Stuart Naylor Sells 27,659 Shares of MeiraGTx (NASDAQ:MGTX) Stock

MeiraGTx Holdings PLC (NASDAQ:MGTX) 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 owned 640,846 shares of the company’s stock, valued at $9,484,520.80. This represents a 4.14% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

MeiraGTx Stock Performance

Shares of NASDAQ MGTX opened at $14.14 on Thursday. MeiraGTx Holdings PLC has a 1 year low of $6.62 and a 1 year high of $15.35. The stock’s 50-day simple moving average is $10.51 and its 200-day simple moving average is $8.93. The firm has a market cap of $1.31 billion, a price-to-earnings ratio of -9.55 and a beta of 1.20.

MeiraGTx (NASDAQ:MGTX) last issued its quarterly earnings results on Thursday, May 14th. The company reported ($0.57) EPS for the quarter, beating 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. As a group, research analysts predict that MeiraGTx Holdings PLC will post -1.55 EPS for the current year.

Analysts Set New Price Targets

A number of analysts have recently weighed in on MGTX shares. Chardan Capital reissued a “buy” rating and set a $35.00 price target on shares of MeiraGTx in a research report on Friday, March 27th. Piper Sandler increased their price objective on shares of MeiraGTx from $26.00 to $30.00 and gave the company an “overweight” rating in a research note on Wednesday, April 22nd. Bank of America raised their price objective on shares of MeiraGTx from $14.00 to $16.00 and gave the stock a “buy” rating in a report on Friday, March 27th. Weiss Ratings reissued a “sell (d-)” rating on shares of MeiraGTx in a research report on Tuesday, April 21st. Finally, HC Wainwright restated a “buy” rating and issued a $20.00 target price on shares of MeiraGTx in a research note on Wednesday. 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 given a Sell rating to the company’s stock. According to MarketBeat.com, MeiraGTx currently has an average rating of “Moderate Buy” and a consensus price target of $26.00.

Hedge Funds Weigh In On MeiraGTx

A number of hedge funds have recently added to or reduced their stakes in the business. BNP Paribas Financial Markets raised its holdings in shares of MeiraGTx by 43.8% during the second quarter. BNP Paribas Financial Markets now owns 4,810 shares of the company’s stock worth $31,000 after purchasing an additional 1,466 shares during the period. Tower Research Capital LLC TRC lifted its position in shares of 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 buying an additional 7,005 shares during the last quarter. ProShare Advisors LLC acquired a new position in shares of MeiraGTx in the 4th quarter valued at about $94,000. Abel Hall LLC acquired a new position in shares of MeiraGTx in the 4th quarter valued at about $98,000. Finally, Bank of Nova Scotia bought a new stake in shares of MeiraGTx during the 1st quarter valued at about $105,000. Institutional investors and hedge funds own 67.48% of the company’s stock.

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.