MeiraGTx (NASDAQ:MGTX) Price Target Raised to $16.00

MeiraGTx (NASDAQ:MGTX) had its price target boosted by Bank of America from $14.00 to $16.00 in a research note released on Friday,Benzinga reports. Bank of America currently has a buy rating on the stock.

A number of other equities research analysts also recently commented on MGTX. Chardan Capital reissued a “buy” rating and issued a $35.00 price objective on shares of MeiraGTx in a research report on Friday. Zacks Research upgraded shares of MeiraGTx from a “strong sell” rating to a “hold” rating in a research note on Monday, March 9th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of MeiraGTx in a report on Thursday, January 22nd. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $23.67.

MeiraGTx Stock Performance

Shares of MGTX opened at $7.62 on Friday. MeiraGTx has a 1 year low of $4.55 and a 1 year high of $9.73. The stock has a market capitalization of $613.34 million, a PE ratio of -5.37 and a beta of 1.37. The company has a debt-to-equity ratio of 26.29, a quick ratio of 0.22 and a current ratio of 0.22. The stock has a 50-day simple moving average of $7.58 and a 200-day simple moving average of $7.95.

MeiraGTx (NASDAQ:MGTX) last issued its earnings results on Thursday, March 26th. The company reported $0.19 earnings per share for the quarter, beating the consensus estimate of ($0.60) by $0.79. MeiraGTx had a negative net margin of 140.31% and a negative return on equity of 1,065.47%. The firm had revenue of $75.36 million for the quarter, compared to analysts’ expectations of $3.87 million. On average, analysts predict that MeiraGTx will post -1.48 earnings per share for the current fiscal year.

Insider Buying and Selling

In other MeiraGTx news, CEO Alexandria Forbes sold 62,000 shares of the 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 transaction, the chief executive officer directly owned 1,449,695 shares in the company, valued at $10,742,239.95. This represents a 4.10% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 7.50% of the stock is owned by corporate insiders.

Institutional Trading of MeiraGTx

Several institutional investors have recently modified their holdings of the stock. AQR Capital Management LLC acquired a new position in shares of MeiraGTx in the 1st quarter valued at $557,000. Rhumbline Advisers raised its stake in MeiraGTx by 9.4% during the 2nd quarter. Rhumbline Advisers now owns 63,715 shares of the company’s stock worth $415,000 after acquiring an additional 5,488 shares in the last quarter. Kennedy Capital Management LLC lifted its position in MeiraGTx by 3.8% in the second quarter. Kennedy Capital Management LLC now owns 35,189 shares of the company’s stock valued at $229,000 after acquiring an additional 1,287 shares during the last quarter. Brown Advisory Inc. acquired a new position in MeiraGTx in the second quarter valued at $326,000. Finally, 22NW LP acquired a new position in MeiraGTx in the second quarter valued at $3,824,000. Hedge funds and other institutional investors own 67.48% of the company’s stock.

More MeiraGTx News

Here are the key news stories impacting MeiraGTx this week:

• Positive Sentiment: FDA granted Breakthrough Therapy Designation to AAV2-hAQP1 for Grade 2/3 radiation-induced xerostomia — a major regulatory de-risking and potential acceleration pathway for the program. MeiraGTx Announces FDA Breakthrough Therapy Designation (GlobeNewswire)
• Positive Sentiment: Q4 results materially beat estimates — GAAP EPS $0.19 vs. a consensus loss and revenue of $75.36M vs. a ~$3.9M consensus — this large upside explains renewed investor optimism around near-term milestones and cash generation. Q4 Press Release (Quartr)
• Positive Sentiment: Multiple broker actions supportive of upside: Chardan reaffirmed a Buy with a $35 target (large upside) and Bank of America raised its target from $14 to $16 and maintains a Buy — these notes add analyst support for higher share valuations. Analyst Notes (Benzinga)
• Neutral Sentiment: Piper Sandler lowered its target from $30 to $26 but kept an Overweight rating — still bullish overall, but the cut tempers upside expectations vs. some peers. Piper Sandler / TickerReport
• Neutral Sentiment: MeiraGTx presented at the RBC Virtual Ophthalmology Conference (transcript available) — useful for incremental program updates but not a discrete catalyst like the Breakthrough designation. RBC Conference Transcript (Seeking Alpha)
• Negative Sentiment: CEO Alexandria Forbes sold 62,000 shares (~$459k), a disclosed insider sale that may concern some investors even though insiders still hold substantial positions. Insider Sale Report (InsiderTrades)

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.