MeiraGTx Holdings PLC (NASDAQ:MGTX) Stock Has Consensus Price Target of $24.71

Shares of MeiraGTx Holdings PLC (NASDAQ:MGTX) have earned an average recommendation of “Moderate Buy” from the nine ratings firms that are presently covering the stock, Marketbeat.com reports. Three research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. The average 1 year price target among brokerages that have issued ratings on the stock in the last year is $24.71.

MGTX has been the subject of a number of research analyst reports. HC Wainwright reaffirmed a “buy” rating and set a $20.00 price target on shares of MeiraGTx in a research report on Wednesday, July 8th. Weiss Ratings upgraded MeiraGTx from a “sell (d-)” rating to a “hold (c)” rating in a research note on Tuesday, September 22nd. Royal Bank Of Canada raised their target price on MeiraGTx from $26.00 to $27.00 and gave the company an “outperform” rating in a research report on Friday, August 14th. The Goldman Sachs Group initiated coverage on MeiraGTx in a research note on Thursday, September 24th. They set a “neutral” rating and a $16.00 target price on the stock. Finally, Zacks Research lowered shares of MeiraGTx from a “strong-buy” rating to a “hold” rating in a research report on Friday, September 11th.

MeiraGTx Trading Down 3.0%

Shares of MGTX stock opened at $10.50 on Friday. The company has a debt-to-equity ratio of 0.46, a quick ratio of 3.76 and a current ratio of 3.76. The company has a market capitalization of $1.01 billion, a price-to-earnings ratio of 14.79 and a beta of 1.35. MeiraGTx has a 52-week low of $6.62 and a 52-week high of $15.35. The company has a 50-day simple moving average of $12.82 and a two-hundred day simple moving average of $11.29.

MeiraGTx (NASDAQ:MGTX) last posted its earnings results on Thursday, August 13th. The company reported $1.71 EPS for the quarter, topping the consensus estimate of ($0.46) by $2.17. MeiraGTx had a net margin of 19.87% and a return on equity of 283.85%. The firm had revenue of $321.43 million for the quarter, compared to analysts’ expectations of $0.70 million. Research analysts anticipate that MeiraGTx will post 0.3 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Stuart Naylor sold 27,659 shares of the stock in a transaction that occurred on Tuesday, October 6th. The shares were sold at an average price of $10.64, for a total transaction of $294,291.76. Following the completion of the transaction, the insider directly owned 613,187 shares of the company’s stock, valued at $6,524,309.68. This represents a 4.32% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Alexandria Forbes sold 62,000 shares of the firm’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 sale, 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 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 90 days, insiders have sold 145,659 shares of company stock valued at $1,854,172. Company insiders own 7.40% of the company’s stock.

Hedge Funds Weigh In On MeiraGTx

Several institutional investors have recently bought and sold shares of the company. Tocqueville Asset Management L.P. bought a new stake in MeiraGTx in the 2nd quarter valued at about $1,050,000. Johnson & Johnson bought a new position in MeiraGTx during the second quarter worth about $89,720,775. Squarepoint Ops LLC increased its stake in shares of MeiraGTx by 773.9% in the second quarter. Squarepoint Ops LLC now owns 162,412 shares of the company’s stock worth $2,194,000 after purchasing an additional 143,828 shares in the last quarter. Sei Investments Co. purchased a new position in shares of MeiraGTx in the first quarter worth about $863,000. Finally, Bank of New York Mellon Corp bought a new stake in shares of MeiraGTx in the second quarter valued at approximately $1,869,000. Hedge funds and other institutional investors own 67.48% of the company’s stock.

About MeiraGTx

MeiraGTx Holdings plc (NASDAQ:MGTX) is a clinical-stage biotechnology company developing gene therapy and ribonucleic acid (RNA) medicines for diseases with significant unmet medical needs. Its research focuses primarily on the central nervous system, immune-mediated conditions and disorders affecting salivary gland function.

The company’s technology platforms are designed to deliver therapeutic genes or regulate gene expression in targeted tissues. Its investigational programs have included gene therapies for Parkinson’s disease and radiation-induced xerostomia, a condition involving chronic dry mouth after cancer treatment.