MeiraGTx Holdings PLC (NASDAQ:MGTX) Given Average Recommendation of “Moderate Buy” by Brokerages

MeiraGTx Holdings PLC (NASDAQ:MGTX) has earned a consensus recommendation of “Moderate Buy” from the eight brokerages that are presently covering the firm, MarketBeat.com reports. One investment analyst has rated the stock with a sell rating, one has issued a hold rating, five have given a buy rating and one has given a strong buy rating to the company. The average 12-month price target among analysts that have updated their coverage on the stock in the last year is $26.00.

MGTX has been the topic of several research reports. Chardan Capital restated a “buy” rating and set a $35.00 price target on shares of MeiraGTx in a research note on Friday, March 27th. Piper Sandler lifted their price objective on MeiraGTx from $26.00 to $30.00 and gave the stock an “overweight” rating in a report on Wednesday, April 22nd. HC Wainwright restated a “buy” rating and set a $20.00 price objective 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, Royal Bank Of Canada raised their target price on MeiraGTx from $25.00 to $26.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 8th.

Insiders Place Their Bets

In other news, CEO Alexandria Forbes sold 62,000 shares of the stock in a transaction on Tuesday, May 19th. The shares were 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 approximately $12,725,163.15. This represents a 4.28% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Stuart Naylor sold 27,659 shares of the firm’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 transaction, the insider directly owned 640,846 shares of the company’s stock, valued at $9,484,520.80. The trade was a 4.14% decrease in their ownership of the stock. 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. Corporate insiders own 7.40% of the company’s stock.

Hedge Funds Weigh In On MeiraGTx

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Rubric Capital Management LP raised 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 acquiring an additional 2,448,880 shares during the last quarter. Millennium Management LLC boosted its position 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 purchasing an additional 604,121 shares during the last quarter. Adage Capital Partners GP L.L.C. boosted its position 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 purchasing an additional 400,000 shares during the last quarter. Opaleye Management Inc. acquired a new stake in shares of MeiraGTx during the fourth quarter worth $3,107,000. Finally, Jefferies Financial Group Inc. bought a new stake in MeiraGTx in the fourth quarter valued at about $2,371,000. Institutional investors and hedge funds own 67.48% of the company’s stock.

MeiraGTx Trading Down 0.5%

Shares of MGTX stock opened at $12.10 on Friday. The firm has a market capitalization of $1.12 billion, a P/E ratio of -8.18 and a beta of 1.20. MeiraGTx has a 1 year low of $6.62 and a 1 year high of $15.35. The firm’s fifty day simple moving average is $11.16 and its 200 day simple moving average is $9.29.

MeiraGTx (NASDAQ:MGTX) last issued 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. The company had revenue of $0.29 million during the quarter, compared to the consensus estimate of $17.00 million. Equities research analysts anticipate that MeiraGTx will post -1.53 EPS for the current fiscal year.

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.