MeiraGTx (NASDAQ:MGTX) Posts Quarterly Earnings Results, Beats Estimates By $2.17 EPS

MeiraGTx (NASDAQ:MGTX) released its quarterly earnings data on Thursday. The company reported $1.71 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.46) by $2.17, FiscalAI reports. The company had revenue of $321.43 million for the quarter, compared to the consensus estimate of $0.70 million.

MeiraGTx Trading Down 2.2%

Shares of MGTX traded down $0.29 on Thursday, reaching $12.67. The company’s stock had a trading volume of 795,630 shares, compared to its average volume of 440,896. MeiraGTx has a twelve month low of $6.62 and a twelve month high of $15.35. The stock has a market capitalization of $1.17 billion, a PE ratio of -8.56 and a beta of 1.23. The firm has a fifty day moving average of $12.00 and a 200-day moving average of $9.80.

Insider Buying and Selling at MeiraGTx

In other news, CEO Alexandria Forbes sold 62,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 19th. The stock was sold at an average price of $9.17, for a total value of $568,540.00. Following the transaction, the chief executive officer owned 1,387,695 shares in the company, valued at $12,725,163.15. This trade represents a 4.28% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available 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 on Tuesday, July 21st. The stock was sold at an average price of $12.51, for a total value of $700,560.00. Following the sale, the chief financial officer owned 908,530 shares of the company’s stock, valued at $11,365,710.30. This trade represents a 5.81% 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. In the last quarter, insiders sold 145,659 shares of company stock worth $1,678,453. Insiders own 7.40% of the company’s stock.

Hedge Funds Weigh In On MeiraGTx

Large investors have recently bought and sold shares of the stock. Rubric Capital Management LP increased its stake in MeiraGTx by 65.7% in the 4th quarter. Rubric Capital Management LP now owns 6,175,331 shares of the company’s stock valued at $49,094,000 after buying an additional 2,448,880 shares during the last quarter. Millennium Management LLC boosted its stake in shares of MeiraGTx by 23.5% in the 4th quarter. Millennium Management LLC now owns 3,176,390 shares of the company’s stock worth $25,252,000 after buying an additional 604,121 shares during the last quarter. Adage Capital Partners GP L.L.C. boosted its stake in shares of MeiraGTx by 7.1% in the 2nd quarter. Adage Capital Partners GP L.L.C. now owns 6,034,578 shares of the company’s stock worth $39,345,000 after buying an additional 400,000 shares during the last quarter. Opaleye Management Inc. bought a new position in shares of MeiraGTx in the fourth quarter valued at approximately $3,107,000. Finally, Bank of America Corp DE grew its holdings in shares of MeiraGTx by 493.8% in the second quarter. Bank of America Corp DE now owns 266,666 shares of the company’s stock valued at $1,739,000 after acquiring an additional 221,755 shares in the last quarter. 67.48% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on MGTX. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of MeiraGTx in a research report on Friday, July 17th. Royal Bank Of Canada increased their price target on MeiraGTx from $25.00 to $26.00 and gave the stock an “outperform” rating in a report on Wednesday, July 8th. Piper Sandler raised their price objective on MeiraGTx from $26.00 to $30.00 and gave the company an “overweight” rating in a research note on Wednesday, April 22nd. Finally, HC Wainwright restated a “buy” rating and set a $20.00 price objective on shares of MeiraGTx in a report on Wednesday, July 8th. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $26.00.

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.