MeiraGTx (NASDAQ:MGTX) Sees Strong Trading Volume Following Strong Earnings

Shares of MeiraGTx Holdings PLC (NASDAQ:MGTX) saw unusually-high trading volume on Thursday after the company announced better than expected quarterly earnings. Approximately 512,400 shares were traded during trading, an increase of 31% from the previous session’s volume of 392,581 shares.The stock last traded at $8.4350 and had previously closed at $7.62.

The company reported $0.19 EPS for the quarter, topping the consensus estimate of ($0.60) by $0.79. MeiraGTx had a negative net margin of 140.31% and a negative return on equity of 1,065.47%. The business had revenue of $75.36 million for the quarter, compared to analysts’ expectations of $3.87 million.

More MeiraGTx News

Here are the key news stories impacting MeiraGTx this week:

• Positive Sentiment: FDA granted Breakthrough Therapy Designation to AAV2-hAQP1 for Grade 2/3 radiation-induced xerostomia — a major regulatory de-risking and potential acceleration pathway for the program. MeiraGTx Announces FDA Breakthrough Therapy Designation (GlobeNewswire)
• Positive Sentiment: Q4 results materially beat estimates — GAAP EPS $0.19 vs. a consensus loss and revenue of $75.36M vs. a ~$3.9M consensus — this large upside explains renewed investor optimism around near-term milestones and cash generation. Q4 Press Release (Quartr)
• Positive Sentiment: Multiple broker actions supportive of upside: Chardan reaffirmed a Buy with a $35 target (large upside) and Bank of America raised its target from $14 to $16 and maintains a Buy — these notes add analyst support for higher share valuations. Analyst Notes (Benzinga)
• Neutral Sentiment: Piper Sandler lowered its target from $30 to $26 but kept an Overweight rating — still bullish overall, but the cut tempers upside expectations vs. some peers. Piper Sandler / TickerReport
• Neutral Sentiment: MeiraGTx presented at the RBC Virtual Ophthalmology Conference (transcript available) — useful for incremental program updates but not a discrete catalyst like the Breakthrough designation. RBC Conference Transcript (Seeking Alpha)
• Negative Sentiment: CEO Alexandria Forbes sold 62,000 shares (~$459k), a disclosed insider sale that may concern some investors even though insiders still hold substantial positions. Insider Sale Report (InsiderTrades)

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the company. Chardan Capital restated a “buy” rating and set a $35.00 price target on shares of MeiraGTx in a report on Friday. Zacks Research upgraded MeiraGTx from a “strong sell” rating to a “hold” rating in a research report on Monday, March 9th. Bank of America raised their target price on shares of MeiraGTx from $14.00 to $16.00 and gave the company a “buy” rating in a report on Friday. Piper Sandler reduced their price target on shares of MeiraGTx from $30.00 to $26.00 and set an “overweight” rating on the stock in a research report on Friday. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of MeiraGTx in a research note on Thursday, January 22nd. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $23.67.

Insiders Place Their Bets

In other MeiraGTx news, CEO Alexandria Forbes sold 62,000 shares of the company’s stock in a transaction that occurred on Tuesday, March 24th. The stock was sold at an average price of $7.41, for a total transaction of $459,420.00. Following the sale, the chief executive officer directly owned 1,449,695 shares in the company, valued at $10,742,239.95. This represents a 4.10% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. 7.50% of the stock is owned by insiders.

Hedge Funds Weigh In On MeiraGTx

Several large investors have recently modified their holdings of the stock. AQR Capital Management LLC purchased a new stake in MeiraGTx during the 1st quarter valued at $557,000. Rhumbline Advisers boosted its stake in MeiraGTx by 9.4% during the second quarter. Rhumbline Advisers now owns 63,715 shares of the company’s stock worth $415,000 after buying an additional 5,488 shares during the period. Kennedy Capital Management LLC boosted its stake in MeiraGTx by 3.8% during the second quarter. Kennedy Capital Management LLC now owns 35,189 shares of the company’s stock worth $229,000 after buying an additional 1,287 shares during the period. Brown Advisory Inc. bought a new position in MeiraGTx during the second quarter valued at $326,000. Finally, 22NW LP bought a new position in MeiraGTx during the second quarter valued at $3,824,000. Institutional investors own 67.48% of the company’s stock.

MeiraGTx Trading Up 1.2%

The firm has a market cap of $613.33 million, a PE ratio of -5.37 and a beta of 1.37. The company has a quick ratio of 0.22, a current ratio of 0.22 and a debt-to-equity ratio of 26.29. The company’s 50 day moving average price is $7.58 and its two-hundred day moving average price is $7.94.

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.