MeiraGTx (NASDAQ:MGTX) Sets New 52-Week High – Still a Buy?

Shares of MeiraGTx Holdings PLC (NASDAQ:MGTX) hit a new 52-week high during mid-day trading on Monday . The company traded as high as $14.22 and last traded at $13.9440, with a volume of 22274 shares changing hands. The stock had previously closed at $13.92.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the company. Piper Sandler increased their target price on MeiraGTx from $26.00 to $30.00 and gave the stock an “overweight” rating in a research report on Wednesday, April 22nd. Weiss Ratings reiterated a “sell (d-)” rating on shares of MeiraGTx in a research note on Tuesday, April 21st. Bank of America increased their price objective on MeiraGTx from $14.00 to $16.00 and gave the stock a “buy” rating in a report on Friday, March 27th. Wall Street Zen upgraded MeiraGTx from a “sell” rating to a “hold” rating in a research note on Sunday, April 5th. Finally, Chardan Capital reaffirmed a “buy” rating and set a $35.00 target price on shares of MeiraGTx in a report on Friday, March 27th. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $25.83.

MeiraGTx Stock Performance

The stock has a market capitalization of $1.36 billion, a PE ratio of -9.91 and a beta of 1.20. The business’s 50-day moving average price is $10.41 and its 200 day moving average price is $8.89.

MeiraGTx (NASDAQ:MGTX) last issued its quarterly earnings data on Thursday, May 14th. The company reported ($0.57) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.61) by $0.04. The business had revenue of $0.29 million during the quarter, compared to analysts’ expectations of $17.00 million. As a group, equities research analysts predict that MeiraGTx Holdings PLC will post -1.55 earnings per share for the current year.

Insider Activity

In related news, CFO Richard Giroux sold 56,000 shares of the firm’s stock in a transaction that occurred on Tuesday, April 21st. The shares were sold at an average price of $10.22, for a total value of $572,320.00. Following the sale, the chief financial officer directly owned 971,530 shares of the company’s stock, valued at $9,929,036.60. This trade represents a 5.45% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 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 sale, the chief executive officer owned 1,387,695 shares in the company, valued at approximately $12,725,163.15. This trade represents a 4.28% decrease in their position. 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 90 days, insiders sold 145,659 shares of company stock worth $1,550,213. 7.40% of the stock is currently owned by insiders.

Hedge Funds Weigh In On MeiraGTx

Institutional investors and hedge funds have recently made changes to their positions in the business. BNP Paribas Financial Markets boosted 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 valued at $31,000 after buying an additional 1,466 shares during the period. Tower Research Capital LLC TRC boosted its holdings in MeiraGTx by 390.9% during the 2nd quarter. Tower Research Capital LLC TRC now owns 8,797 shares of the company’s stock valued at $57,000 after acquiring an additional 7,005 shares during the period. ProShare Advisors LLC purchased a new stake in MeiraGTx during the 4th quarter valued at about $94,000. Abel Hall LLC bought a new position in MeiraGTx during the 4th quarter worth approximately $98,000. Finally, Bank of Nova Scotia purchased a new position in MeiraGTx in the 1st quarter worth approximately $105,000. Institutional investors 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.