MeiraGTx’s (MGTX) “Buy” Rating Reiterated at HC Wainwright

MeiraGTx (NASDAQ:MGTX)‘s stock had its “buy” rating reiterated by analysts at HC Wainwright in a report released on Wednesday,Benzinga reports. They currently have a $20.00 target price on the stock. HC Wainwright’s price target points to a potential upside of 36.43% from the company’s current price.

Several other equities research analysts have also weighed in on MGTX. Chardan Capital reaffirmed a “buy” rating and issued a $35.00 target price on shares of MeiraGTx in a report on Friday, March 27th. Piper Sandler lifted their price target on shares of MeiraGTx from $26.00 to $30.00 and gave the company an “overweight” rating in a report on Wednesday, April 22nd. Royal Bank Of Canada boosted their price target on shares of MeiraGTx from $24.00 to $25.00 and gave the company an “outperform” rating in a research report on Friday, May 15th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of MeiraGTx in a report on Tuesday, April 21st. Finally, Wall Street Zen upgraded shares of MeiraGTx from a “sell” rating to a “hold” rating in a research note on Sunday, April 5th. One investment 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 given a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $25.83.

MeiraGTx Stock Up 5.5%

Shares of MGTX opened at $14.66 on Wednesday. The company has a 50-day moving average price of $10.41 and a two-hundred day moving average price of $8.89. The stock has a market cap of $1.36 billion, a price-to-earnings ratio of -9.91 and a beta of 1.20. MeiraGTx has a 12 month low of $6.62 and a 12 month high of $15.35.

MeiraGTx (NASDAQ:MGTX) last posted its earnings results on Thursday, May 14th. The company reported ($0.57) EPS for the quarter, topping the consensus estimate of ($0.61) by $0.04. The company had revenue of $0.29 million for the quarter, compared to the consensus estimate of $17.00 million. Equities research analysts expect that MeiraGTx will post -1.55 EPS for the current fiscal year.

Insiders Place Their Bets

In other MeiraGTx news, CEO Alexandria Forbes sold 62,000 shares of the business’s stock in a transaction dated 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 directly owned 1,387,695 shares of the company’s stock, valued at approximately $12,725,163.15. The trade was a 4.28% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Richard Giroux sold 56,000 shares of the stock in a transaction that occurred on Tuesday, April 21st. The shares were sold at an average price of $10.22, for a total transaction of $572,320.00. Following the sale, the chief financial officer directly owned 971,530 shares in the company, valued at $9,929,036.60. This trade represents a 5.45% 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. Over the last three months, insiders sold 145,659 shares of company stock valued at $1,550,213. Insiders own 7.40% of the company’s stock.

Hedge Funds Weigh In On MeiraGTx

Large investors have recently made changes to their positions in the company. Bank of America Corp DE boosted its holdings in MeiraGTx by 17.5% in the first quarter. Bank of America Corp DE now owns 244,944 shares of the company’s stock valued at $2,121,000 after acquiring an additional 36,490 shares during the last quarter. Rubric Capital Management LP lifted its position 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. Bank of Nova Scotia bought a new position in shares of MeiraGTx in the 1st quarter valued at about $105,000. Sei Investments Co. acquired a new stake in shares of MeiraGTx during the 1st quarter worth approximately $863,000. Finally, AlphaCentric Advisors LLC grew its position in shares of MeiraGTx by 88.4% during the 1st quarter. AlphaCentric Advisors LLC now owns 53,694 shares of the company’s stock worth $465,000 after buying an additional 25,198 shares during the period. Institutional investors and hedge funds own 67.48% of the company’s stock.

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.