MeiraGTx (NASDAQ:MGTX) Stock Price Up 6.9% – What’s Next?

MeiraGTx Holdings PLC (NASDAQ:MGTX)’s stock price was up 6.9% during trading on Wednesday . The company traded as high as $8.28 and last traded at $8.41. Approximately 237,514 shares were traded during trading, a decline of 53% from the average daily volume of 509,992 shares. The stock had previously closed at $7.87.

Analyst Ratings Changes

MGTX has been the subject of several research analyst reports. Royal Bank Of Canada increased their target price on MeiraGTx from $12.00 to $16.00 and gave the stock an “outperform” rating in a research report on Friday, November 14th. Weiss Ratings restated a “sell (d-)” rating on shares of MeiraGTx in a research note on Wednesday, October 8th. Wall Street Zen lowered shares of MeiraGTx from a “hold” rating to a “sell” rating in a report on Saturday, November 15th. HC Wainwright began coverage on shares of MeiraGTx in a research report on Monday, November 24th. They set a “buy” rating and a $20.00 price objective on the stock. Finally, Raymond James Financial initiated coverage on shares of MeiraGTx in a report on Tuesday, October 21st. They issued a “strong-buy” rating and a $29.00 target price on the stock. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $26.00.

MeiraGTx Trading Up 6.9%

The company has a debt-to-equity ratio of 26.29, a current ratio of 0.22 and a quick ratio of 0.22. The company has a 50-day moving average of $8.35 and a 200 day moving average of $7.93. The company has a market cap of $676.92 million, a PE ratio of -3.99 and a beta of 1.38.

MeiraGTx (NASDAQ:MGTX) last announced its earnings results on Thursday, November 13th. The company reported ($0.62) EPS for the quarter, missing analysts’ consensus estimates of ($0.50) by ($0.12). MeiraGTx had a negative return on equity of 1,065.47% and a negative net margin of 615.27%.The company had revenue of $0.41 million during the quarter, compared to analysts’ expectations of $7.71 million. Analysts predict that MeiraGTx Holdings PLC will post -1.48 earnings per share for the current year.

Insider Buying and Selling at MeiraGTx

In related news, CEO Alexandria Forbes sold 47,500 shares of the stock in a transaction dated Tuesday, October 7th. The shares were sold at an average price of $8.39, for a total value of $398,525.00. Following the sale, the chief executive officer directly owned 1,313,983 shares of the company’s stock, valued at $11,024,317.37. This represents a 3.49% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Richard Giroux sold 24,000 shares of the firm’s stock in a transaction dated Tuesday, October 21st. The stock was sold at an average price of $8.87, for a total transaction of $212,880.00. Following the completion of the sale, the chief financial officer directly owned 829,494 shares of the company’s stock, valued at approximately $7,357,611.78. The trade was a 2.81% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 7.50% of the company’s stock.

Institutional Investors Weigh In On MeiraGTx

Hedge funds and other institutional investors have recently modified their holdings of the business. Charles Schwab Investment Management Inc. boosted its holdings in MeiraGTx by 3.6% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 116,027 shares of the company’s stock valued at $787,000 after acquiring an additional 4,006 shares during the period. Deutsche Bank AG lifted its position in shares of MeiraGTx by 21.4% during the first quarter. Deutsche Bank AG now owns 51,220 shares of the company’s stock worth $347,000 after purchasing an additional 9,022 shares during the last quarter. Invesco Ltd. boosted its stake in shares of MeiraGTx by 1,628.7% during the first quarter. Invesco Ltd. now owns 350,401 shares of the company’s stock valued at $2,376,000 after purchasing an additional 330,131 shares during the period. Nuveen LLC bought a new position in shares of MeiraGTx in the first quarter worth about $1,012,000. Finally, Wellington Management Group LLP increased its stake in MeiraGTx by 37.0% in the 1st quarter. Wellington Management Group LLP now owns 206,980 shares of the company’s stock worth $1,403,000 after buying an additional 55,854 shares during the period. 67.48% of the stock is currently owned by hedge funds and other institutional investors.

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.