MeiraGTx (NASDAQ:MGTX) Shares Gap Up on Strong Earnings

MeiraGTx Holdings PLC (NASDAQ:MGTX)’s stock price gapped up before the market opened on Thursday following a stronger than expected earnings report. The stock had previously closed at $12.96, but opened at $14.19. MeiraGTx shares last traded at $13.6490, with a volume of 108,563 shares trading hands.

The company reported $1.71 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.46) by $2.17. The business had revenue of $321.43 million during the quarter, compared to the consensus estimate of $0.70 million.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the company. Royal Bank Of Canada lifted their price objective on MeiraGTx from $25.00 to $26.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 8th. Weiss Ratings reissued a “sell (d-)” rating on shares of MeiraGTx in a research note on Friday, July 17th. HC Wainwright restated a “buy” rating and set a $20.00 target price on shares of MeiraGTx in a research report on Wednesday, July 8th. 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 note on Wednesday, April 22nd. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $26.00.

Insider Activity at MeiraGTx

In other MeiraGTx news, CFO Richard Giroux sold 56,000 shares of the business’s stock in a transaction that occurred on Tuesday, July 21st. The stock was sold at an average price of $12.51, for a total transaction of $700,560.00. Following the transaction, the chief financial officer 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through 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 firm’s stock in a transaction on Tuesday, May 19th. The shares were sold at an average price of $9.17, for a total transaction of $568,540.00. Following the completion of the transaction, the chief executive officer directly owned 1,387,695 shares of the company’s stock, valued at $12,725,163.15. This 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. In the last quarter, insiders have sold 145,659 shares of company stock valued at $1,678,453. 7.40% of the stock is owned by insiders.

Institutional Investors Weigh In On MeiraGTx

Institutional investors and hedge funds have recently modified their holdings of the company. BNP Paribas Financial Markets increased its position in MeiraGTx by 43.8% during the second quarter. BNP Paribas Financial Markets now owns 4,810 shares of the company’s stock worth $31,000 after buying an additional 1,466 shares during the last quarter. Tower Research Capital LLC TRC increased its holdings in shares of MeiraGTx by 390.9% during the 2nd quarter. Tower Research Capital LLC TRC now owns 8,797 shares of the company’s stock worth $57,000 after acquiring an additional 7,005 shares during the last quarter. ProShare Advisors LLC bought a new stake in MeiraGTx in the 4th quarter valued at $94,000. Bank of Nova Scotia bought a new stake in MeiraGTx in the 1st quarter valued at $105,000. Finally, Abel Hall LLC bought a new position in MeiraGTx during the fourth quarter worth $98,000. 67.48% of the stock is owned by institutional investors.

MeiraGTx Stock Performance

The stock has a market capitalization of $1.26 billion, a P/E ratio of -9.23 and a beta of 1.23. The company’s fifty day simple moving average is $11.94 and its two-hundred day simple moving average is $9.76.

MeiraGTx Company Profile

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.