Insider Selling: MeiraGTx (NASDAQ:MGTX) Insider Sells $409,353.20 in Stock

MeiraGTx Holdings PLC (NASDAQ:MGTX) insider Stuart Naylor sold 27,659 shares of MeiraGTx stock in a transaction on Tuesday, July 7th. The stock was sold at an average price of $14.80, for a total transaction of $409,353.20. Following the sale, the insider directly owned 640,846 shares of the company’s stock, valued at approximately $9,484,520.80. This trade represents a 4.14% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

MeiraGTx Trading Up 5.5%

Shares of MGTX stock traded up $0.77 on Tuesday, reaching $14.66. 1,959,679 shares of the stock were exchanged, compared to its average volume of 1,103,905. The company has a market capitalization of $1.36 billion, a price-to-earnings ratio of -9.91 and a beta of 1.20. The business’s 50 day moving average price is $10.41 and its 200 day moving average price is $8.89. MeiraGTx Holdings PLC has a twelve month low of $6.62 and a twelve month high of $15.35.

MeiraGTx (NASDAQ:MGTX) last posted its quarterly earnings results on Thursday, May 14th. The company reported ($0.57) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.61) by $0.04. The business had revenue of $0.29 million during the quarter, compared to analyst estimates of $17.00 million. Equities research analysts forecast that MeiraGTx Holdings PLC will post -1.55 earnings per share for the current year.

Wall Street Analysts Forecast Growth

MGTX has been the subject of a number of research reports. Weiss Ratings reissued a “sell (d-)” rating on shares of MeiraGTx in a research report on Tuesday, April 21st. Wall Street Zen raised MeiraGTx from a “sell” rating to a “hold” rating in a report on Sunday, April 5th. Bank of America lifted their price target on MeiraGTx from $14.00 to $16.00 and gave the stock a “buy” rating in a research report on Friday, March 27th. Piper Sandler boosted their price objective on MeiraGTx from $26.00 to $30.00 and gave the company an “overweight” rating in a research note on Wednesday, April 22nd. Finally, Royal Bank Of Canada increased their price objective on MeiraGTx from $24.00 to $25.00 and gave the company an “outperform” rating in a report on Friday, May 15th. 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. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $25.83.

Institutional Trading of MeiraGTx

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. AQR Capital Management LLC acquired a new position in shares of MeiraGTx during the first quarter worth about $557,000. Rhumbline Advisers boosted its holdings in MeiraGTx by 9.4% in the 2nd quarter. Rhumbline Advisers now owns 63,715 shares of the company’s stock valued at $415,000 after purchasing an additional 5,488 shares in the last quarter. Brown Advisory Inc. acquired a new position in MeiraGTx during the 2nd quarter worth approximately $326,000. Qube Research & Technologies Ltd acquired a new position in MeiraGTx during the 2nd quarter worth approximately $530,000. Finally, Quantinno Capital Management LP purchased a new position in shares of MeiraGTx during the 2nd quarter worth approximately $319,000. 67.48% of the stock is owned by hedge funds and other institutional investors.

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.