MeiraGTx (NASDAQ:MGTX) Stock Falls 7.4% Following Weak Earnings

MeiraGTx Holdings PLC (NASDAQ:MGTX)’s stock price was down 7.4% during mid-day trading on Thursday following a weaker than expected earnings announcement. The company traded as low as $8.90 and last traded at $8.9650. Approximately 203,931 shares changed hands during trading, a decline of 73% from the average session volume of 742,632 shares. The stock had previously closed at $9.68.

The company reported ($0.53) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.46) by ($0.07). The company had revenue of $4.81 million during the quarter, compared to the consensus estimate of $6.95 million. MeiraGTx had a return on equity of 283.85% and a net margin of 19.87%.

Analyst Ratings Changes

A number of equities research analysts have weighed in on MGTX shares. Zacks Research downgraded MeiraGTx from a “strong-buy” rating to a “hold” rating in a research report on Friday, September 11th. Royal Bank Of Canada lifted their price target on MeiraGTx from $26.00 to $27.00 and gave the company an “outperform” rating in a research report on Friday, August 14th. The Goldman Sachs Group initiated coverage on MeiraGTx in a research note on Thursday, September 24th. They issued a “neutral” rating and a $16.00 price objective on the stock. Wall Street Zen upgraded MeiraGTx from a “hold” rating to a “buy” rating in a report on Saturday, October 24th. Finally, Weiss Ratings upgraded MeiraGTx from a “hold (c)” rating to a “hold (c+)” rating in a report on Thursday, October 8th. Five investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, MeiraGTx has an average rating of “Moderate Buy” and an average price target of $24.00.

Insiders Place Their Bets

In related news, CFO Richard Giroux sold 56,000 shares of the stock in a transaction that occurred on Tuesday, October 20th. The stock was sold at an average price of $9.95, for a total value of $557,200.00. Following the transaction, the chief financial officer owned 852,530 shares in the company, valued at approximately $8,482,673.50. This represents a 6.16% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 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, August 18th. The shares were sold at an average price of $13.86, for a total transaction of $859,320.00. Following the transaction, the chief executive officer owned 1,325,695 shares in the company, valued at $18,374,132.70. This represents a 4.47% 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. Insiders have sold a total of 145,659 shares of company stock valued at $1,710,812 in the last three months. Insiders own 7.40% of the company’s stock.

Institutional Investors Weigh In On MeiraGTx

Several hedge funds and other institutional investors have recently made changes to their positions in MGTX. Meeder Asset Management Inc. acquired a new position in shares of MeiraGTx during the 3rd quarter worth about $52,000. Global Retirement Partners LLC bought a new stake in MeiraGTx during the 3rd quarter valued at approximately $34,000. Russell Investments Group Ltd. grew its holdings in MeiraGTx by 2.2% in the 3rd quarter. Russell Investments Group Ltd. now owns 150,565 shares of the company’s stock valued at $1,656,000 after buying an additional 3,236 shares during the last quarter. Allspring Global Investments Holdings LLC acquired a new stake in MeiraGTx in the 3rd quarter valued at approximately $145,000. Finally, M Holdings Securities Inc. acquired a new stake in MeiraGTx in the 3rd quarter valued at approximately $122,000. 67.48% of the stock is owned by institutional investors and hedge funds.

MeiraGTx Trading Down 7.4%

The company has a debt-to-equity ratio of 0.46, a quick ratio of 3.76 and a current ratio of 3.76. The company has a 50-day simple moving average of $10.91 and a 200 day simple moving average of $10.35. The company has a market capitalization of $861.00 million, a P/E ratio of 12.65 and a beta of 1.09.

About MeiraGTx

MeiraGTx Holdings plc is a biotechnology company developing gene therapies for serious diseases with limited treatment options. Its research focuses on using adeno-associated virus (AAV) vectors to deliver genetic material to target cells, including in programs for inherited retinal diseases, neurological conditions and salivary gland dysfunction. The company also develops manufacturing capabilities and technologies intended to support the production of gene therapies. MeiraGTx was founded in 2015 and has operations in the United States and the United Kingdom.