Insider Selling: MeiraGTx (NASDAQ:MGTX) CFO Sells 56,000 Shares of Stock

MeiraGTx Holdings PLC (NASDAQ:MGTX) CFO Richard Giroux sold 56,000 shares of the business’s stock in a transaction that occurred on Tuesday, April 21st. The stock was sold at an average price of $10.22, for a total transaction of $572,320.00. Following the sale, the chief financial officer directly owned 971,530 shares in the company, valued at approximately $9,929,036.60. This represents a 5.45% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

MeiraGTx Price Performance

MGTX traded down $0.36 on Tuesday, reaching $10.17. 1,262,223 shares of the stock were exchanged, compared to its average volume of 1,091,787. The company’s 50-day moving average price is $8.22 and its 200 day moving average price is $8.14. The firm has a market capitalization of $828.35 million, a PE ratio of -7.16 and a beta of 1.27. MeiraGTx Holdings PLC has a fifty-two week low of $4.55 and a fifty-two week high of $11.85.

MeiraGTx (NASDAQ:MGTX) last released its quarterly earnings data on Thursday, March 26th. The company reported $0.19 EPS for the quarter, beating the consensus estimate of ($0.60) by $0.79. The business had revenue of $75.36 million for the quarter, compared to the consensus estimate of $3.87 million. MeiraGTx had a negative net margin of 140.31% and a negative return on equity of 1,065.47%. As a group, equities analysts forecast that MeiraGTx Holdings PLC will post -1.19 earnings per share for the current fiscal year.

Institutional Investors Weigh In On MeiraGTx

A number of large investors have recently made changes to their positions in the stock. BNP Paribas Financial Markets increased its holdings in shares of MeiraGTx by 43.8% in the second quarter. BNP Paribas Financial Markets now owns 4,810 shares of the company’s stock valued at $31,000 after purchasing an additional 1,466 shares during the last quarter. Kennedy Capital Management LLC boosted its stake in MeiraGTx by 2.2% during the fourth quarter. Kennedy Capital Management LLC now owns 70,738 shares of the company’s stock worth $562,000 after buying an additional 1,495 shares during the last quarter. Russell Investments Group Ltd. grew its holdings in MeiraGTx by 4.3% in the 3rd quarter. Russell Investments Group Ltd. now owns 82,844 shares of the company’s stock valued at $682,000 after buying an additional 3,452 shares in the last quarter. XTX Topco Ltd increased its stake in shares of MeiraGTx by 11.0% in the 4th quarter. XTX Topco Ltd now owns 38,030 shares of the company’s stock worth $302,000 after acquiring an additional 3,766 shares during the last quarter. Finally, State of Alaska Department of Revenue acquired a new stake in shares of MeiraGTx in the 3rd quarter worth $33,000. 67.48% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

MGTX has been the subject of a number of recent analyst reports. Chardan Capital restated a “buy” rating and issued a $35.00 price objective on shares of MeiraGTx in a research report on Friday, March 27th. Piper Sandler dropped their price target on shares of MeiraGTx from $30.00 to $26.00 and set an “overweight” rating on the stock in a research note on Friday, March 27th. Wall Street Zen raised shares of MeiraGTx from a “sell” rating to a “hold” rating in a report on Sunday, April 5th. Zacks Research upgraded shares of MeiraGTx from a “strong sell” rating to a “hold” rating in a research report on Monday, March 9th. Finally, Bank of America increased their price objective on shares of MeiraGTx from $14.00 to $16.00 and gave the company a “buy” rating in a report on Friday, March 27th. One 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 stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $25.00.

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.