Piper Sandler Cuts MeiraGTx (NASDAQ:MGTX) Price Target to $26.00

MeiraGTx (NASDAQ:MGTX) had its target price lowered by Piper Sandler from $30.00 to $26.00 in a research report released on Friday morning,Benzinga reports. The brokerage currently has an overweight rating on the stock.

MGTX has been the topic of several other reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of MeiraGTx in a research note on Thursday, January 22nd. Chardan Capital reissued a “buy” rating and set a $35.00 target price on shares of MeiraGTx in a research note on Friday. Bank of America boosted their price target on MeiraGTx from $14.00 to $16.00 and gave the stock a “buy” rating in a report on Friday. Finally, Zacks Research upgraded MeiraGTx from a “strong sell” rating to a “hold” rating in a research note on Monday, March 9th. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, MeiraGTx presently has an average rating of “Moderate Buy” and a consensus target price of $23.67.

MeiraGTx Price Performance

MGTX opened at $7.62 on Friday. The company has a debt-to-equity ratio of 26.29, a quick ratio of 0.22 and a current ratio of 0.22. MeiraGTx has a fifty-two week low of $4.55 and a fifty-two week high of $9.73. The firm’s fifty day moving average is $7.58 and its 200 day moving average is $7.95. The stock has a market cap of $613.34 million, a price-to-earnings ratio of -5.37 and a beta of 1.37.

MeiraGTx (NASDAQ:MGTX) last issued its earnings results on Thursday, March 26th. The company reported $0.19 earnings per share for the quarter, topping 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 company had revenue of $75.36 million during the quarter, compared to the consensus estimate of $3.87 million. On average, sell-side analysts forecast that MeiraGTx will post -1.48 earnings per share for the current fiscal year.

Insider Activity at MeiraGTx

In other news, CEO Alexandria Forbes sold 62,000 shares of the firm’s stock in a transaction dated Tuesday, March 24th. The stock was sold at an average price of $7.41, for a total transaction of $459,420.00. Following the completion of the transaction, the chief executive officer owned 1,449,695 shares in the company, valued at $10,742,239.95. This trade 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 the SEC website. 7.50% of the stock is owned by company insiders.

Institutional Investors Weigh In On MeiraGTx

A number of hedge funds have recently made changes to their positions in the company. BNP Paribas Financial Markets boosted its stake in MeiraGTx by 43.8% during the second quarter. BNP Paribas Financial Markets now owns 4,810 shares of the company’s stock valued at $31,000 after buying an additional 1,466 shares during the last quarter. State of Alaska Department of Revenue bought a new stake in MeiraGTx in the 3rd quarter worth approximately $33,000. Tower Research Capital LLC TRC increased its stake in MeiraGTx by 390.9% in 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 last quarter. ProShare Advisors LLC purchased a new stake in shares of MeiraGTx during the 4th quarter worth approximately $94,000. Finally, Abel Hall LLC purchased a new stake in shares of MeiraGTx during the 4th quarter worth approximately $98,000. 67.48% of the stock is currently owned by hedge funds and other institutional investors.

Key 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.