MeiraGTx (NASDAQ:MGTX) Posts Quarterly Earnings Results, Misses Expectations By $0.07 EPS

MeiraGTx (NASDAQ:MGTX) announced its earnings results on Thursday. The company reported ($0.53) earnings per share for the quarter, missing the consensus estimate of ($0.46) by ($0.07), FiscalAI reports. The business had revenue of $4.81 million for the quarter, compared to analyst estimates of $6.95 million. MeiraGTx had a return on equity of 283.85% and a net margin of 19.87%.

MeiraGTx Stock Down 9.2%

Shares of MGTX stock traded down $0.89 on Thursday, reaching $8.79. 1,363,121 shares of the company’s stock traded hands, compared to its average volume of 620,787. The company has a debt-to-equity ratio of 0.46, a quick ratio of 3.76 and a current ratio of 3.76. MeiraGTx has a 12-month low of $6.62 and a 12-month high of $15.35. The business’s 50 day moving average price is $10.81 and its two-hundred day moving average price is $10.36. The company has a market capitalization of $844.19 million, a P/E ratio of 12.38 and a beta of 1.09.

Analysts Set New Price Targets

MGTX has been the topic of a number of recent analyst reports. Wall Street Zen raised shares of MeiraGTx from a “hold” rating to a “buy” rating in a research note on Saturday, October 24th. Royal Bank Of Canada increased their target price on MeiraGTx from $26.00 to $27.00 and gave the company an “outperform” rating in a research note on Friday, August 14th. Weiss Ratings raised shares of MeiraGTx from a “hold (c)” rating to a “hold (c+)” rating in a report on Thursday, October 8th. The Goldman Sachs Group began coverage on MeiraGTx in a research report on Thursday, September 24th. They issued a “neutral” rating and a $16.00 target price for the company. Finally, Zacks Research downgraded MeiraGTx from a “strong-buy” rating to a “hold” rating in a report on Friday, September 11th. Five investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $24.00.

Insider Transactions at MeiraGTx

In related news, CEO Alexandria Forbes sold 62,000 shares of the business’s stock in a transaction dated 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 transaction, the chief executive officer owned 1,325,695 shares of the company’s stock, valued at approximately $18,374,132.70. The trade was a 4.47% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Richard Giroux sold 56,000 shares of the company’s stock in a transaction dated Tuesday, October 20th. The shares were sold at an average price of $9.95, for a total transaction of $557,200.00. Following the transaction, the chief financial officer directly owned 852,530 shares of the company’s stock, valued at $8,482,673.50. This represents a 6.16% decrease in their position. 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. Insiders sold 145,659 shares of company stock valued at $1,710,812 in the last three months. Corporate insiders own 7.40% of the company’s stock.

About MeiraGTx

MeiraGTx Holdings plc is a biotechnology company developing gene therapies for serious diseases with limited treatment options. Its research focuses on using adeno-associated virus (AAV) vectors to deliver genetic material to target cells, including in programs for inherited retinal diseases, neurological conditions and salivary gland dysfunction. The company also develops manufacturing capabilities and technologies intended to support the production of gene therapies. MeiraGTx was founded in 2015 and has operations in the United States and the United Kingdom.