MeiraGTx (NASDAQ:MGTX) Stock Price Down 7.4% Following Weak Earnings

MeiraGTx Holdings PLC (NASDAQ:MGTX) shares dropped 7.4% on Thursday after the company announced weaker than expected quarterly earnings. The company traded as low as $8.90 and last traded at $8.9650. Approximately 203,931 shares traded hands during trading, a decline of 73% from the average daily volume of 742,632 shares. The stock had previously closed at $9.68.

The company reported ($0.53) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.46) by ($0.07). The company had revenue of $4.81 million during the quarter, compared to analysts’ expectations of $6.95 million. MeiraGTx had a net margin of 19.87% and a return on equity of 283.85%.

Analysts Set New Price Targets

Several research firms have commented on MGTX. Royal Bank Of Canada lifted their target price 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. Wall Street Zen raised MeiraGTx from a “hold” rating to a “buy” rating in a research note on Saturday, October 24th. Weiss Ratings upgraded MeiraGTx from a “hold (c)” rating to a “hold (c+)” rating in a report on Thursday, October 8th. Zacks Research cut MeiraGTx from a “strong-buy” rating to a “hold” rating in a report on Friday, September 11th. Finally, The Goldman Sachs Group started coverage on MeiraGTx in a research report on Thursday, September 24th. They issued a “neutral” rating and a $16.00 price objective for the company. Five equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat.com, MeiraGTx presently has a consensus rating of “Moderate Buy” and an average target price of $24.00.

Insider Buying and Selling at MeiraGTx

In related news, CEO Alexandria Forbes sold 62,000 shares of the business’s stock in a transaction that occurred 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 transaction, the chief executive officer directly 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 legal filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Richard Giroux sold 56,000 shares of the business’s stock in a transaction on Tuesday, October 20th. The stock was 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 in the company, valued at approximately $8,482,673.50. The trade was a 6.16% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 145,659 shares of company stock valued at $1,710,812 over the last ninety days. Corporate insiders own 7.40% of the company’s stock.

Institutional Trading of MeiraGTx

A number of hedge funds and other institutional investors have recently made changes to their positions in MGTX. Algert Global LLC lifted its holdings in MeiraGTx by 13.9% during the 2nd quarter. Algert Global LLC now owns 11,700 shares of the company’s stock worth $158,000 after buying an additional 1,430 shares during the last quarter. AlphaCentric Advisors LLC grew its position in shares of MeiraGTx by 4.4% in the 3rd quarter. AlphaCentric Advisors LLC now owns 56,877 shares of the company’s stock worth $626,000 after acquiring an additional 2,408 shares in the last quarter. Global Retirement Partners LLC acquired a new position in shares of MeiraGTx in the 3rd quarter worth approximately $34,000. Russell Investments Group Ltd. increased its holdings in shares of MeiraGTx by 2.2% in the 3rd quarter. Russell Investments Group Ltd. now owns 150,565 shares of the company’s stock valued at $1,656,000 after acquiring an additional 3,236 shares during the last quarter. Finally, Meeder Asset Management Inc. bought a new stake in shares of MeiraGTx in the 3rd quarter valued at approximately $52,000. Institutional investors own 67.48% of the company’s stock.

MeiraGTx Stock Performance

The company has a current ratio of 3.76, a quick ratio of 3.76 and a debt-to-equity ratio of 0.46. The firm has a market capitalization of $861.00 million, a price-to-earnings ratio of 12.65 and a beta of 1.09. The company has a 50-day moving average of $10.91 and a 200-day moving average of $10.35.

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.