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

MeiraGTx Holdings PLC (NASDAQ:MGTX) shares hit a new 52-week high on Monday . The company 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.

Analysts Set New Price Targets

Several research analysts have commented on the stock. HC Wainwright reiterated a “buy” rating on shares of MeiraGTx in a report on Tuesday, May 26th. Bank of America boosted their price target on shares of MeiraGTx from $14.00 to $16.00 and gave the company a “buy” rating in a report on Friday, March 27th. Royal Bank Of Canada upped their price target on shares of MeiraGTx from $24.00 to $25.00 and gave the company an “outperform” rating in a research report on Friday, May 15th. Piper Sandler boosted their target price on shares of MeiraGTx from $26.00 to $30.00 and gave the company an “overweight” rating in a research note on Wednesday, April 22nd. Finally, Wall Street Zen upgraded MeiraGTx from a “sell” rating to a “hold” rating in a report on Sunday, April 5th. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $25.83.

MeiraGTx Stock Up 1.8%

The firm has a market capitalization of $1.14 billion, a PE ratio of -8.34 and a beta of 1.26. The business’s 50-day moving average price is $9.89 and its 200-day moving average price is $8.64.

MeiraGTx (NASDAQ:MGTX) last released its quarterly earnings data on Thursday, May 14th. The company reported ($0.57) earnings per share for the quarter, beating the consensus estimate of ($0.61) by $0.04. MeiraGTx had a negative net margin of 151.12% and a negative return on equity of 1,065.47%. The firm had revenue of $0.29 million for the quarter, compared to analyst estimates of $17.00 million. On average, analysts anticipate that MeiraGTx Holdings PLC will post -1.55 EPS for the current fiscal year.

Insider Transactions at MeiraGTx

In other news, CEO Alexandria Forbes sold 62,000 shares of the company’s stock in a transaction on Tuesday, May 19th. The shares were sold at an average price of $9.17, for a total value of $568,540.00. Following the transaction, the chief executive officer directly owned 1,387,695 shares of the company’s stock, valued at approximately $12,725,163.15. This represents a 4.28% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Richard Giroux sold 56,000 shares of the stock in a transaction on Tuesday, April 21st. The stock was sold at an average price of $10.22, for a total value of $572,320.00. Following the sale, the chief financial officer owned 971,530 shares of the company’s stock, valued at approximately $9,929,036.60. This represents a 5.45% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 145,661 shares of company stock valued at $1,399,767. 7.40% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of MGTX. Hennion & Walsh Asset Management Inc. lifted its holdings in shares of 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 buying an additional 199,528 shares during the last quarter. Jefferies Financial Group Inc. acquired a new position in MeiraGTx in the fourth quarter worth approximately $2,371,000. Royce & Associates LP bought a new position in MeiraGTx during the fourth quarter valued at approximately $1,400,000. Erste Asset Management GmbH raised its position in MeiraGTx by 11.3% during the fourth quarter. Erste Asset Management GmbH now owns 789,702 shares of the company’s stock valued at $6,275,000 after acquiring an additional 80,000 shares in the last quarter. Finally, ProShare Advisors LLC bought a new position in MeiraGTx during the fourth quarter valued at approximately $94,000. 67.48% of the stock is owned by institutional investors and hedge funds.

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.