owns 3,550,000 shares of the company's stock worth $47,960,000 after buying an additional 1,426,741 shares during the period. Finally, Erste Asset Management GmbH grew its holdings in shares of MeiraGTx by 11.3% during the fourth quarter. Erste Asset Management GmbH now owns 789,702 shares of the company's stock valued at $6,275,000 after buying an additional 80,000 shares in the last quarter. 67.48% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
A number of equities research analysts have recently issued reports on MGTX shares. HC Wainwright reaffirmed a "buy" rating and set a $20.00 target price on shares of MeiraGTx in a research report on Wednesday, July 8th. The Goldman Sachs Group began coverage on MeiraGTx in a research report on Thursday, September 24th. They issued a "neutral" rating and a $16.00 price target for the company. Royal Bank Of Canada increased their price target on MeiraGTx from $26.00 to $27.00 and gave the company an "outperform" rating in a research report on Friday, August 14th. Weiss Ratings raised MeiraGTx from a "sell (d-)" rating to a "hold (c)" rating in a research note on Tuesday, September 22nd. Finally, Zacks Research downgraded MeiraGTx from a "strong-buy" rating to a "hold" rating in a report on Friday, September 11th. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and three have given a Hold rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $24.71.
Check Out Our Latest Research Report on MeiraGTx
MeiraGTx Company Profile
(
Get Free Report)
MeiraGTx Holdings plc (NASDAQ:MGTX) is a clinical-stage biotechnology company developing gene therapy and ribonucleic acid (RNA) medicines for diseases with significant unmet medical needs. Its research focuses primarily on the central nervous system, immune-mediated conditions and disorders affecting salivary gland function.
The company's technology platforms are designed to deliver therapeutic genes or regulate gene expression in targeted tissues. Its investigational programs have included gene therapies for Parkinson's disease and radiation-induced xerostomia, a condition involving chronic dry mouth after cancer treatment.
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