MeiraGTx (NASDAQ:MGTX) Given New $25.00 Price Target at Royal Bank Of Canada

MeiraGTx (NASDAQ:MGTX) had its price target upped by research analysts at Royal Bank Of Canada from $24.00 to $25.00 in a research note issued on Friday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Royal Bank Of Canada’s price target indicates a potential upside of 153.96% from the stock’s previous close.

A number of other analysts have also recently issued reports on the stock. Wall Street Zen upgraded shares of MeiraGTx from a “sell” rating to a “hold” rating in a research note on Sunday, April 5th. Piper Sandler increased their price target on shares of MeiraGTx from $26.00 to $30.00 and gave the company an “overweight” rating in a report on Wednesday, April 22nd. Zacks Research raised MeiraGTx from a “strong sell” rating to a “hold” rating in a research report on Monday, March 9th. Bank of America increased their target price on MeiraGTx from $14.00 to $16.00 and gave the stock a “buy” rating in a research note on Friday, March 27th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of MeiraGTx in a research note on Tuesday, April 21st. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $25.83.

MeiraGTx Stock Down 1.1%

Shares of MGTX stock traded down $0.11 during trading on Friday, reaching $9.84. 61,939 shares of the company’s stock were exchanged, compared to its average volume of 593,522. MeiraGTx has a twelve month low of $4.82 and a twelve month high of $11.85. The firm’s fifty day moving average price is $8.83 and its 200-day moving average price is $8.27. The stock has a market capitalization of $911.26 million, a PE ratio of -6.94 and a beta of 1.23.

MeiraGTx (NASDAQ:MGTX) last announced its quarterly earnings results on Thursday, May 14th. The company reported ($0.57) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.58) by $0.01. MeiraGTx had a negative return on equity of 1,065.47% and a negative net margin of 140.31%.The business had revenue of $0.29 million during the quarter, compared to the consensus estimate of $17.00 million. As a group, analysts anticipate that MeiraGTx will post -1.76 EPS for the current fiscal year.

Insider Transactions at MeiraGTx

In other news, CEO Alexandria Forbes sold 62,000 shares of MeiraGTx stock in a transaction that occurred on Tuesday, March 24th. The shares were sold at an average price of $7.41, for a total value of $459,420.00. Following the completion of the sale, the chief executive officer directly owned 1,449,695 shares in the company, valued at approximately $10,742,239.95. The trade was a 4.10% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Stuart Naylor sold 27,661 shares of the business’s stock in a transaction that occurred on Tuesday, April 7th. The shares were sold at an average price of $9.36, for a total value of $258,906.96. Following the completion of the sale, the insider owned 668,505 shares of the company’s stock, valued at approximately $6,257,206.80. This trade represents a 3.97% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 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 $1,290,647. 7.50% of the stock is currently owned by company insiders.

Institutional Trading of MeiraGTx

Several large investors have recently modified their holdings of MGTX. Hennion & Walsh Asset Management Inc. raised its stake in MeiraGTx by 183.1% in the fourth quarter. Hennion & Walsh Asset Management Inc. now owns 308,509 shares of the company’s stock valued at $2,453,000 after purchasing an additional 199,528 shares in the last quarter. AMH Equity Ltd acquired a new stake in MeiraGTx during the third quarter worth about $658,000. Dynamic Technology Lab Private Ltd acquired a new stake in MeiraGTx during the third quarter worth about $374,000. Fox Run Management L.L.C. bought a new position in MeiraGTx in the 3rd quarter valued at about $189,000. Finally, State of Alaska Department of Revenue bought a new position in MeiraGTx in the 3rd quarter valued at about $33,000. 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.