MeiraGTx (NASDAQ:MGTX) Price Target Raised to $27.00

MeiraGTx (NASDAQ:MGTX) had its price target boosted by equities research analysts at Royal Bank Of Canada from $26.00 to $27.00 in a research note issued to investors on Friday,Benzinga reports. The firm currently has an “outperform” rating on the stock. Royal Bank Of Canada’s price objective would indicate a potential upside of 104.36% from the company’s current price.

MGTX has been the subject of a number of other research reports. Piper Sandler upped 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 restated a “sell (d-)” rating on shares of MeiraGTx in a report on Friday, July 17th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $20.00 price objective on shares of MeiraGTx in a research report on Wednesday, July 8th. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, MeiraGTx presently has a consensus rating of “Moderate Buy” and an average price target of $26.17.

MeiraGTx Stock Up 4.3%

Shares of MGTX traded up $0.54 during trading hours on Friday, reaching $13.21. The company’s stock had a trading volume of 129,814 shares, compared to its average volume of 706,101. MeiraGTx has a 1-year low of $6.62 and a 1-year high of $15.35. The company has a 50 day moving average of $12.00 and a two-hundred day moving average of $9.80. The firm has a market cap of $1.22 billion, a price-to-earnings ratio of -8.93 and a beta of 1.23.

MeiraGTx (NASDAQ:MGTX) last issued its earnings results on Thursday, August 13th. The company reported $1.71 earnings per share for the quarter, topping the consensus estimate of ($0.46) by $2.17. The firm had revenue of $321.43 million during the quarter, compared to analyst estimates of $0.70 million. As a group, analysts forecast that MeiraGTx will post -1.69 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Stuart Naylor sold 27,659 shares of MeiraGTx stock in a transaction dated Tuesday, July 7th. The shares were sold at an average price of $14.80, for a total transaction of $409,353.20. Following the completion of the transaction, the insider directly owned 640,846 shares of the company’s stock, valued at $9,484,520.80. This trade represents a 4.14% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Alexandria Forbes sold 62,000 shares of the company’s stock in a transaction dated Tuesday, May 19th. The stock was sold at an average price of $9.17, for a total transaction of $568,540.00. Following the sale, the chief executive officer directly owned 1,387,695 shares in the company, valued at $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 sold 145,659 shares of company stock worth $1,678,453 in the last quarter. 7.40% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in MGTX. AQR Capital Management LLC acquired a new stake in shares of MeiraGTx in the first quarter valued at approximately $557,000. Rhumbline Advisers raised its holdings in MeiraGTx by 9.4% during the 2nd quarter. Rhumbline Advisers now owns 63,715 shares of the company’s stock worth $415,000 after purchasing an additional 5,488 shares during the last quarter. Brown Advisory Inc. acquired a new position in MeiraGTx during the 2nd quarter valued at about $326,000. Qube Research & Technologies Ltd acquired a new position in MeiraGTx during the 2nd quarter valued at about $530,000. Finally, Quantinno Capital Management LP bought a new position in shares of MeiraGTx in the 2nd quarter valued at about $319,000. 67.48% of the stock is owned by institutional investors.

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.