MeiraGTx (NASDAQ:MGTX) Price Target Raised to $24.00

MeiraGTx (NASDAQ:MGTX) had its price objective boosted by research analysts at Royal Bank Of Canada from $16.00 to $24.00 in a report released on Friday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Royal Bank Of Canada’s target price suggests a potential upside of 140.31% from the company’s current price.

Several other research analysts have also recently weighed in on the stock. Zacks Research upgraded shares of MeiraGTx from a “strong sell” rating to a “hold” rating in a report on Monday, March 9th. Weiss Ratings reissued a “sell (d-)” rating on shares of MeiraGTx in a research note on Thursday, January 22nd. Chardan Capital reaffirmed a “buy” rating and set a $35.00 price target on shares of MeiraGTx in a research report on Friday, March 27th. Piper Sandler reduced their price target on MeiraGTx from $30.00 to $26.00 and set an “overweight” rating for the company in a research report on Friday, March 27th. Finally, Bank of America upped their price target on MeiraGTx from $14.00 to $16.00 and gave the stock a “buy” rating in a research report on Friday, March 27th. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, MeiraGTx presently has an average rating of “Moderate Buy” and a consensus target price of $25.00.

MeiraGTx Trading Up 5.3%

Shares of MGTX stock traded up $0.51 on Friday, hitting $9.99. The stock had a trading volume of 388,680 shares, compared to its average volume of 546,009. The firm has a market cap of $813.40 million, a P/E ratio of -6.96 and a beta of 1.27. The company has a fifty day moving average price of $8.06 and a two-hundred day moving average price of $8.11. MeiraGTx has a twelve month low of $4.55 and a twelve month high of $11.85.

MeiraGTx (NASDAQ:MGTX) last released its quarterly earnings results on Thursday, March 26th. The company reported $0.19 EPS for the quarter, topping analysts’ consensus estimates of ($0.60) by $0.79. The company had revenue of $75.36 million for the quarter, compared to analyst estimates of $3.87 million. MeiraGTx had a negative return on equity of 1,065.47% and a negative net margin of 140.31%. On average, analysts expect that MeiraGTx will post -1.48 earnings per share for the current year.

Insiders Place Their Bets

In related news, CEO Alexandria Forbes sold 62,000 shares of the business’s stock in a transaction on Tuesday, March 24th. The shares were sold at an average price of $7.41, for a total transaction of $459,420.00. Following the transaction, the chief executive officer directly owned 1,449,695 shares in the company, valued at approximately $10,742,239.95. The trade was a 4.10% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Stuart Naylor sold 27,661 shares of the firm’s stock in a transaction dated Tuesday, April 7th. The shares were sold at an average price of $9.36, for a total transaction of $258,906.96. Following the completion of the sale, the insider owned 668,505 shares of the company’s stock, valued at $6,257,206.80. This trade represents a 3.97% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 7.50% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. State of Alaska Department of Revenue acquired a new position in shares of MeiraGTx during the 3rd quarter worth approximately $33,000. BNP Paribas Financial Markets lifted its stake in shares of MeiraGTx by 43.8% during the 2nd 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 lifted its stake 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 buying an additional 7,005 shares during the last quarter. ProShare Advisors LLC acquired a new position in shares of MeiraGTx in the fourth quarter valued at approximately $94,000. Finally, Abel Hall LLC acquired a new position in shares of MeiraGTx in the fourth quarter valued at approximately $98,000. 67.48% of the stock is owned by institutional investors and hedge funds.

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.