MeiraGTx (NASDAQ:MGTX) Sees Strong Trading Volume on Analyst Upgrade

MeiraGTx Holdings PLC (NASDAQ:MGTX) shares saw unusually-strong trading volume on Friday after Royal Bank Of Canada raised their price target on the stock from $16.00 to $24.00. Royal Bank Of Canada currently has an outperform rating on the stock. Approximately 623,122 shares traded hands during trading, an increase of 13% from the previous session’s volume of 549,177 shares.The stock last traded at $10.1330 and had previously closed at $9.48.

Several other equities research analysts have also recently issued reports on MGTX. Chardan Capital reaffirmed a “buy” rating and set a $35.00 price target on shares of MeiraGTx in a research note on Friday, March 27th. Piper Sandler dropped their price objective on shares of MeiraGTx from $30.00 to $26.00 and set an “overweight” rating for the company in a research note 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. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of MeiraGTx in a research note on Thursday, January 22nd. Finally, Wall Street Zen raised shares of MeiraGTx from a “sell” rating to a “hold” rating in a research note on Sunday, April 5th. One investment 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 assigned a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $25.00.

Insider Activity

In other news, CEO Alexandria Forbes sold 62,000 shares of MeiraGTx stock in a transaction dated Tuesday, March 24th. The stock was 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 of the company’s stock, valued at $10,742,239.95. The trade was a 4.10% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Stuart Naylor sold 27,661 shares of MeiraGTx stock in a transaction dated Tuesday, April 7th. The shares were sold at an average price of $9.36, for a total value of $258,906.96. Following the completion of the transaction, the insider directly owned 668,505 shares in the company, valued at $6,257,206.80. This represents a 3.97% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 7.50% of the company’s stock.

MeiraGTx News Summary

Here are the key news stories impacting MeiraGTx this week:

• Positive Sentiment: Royal Bank of Canada raised its price target to $24 and upgraded MGTX to “Outperform,” signaling substantial analyst conviction and creating a large implied upside versus the current share level. This upgrade can attract momentum buyers and institutional interest. RBC upgrade
• Positive Sentiment: MeiraGTx completed an asset purchase from Johnson & Johnson to reacquire bota-vec (botaretigene sparoparvovec) for X-linked retinitis pigmentosa, restoring full control of that program and potential future value. The company and media also note regained rights tied to an Eli Lilly partnership, which may enhance development/commercial prospects. Acquisition release MSN article
• Positive Sentiment: MeiraGTx reported positive three‑year Phase 1 data for AAV-hAQP1 (treatment for radiation-induced xerostomia). Long-term positive clinical data materially de-risks that program and supports commercial potential, which is a fundamental upside driver. Phase 1 data
• Neutral Sentiment: Analyst and media coverage (transcript/slideshow of investor discussion and Seeking Alpha write-ups) amplifies visibility but is secondary to the underlying clinical and corporate actions. Seeking Alpha transcript
• Negative Sentiment: MeiraGTx priced a $100M underwritten offering of 11,111,111 ordinary shares at $9.00 per share (all shares sold by the company). While proceeds strengthen the balance sheet to fund the reacquisition and programs, the below‑market offering price and dilution are immediate headwinds and can pressure the stock. Offering announcement

Hedge Funds Weigh In On MeiraGTx

A number of hedge funds have recently made changes to their positions in the business. Hsbc Holdings PLC raised its stake in shares of MeiraGTx by 24.3% in the 4th quarter. Hsbc Holdings PLC now owns 23,792 shares of the company’s stock valued at $189,000 after acquiring an additional 4,649 shares during the period. Invesco Ltd. raised its stake in shares of MeiraGTx by 30.8% in the 4th quarter. Invesco Ltd. now owns 90,881 shares of the company’s stock valued at $723,000 after acquiring an additional 21,381 shares during the period. XTX Topco Ltd raised its stake in shares of MeiraGTx by 11.0% in the 4th quarter. XTX Topco Ltd now owns 38,030 shares of the company’s stock valued at $302,000 after acquiring an additional 3,766 shares during the period. VARCOV Co. acquired a new stake in shares of MeiraGTx in the fourth quarter valued at about $262,000. Finally, Virtus Investment Advisers LLC acquired a new stake in shares of MeiraGTx in the fourth quarter valued at about $237,000. Hedge funds and other institutional investors own 67.48% of the company’s stock.

MeiraGTx Stock Up 6.8%

The firm has a market cap of $824.27 million, a price-to-earnings ratio of -7.13 and a beta of 1.27. The business has a 50 day moving average price of $8.11 and a 200-day moving average price of $8.12.

MeiraGTx (NASDAQ:MGTX) last posted its earnings results on Thursday, March 26th. The company reported $0.19 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.60) by $0.79. The business had revenue of $75.36 million during the quarter, compared to analyst estimates of $3.87 million. MeiraGTx had a negative return on equity of 1,065.47% and a negative net margin of 140.31%. Research analysts anticipate that MeiraGTx Holdings PLC will post -1.48 earnings per share for the current fiscal year.

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.