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

HC Wainwright reaffirmed their buy rating on shares of MeiraGTx (NASDAQ:MGTX) in a research report released on Wednesday morning,Benzinga reports. The brokerage currently has a $20.00 target price on the stock.

Several other brokerages have also recently issued reports on MGTX. Chardan Capital restated a “buy” rating and set a $35.00 target price on shares of MeiraGTx in a research report on Friday, March 27th. Weiss Ratings restated a “sell (d-)” rating on shares of MeiraGTx in a report on Tuesday, April 21st. Bank of America raised their price target on MeiraGTx from $14.00 to $16.00 and gave the stock a “buy” rating in a research report on Friday, March 27th. Wall Street Zen raised shares of MeiraGTx from a “sell” rating to a “hold” rating in a research note on Sunday, April 5th. Finally, Royal Bank Of Canada increased their price objective on shares of MeiraGTx from $24.00 to $25.00 and gave the stock an “outperform” rating in a research report on Friday, May 15th. 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 issued a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $26.00.

MeiraGTx Trading Down 3.5%

NASDAQ:MGTX opened at $14.14 on Wednesday. MeiraGTx has a 12-month low of $6.62 and a 12-month high of $15.35. The stock has a 50-day moving average price of $10.51 and a 200 day moving average price of $8.93. The stock has a market capitalization of $1.31 billion, a P/E ratio of -9.55 and a beta of 1.20.

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

Insider Activity

In related news, CEO Alexandria Forbes sold 62,000 shares of MeiraGTx stock in a transaction that occurred 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 transaction, the chief executive officer directly owned 1,387,695 shares of the company’s stock, valued at $12,725,163.15. This trade represents a 4.28% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Stuart Naylor sold 27,659 shares of the firm’s stock in a transaction dated Tuesday, July 7th. The shares were sold at an average price of $14.80, for a total value of $409,353.20. Following the sale, the insider directly owned 640,846 shares in the company, valued at approximately $9,484,520.80. The trade was a 4.14% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 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 $1,550,213. 7.40% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the company. Bank of America Corp DE lifted its position in MeiraGTx by 17.5% during the first quarter. Bank of America Corp DE now owns 244,944 shares of the company’s stock valued at $2,121,000 after acquiring an additional 36,490 shares during the last quarter. Rubric Capital Management LP boosted its position in shares of MeiraGTx by 13.4% in the 1st quarter. Rubric Capital Management LP now owns 7,000,000 shares of the company’s stock worth $60,620,000 after purchasing an additional 824,669 shares in the last quarter. Bank of Nova Scotia purchased a new position in shares of MeiraGTx in the 1st quarter valued at approximately $105,000. Sei Investments Co. purchased a new position in shares of MeiraGTx in the 1st quarter valued at approximately $863,000. Finally, AlphaCentric Advisors LLC boosted its stake in MeiraGTx by 88.4% in the 1st quarter. AlphaCentric Advisors LLC now owns 53,694 shares of the company’s stock worth $465,000 after purchasing an additional 25,198 shares in the last quarter. Institutional investors own 67.48% of the company’s stock.

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.