MeiraGTx (NASDAQ:MGTX) Reaches New 12-Month High – Still a Buy?

Shares of MeiraGTx Holdings PLC (NASDAQ:MGTX) reached a new 52-week high during trading on Monday . The stock traded as high as $12.38 and last traded at $12.1850, with a volume of 30716 shares. The stock had previously closed at $12.11.

Analyst Upgrades and Downgrades

MGTX has been the subject of several analyst reports. Zacks Research raised shares of MeiraGTx from a “strong sell” rating to a “hold” rating in a research note on Monday, March 9th. Royal Bank Of Canada increased their target price on shares of MeiraGTx from $24.00 to $25.00 and gave the stock an “outperform” rating in a research report on Friday, May 15th. Bank of America raised their target price on MeiraGTx from $14.00 to $16.00 and gave the company a “buy” rating in a report on Friday, March 27th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of MeiraGTx in a research report on Tuesday, April 21st. Finally, Piper Sandler upped their price target on MeiraGTx from $26.00 to $30.00 and gave the stock an “overweight” rating in a research note on Wednesday, April 22nd. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $25.83.

MeiraGTx Price Performance

The company has a market cap of $1.14 billion, a price-to-earnings ratio of -8.34 and a beta of 1.26. The firm has a fifty day simple moving average of $9.89 and a 200 day simple moving average of $8.64.

MeiraGTx (NASDAQ:MGTX) last issued its quarterly earnings data on Thursday, May 14th. The company reported ($0.57) earnings per share 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. MeiraGTx had a negative net margin of 151.12% and a negative return on equity of 1,065.47%. Analysts expect that MeiraGTx Holdings PLC will post -1.55 earnings per share for the current year.

Insider Buying and Selling

In other MeiraGTx news, CFO Richard Giroux sold 56,000 shares of the company’s stock in a transaction dated Tuesday, April 21st. The shares were sold at an average price of $10.22, for a total transaction of $572,320.00. Following the completion of the sale, the chief financial officer directly owned 971,530 shares in the company, valued at $9,929,036.60. This represents a 5.45% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at 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 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 sale, the chief executive officer directly owned 1,387,695 shares in the company, valued at approximately $12,725,163.15. This represents a 4.28% 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. Insiders have sold 145,661 shares of company stock worth $1,399,767 in the last quarter. 7.40% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On MeiraGTx

Large investors have recently made changes to their positions in the business. Hennion & Walsh Asset Management Inc. boosted its stake in MeiraGTx by 183.1% during the 4th quarter. Hennion & Walsh Asset Management Inc. now owns 308,509 shares of the company’s stock valued at $2,453,000 after purchasing an additional 199,528 shares during the period. Jefferies Financial Group Inc. acquired a new stake in MeiraGTx in the 4th quarter valued at approximately $2,371,000. Royce & Associates LP bought a new position in MeiraGTx in the 4th quarter worth approximately $1,400,000. Erste Asset Management GmbH increased its position in MeiraGTx by 11.3% in the 4th quarter. Erste Asset Management GmbH now owns 789,702 shares of the company’s stock worth $6,275,000 after buying an additional 80,000 shares during the period. Finally, ProShare Advisors LLC acquired a new position in shares of MeiraGTx during the fourth quarter worth approximately $94,000. Institutional investors and hedge funds own 67.48% of the company’s stock.

MeiraGTx Company Profile

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.