MeiraGTx (NASDAQ:MGTX) Stock: Insider Richard Giroux Sells 56,000 Shares

MeiraGTx Holdings PLC (NASDAQ:MGTX) CFO Richard Giroux sold 56,000 shares of the business’s stock in a transaction dated Tuesday, October 20th. The stock was sold at an average price of $9.95, for a total value of $557,200.00. Following the sale, the chief financial officer owned 852,530 shares of the company’s stock, valued at $8,482,673.50. The trade was a 6.16% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

MeiraGTx Stock Down 1.1%

MGTX opened at $9.86 on Thursday. The firm has a 50 day moving average price of $12.33 and a 200 day moving average price of $11.41. The company has a market cap of $946.95 million, a PE ratio of 13.89 and a beta of 1.35. MeiraGTx Holdings PLC has a 1 year low of $6.62 and a 1 year high of $15.35. The company has a debt-to-equity ratio of 0.46, a quick ratio of 3.76 and a current ratio of 3.76.

MeiraGTx (NASDAQ:MGTX) last announced its quarterly earnings results on Thursday, August 13th. The company reported $1.71 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.46) by $2.17. MeiraGTx had a net margin of 19.87% and a return on equity of 283.85%. The firm had revenue of $321.43 million for the quarter, compared to analysts’ expectations of $0.70 million. Sell-side analysts expect that MeiraGTx Holdings PLC will post 0.30 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Squarepoint Ops LLC grew its stake in shares of MeiraGTx by 773.9% during the second quarter. Squarepoint Ops LLC now owns 162,412 shares of the company’s stock valued at $2,194,000 after acquiring an additional 143,828 shares in the last quarter. Johnson & Johnson purchased a new position in MeiraGTx in the second quarter valued at about $89,720,775. Tocqueville Asset Management L.P. purchased a new position in MeiraGTx in the second quarter valued at about $1,050,000. Sei Investments Co. purchased a new position in MeiraGTx in the first quarter valued at about $863,000. Finally, Bank of New York Mellon Corp acquired a new stake in MeiraGTx during the 2nd quarter valued at approximately $1,869,000. 67.48% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts recently weighed in on MGTX shares. Weiss Ratings raised shares of MeiraGTx from a “hold (c)” rating to a “hold (c+)” rating in a research report on Thursday, October 8th. HC Wainwright reissued a “buy” rating and issued a $20.00 price objective on shares of MeiraGTx in a research report on Wednesday, July 8th. Wall Street Zen downgraded MeiraGTx from a “buy” rating to a “hold” rating in a research report on Saturday, September 26th. Royal Bank Of Canada increased their target price on MeiraGTx from $26.00 to $27.00 and gave the company an “outperform” rating in a research note on Friday, August 14th. Finally, The Goldman Sachs Group assumed coverage on MeiraGTx in a research note on Thursday, September 24th. They issued a “neutral” rating and a $16.00 target price for the company. Five investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat.com, MeiraGTx presently has a consensus rating of “Moderate Buy” and an average target price of $24.00.

MeiraGTx Company Profile

MeiraGTx Holdings plc is a clinical-stage biotechnology company focused on developing gene therapies for serious diseases with limited treatment options. The company uses adeno-associated virus (AAV) vectors and other genetic medicine technologies to deliver therapeutic genes to targeted tissues and address the underlying causes of disease.

Its research and development activities have focused primarily on disorders of the central nervous system, including neurodegenerative diseases, as well as retinal and salivary-gland conditions.