MeiraGTx (NASDAQ:MGTX) Issues Quarterly Earnings Results, Misses Estimates By $0.14 EPS

MeiraGTx (NASDAQ:MGTX) issued its earnings results on Thursday. The company reported ($0.57) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.43) by ($0.14), FiscalAI reports. MeiraGTx had a negative net margin of 140.31% and a negative return on equity of 1,065.47%. The company had revenue of $0.29 million during the quarter, compared to analyst estimates of $17.00 million.

MeiraGTx Price Performance

Shares of MeiraGTx stock traded down $0.03 during midday trading on Thursday, reaching $9.94. The company had a trading volume of 636,760 shares, compared to its average volume of 595,747. The stock has a fifty day moving average price of $8.78 and a 200 day moving average price of $8.27. MeiraGTx has a fifty-two week low of $4.58 and a fifty-two week high of $11.85. The firm has a market cap of $920.09 million, a PE ratio of -7.00 and a beta of 1.23.

Insider Buying and Selling at MeiraGTx

In other news, CEO Alexandria Forbes sold 62,000 shares of the business’s stock in a transaction that occurred on Tuesday, March 24th. The shares were sold at an average price of $7.41, for a total value of $459,420.00. Following the transaction, the chief executive officer owned 1,449,695 shares in the company, valued at approximately $10,742,239.95. The trade was a 4.10% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Stuart Naylor sold 27,661 shares of the company’s stock in a transaction on Tuesday, April 7th. The shares were sold at an average price of $9.36, for a total transaction of $258,906.96. Following the completion of the sale, the insider directly owned 668,505 shares in the company, valued at approximately $6,257,206.80. This represents a 3.97% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 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 valued at $1,290,647. 7.50% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the business. Perceptive Advisors LLC lifted its stake in shares of MeiraGTx by 0.4% in the 2nd quarter. Perceptive Advisors LLC now owns 12,626,103 shares of the company’s stock valued at $82,231,000 after purchasing an additional 45,000 shares during the period. Rubric Capital Management LP lifted its stake in MeiraGTx by 65.7% in the fourth quarter. Rubric Capital Management LP now owns 6,175,331 shares of the company’s stock valued at $49,094,000 after buying an additional 2,448,880 shares during the period. Adage Capital Partners GP L.L.C. lifted its stake in MeiraGTx by 7.1% in the second quarter. Adage Capital Partners GP L.L.C. now owns 6,034,578 shares of the company’s stock valued at $39,345,000 after buying an additional 400,000 shares during the period. Millennium Management LLC grew its position in shares of MeiraGTx by 23.5% during 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 period. Finally, State Street Corp grew its position in shares of MeiraGTx by 7.1% during the 4th quarter. State Street Corp now owns 729,445 shares of the company’s stock worth $5,799,000 after buying an additional 48,414 shares during the period. 67.48% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have commented on the company. Wall Street Zen upgraded MeiraGTx from a “sell” rating to a “hold” rating in a research report on Sunday, April 5th. Zacks Research upgraded shares of MeiraGTx from a “strong sell” rating to a “hold” rating in a report on Monday, March 9th. Weiss Ratings reiterated a “sell (d-)” rating on shares of MeiraGTx in a research report on Tuesday, April 21st. Bank of America boosted their target price on shares of MeiraGTx from $14.00 to $16.00 and gave the stock a “buy” rating in a report on Friday, March 27th. Finally, Royal Bank Of Canada upped their price target on shares of MeiraGTx from $16.00 to $24.00 and gave the company an “outperform” rating in a research report on Friday, April 17th. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, MeiraGTx currently has a consensus rating of “Moderate Buy” and a consensus target price of $25.67.

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.