MeiraGTx (NASDAQ:MGTX) Given Buy Rating at HC Wainwright

MeiraGTx (NASDAQ:MGTX)‘s stock had its “buy” rating reaffirmed by HC Wainwright in a research note issued to investors on Wednesday,Benzinga reports. They presently have a $20.00 price target on the stock. HC Wainwright’s price objective indicates a potential upside of 36.43% from the stock’s previous close.

A number of other equities research analysts have also commented on MGTX. Royal Bank Of Canada raised their price objective on shares of MeiraGTx from $24.00 to $25.00 and gave the stock an “outperform” rating in a report on Friday, May 15th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of MeiraGTx in a research note on Tuesday, April 21st. Chardan Capital reiterated a “buy” rating and issued a $35.00 price objective on shares of MeiraGTx in a report on Friday, March 27th. Wall Street Zen raised shares of MeiraGTx from a “sell” rating to a “hold” rating in a research report on Sunday, April 5th. Finally, Piper Sandler increased their target price on shares of MeiraGTx from $26.00 to $30.00 and gave the stock an “overweight” rating in a report on Wednesday, April 22nd. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $25.83.

MeiraGTx Stock Performance

Shares of NASDAQ MGTX opened at $14.66 on Wednesday. The stock has a market cap of $1.36 billion, a P/E ratio of -9.91 and a beta of 1.20. The firm has a 50 day moving average price of $10.41 and a 200 day moving average price of $8.89. MeiraGTx has a 52-week low of $6.62 and a 52-week high of $15.35.

MeiraGTx (NASDAQ:MGTX) last posted its earnings results on Thursday, May 14th. The company reported ($0.57) earnings per share for the quarter, topping the consensus estimate of ($0.61) by $0.04. The firm had revenue of $0.29 million during the quarter, compared to analyst estimates of $17.00 million. Analysts predict that MeiraGTx will post -1.55 earnings per share for the current fiscal year.

Insider Transactions at MeiraGTx

In other MeiraGTx news, CEO Alexandria Forbes sold 62,000 shares of the company’s stock in a transaction on Tuesday, May 19th. The shares were sold at an average price of $9.17, for a total transaction of $568,540.00. Following the sale, the chief executive officer directly owned 1,387,695 shares of the company’s stock, valued at approximately $12,725,163.15. This represents a 4.28% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Stuart Naylor sold 27,659 shares of the stock in a transaction on Tuesday, July 7th. The shares were sold at an average price of $14.80, for a total transaction of $409,353.20. Following the completion of the sale, the insider owned 640,846 shares of the company’s stock, valued at approximately $9,484,520.80. This represents a 4.14% decrease in their position. 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 worth $1,550,213 in the last 90 days. Corporate insiders own 7.40% of the company’s stock.

Institutional Investors Weigh In On MeiraGTx

Several hedge funds have recently bought and sold shares of MGTX. BNP Paribas Financial Markets increased its position in MeiraGTx by 43.8% during the second quarter. BNP Paribas Financial Markets now owns 4,810 shares of the company’s stock worth $31,000 after buying an additional 1,466 shares during the last quarter. Tower Research Capital LLC TRC boosted its stake in shares of MeiraGTx by 390.9% during the 2nd quarter. Tower Research Capital LLC TRC now owns 8,797 shares of the company’s stock worth $57,000 after acquiring an additional 7,005 shares during the period. ProShare Advisors LLC acquired a new position in shares of MeiraGTx during the 4th quarter worth approximately $94,000. Bank of Nova Scotia acquired a new position in shares of MeiraGTx during the 1st quarter worth approximately $105,000. Finally, Abel Hall LLC bought a new stake in MeiraGTx in the 4th quarter valued at $98,000. 67.48% of the stock is currently owned by institutional investors and hedge funds.

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.