MeiraGTx (NASDAQ:MGTX) Rating Increased to Hold at Wall Street Zen
by Scott Moore · The Cerbat GemWall Street Zen upgraded shares of MeiraGTx (NASDAQ:MGTX – Free Report) from a sell rating to a hold rating in a research report report published on Sunday morning.
MGTX has been the subject of a number of other research reports. Piper Sandler dropped their target price on shares of MeiraGTx from $30.00 to $26.00 and set an “overweight” rating for the company in a report on Friday, March 27th. Weiss Ratings reissued a “sell (d-)” rating on shares of MeiraGTx in a research note on Thursday, January 22nd. Chardan Capital restated a “buy” rating and set a $35.00 price target on shares of MeiraGTx in a research report on Friday, March 27th. Bank of America upped their price objective on shares of MeiraGTx from $14.00 to $16.00 and gave the company a “buy” rating in a research note on Friday, March 27th. Finally, Zacks Research upgraded shares of MeiraGTx from a “strong sell” rating to a “hold” rating in a report on Monday, March 9th. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $23.67.
Read Our Latest Analysis on MeiraGTx
MeiraGTx Price Performance
NASDAQ MGTX opened at $9.18 on Friday. The stock’s 50 day simple moving average is $7.69 and its 200-day simple moving average is $7.99. The company has a market cap of $747.71 million, a PE ratio of -6.46 and a beta of 1.27. MeiraGTx has a 1-year low of $4.55 and a 1-year high of $9.73.
MeiraGTx (NASDAQ:MGTX – Get Free Report) last issued its quarterly earnings results on Thursday, March 26th. The company reported $0.19 EPS for the quarter, topping the consensus estimate of ($0.60) by $0.79. MeiraGTx had a negative return on equity of 1,065.47% and a negative net margin of 140.31%.The firm had revenue of $75.36 million during the quarter, compared to analysts’ expectations of $3.87 million. On average, equities research analysts anticipate that MeiraGTx will post -1.48 EPS for the current fiscal year.
Insider Activity
In other news, CEO Alexandria Forbes sold 62,000 shares of MeiraGTx stock in a transaction on Tuesday, March 24th. The stock was sold at an average price of $7.41, for a total transaction of $459,420.00. Following the transaction, the chief executive officer owned 1,449,695 shares in the company, valued at $10,742,239.95. The trade was a 4.10% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 7.50% of the stock is owned by company insiders.
Institutional Investors Weigh In On MeiraGTx
A number of hedge funds have recently modified their holdings of the company. BNP Paribas Financial Markets raised 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 worth $31,000 after purchasing an additional 1,466 shares during the period. State of Alaska Department of Revenue acquired a new position in MeiraGTx in the 3rd quarter valued at about $33,000. Tower Research Capital LLC TRC grew its stake 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 valued at $57,000 after buying an additional 7,005 shares during the period. ProShare Advisors LLC acquired a new stake in shares of MeiraGTx during the 4th quarter worth approximately $94,000. Finally, Abel Hall LLC acquired a new stake in shares of MeiraGTx during the 4th quarter worth approximately $98,000. Hedge funds and other institutional investors 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.