Insider Selling: MeiraGTx (NASDAQ:MGTX) CEO Sells $859,320.00 in Stock

MeiraGTx Holdings PLC (NASDAQ:MGTX) CEO Alexandria Forbes sold 62,000 shares of the company’s stock in a transaction on Tuesday, August 18th. The stock was sold at an average price of $13.86, for a total transaction of $859,320.00. Following the completion of the sale, the chief executive officer owned 1,325,695 shares of the company’s stock, valued at $18,374,132.70. This represents a 4.47% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

MeiraGTx Trading Down 2.9%

MeiraGTx stock opened at $14.54 on Friday. MeiraGTx Holdings PLC has a one year low of $6.62 and a one year high of $15.35. The company’s fifty day moving average price is $12.49 and its two-hundred day moving average price is $10.02. The company has a debt-to-equity ratio of 0.46, a current ratio of 3.76 and a quick ratio of 3.76. The company has a market capitalization of $1.40 billion, a price-to-earnings ratio of 20.48 and a beta of 1.23.

MeiraGTx (NASDAQ:MGTX) last announced its quarterly earnings results on Thursday, August 13th. The company reported $1.71 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.46) by $2.17. The company had revenue of $321.43 million during the quarter, compared to analysts’ expectations of $0.70 million. MeiraGTx had a return on equity of 283.85% and a net margin of 19.87%. On average, analysts forecast that MeiraGTx Holdings PLC will post 0.3 earnings per share for the current fiscal year.

Institutional Investors Weigh In On MeiraGTx

A number of institutional investors have recently added to or reduced their stakes in MGTX. Algert Global LLC increased its position in shares of MeiraGTx by 13.9% during the second quarter. Algert Global LLC now owns 11,700 shares of the company’s stock valued at $158,000 after purchasing an additional 1,430 shares during the period. BNP Paribas Financial Markets lifted its position in MeiraGTx by 43.8% in the second quarter. BNP Paribas Financial Markets now owns 4,810 shares of the company’s stock worth $31,000 after purchasing an additional 1,466 shares during the period. Kennedy Capital Management LLC lifted its position in MeiraGTx by 2.2% in the fourth quarter. Kennedy Capital Management LLC now owns 70,738 shares of the company’s stock worth $562,000 after purchasing an additional 1,495 shares during the period. Russell Investments Group Ltd. lifted its position in MeiraGTx by 4.3% in the third quarter. Russell Investments Group Ltd. now owns 82,844 shares of the company’s stock worth $682,000 after purchasing an additional 3,452 shares during the period. Finally, XTX Topco Ltd boosted its stake in MeiraGTx by 11.0% during the fourth quarter. XTX Topco Ltd now owns 38,030 shares of the company’s stock worth $302,000 after buying an additional 3,766 shares in the last quarter. 67.48% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

MGTX has been the topic of several analyst reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of MeiraGTx in a report on Friday, July 17th. Royal Bank Of Canada boosted their price objective on shares of MeiraGTx from $26.00 to $27.00 and gave the stock an “outperform” rating in a research note on Friday, August 14th. Zacks Research raised shares of MeiraGTx from a “hold” rating to a “strong-buy” rating in a report on Thursday, August 13th. Wall Street Zen upgraded shares of MeiraGTx from a “hold” rating to a “buy” rating in a research note on Saturday, August 15th. Finally, HC Wainwright reissued a “buy” rating and set a $20.00 target price on shares of MeiraGTx in a research report on Wednesday, July 8th. Two analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, MeiraGTx presently has an average rating of “Buy” and a consensus target price of $26.17.

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.