Brokerages Set MeiraGTx Holdings PLC (NASDAQ:MGTX) Price Target at $26.00

MeiraGTx Holdings PLC (NASDAQ:MGTX) has been given an average rating of “Moderate Buy” by the eight analysts that are covering the stock, Marketbeat reports. One investment analyst has rated the stock with a sell recommendation, one has issued a hold recommendation, five have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 1 year price target among brokers that have covered the stock in the last year is $26.00.

A number of research firms recently weighed in on MGTX. Chardan Capital reaffirmed a “buy” rating and set a $35.00 price target on shares of MeiraGTx in a report on Friday, March 27th. Bank of America boosted 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. HC Wainwright reissued a “buy” rating and issued a $20.00 price objective on shares of MeiraGTx in a research report on Wednesday, July 8th. Royal Bank Of Canada raised their target price on MeiraGTx from $25.00 to $26.00 and gave the company an “outperform” rating in a research note on Wednesday, July 8th. Finally, Wall Street Zen raised MeiraGTx from a “sell” rating to a “hold” rating in a research report on Sunday, April 5th.

MeiraGTx Stock Up 2.5%

NASDAQ MGTX opened at $12.52 on Friday. MeiraGTx has a fifty-two week low of $6.62 and a fifty-two week high of $15.35. The business has a 50 day moving average price of $11.07 and a two-hundred day moving average price of $9.23. The stock has a market cap of $1.16 billion, a PE ratio of -8.46 and a beta of 1.20.

MeiraGTx (NASDAQ:MGTX) last posted its quarterly earnings data on Thursday, May 14th. The company reported ($0.57) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.61) by $0.04. The firm had revenue of $0.29 million for the quarter, compared to analysts’ expectations of $17.00 million. Sell-side analysts anticipate that MeiraGTx will post -1.53 EPS for the current fiscal year.

Insider Transactions at MeiraGTx

In other MeiraGTx news, CEO Alexandria Forbes sold 62,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 19th. The stock was sold at an average price of $9.17, for a total transaction of $568,540.00. Following the completion of the sale, the chief executive officer owned 1,387,695 shares in the company, valued at $12,725,163.15. This trade represents a 4.28% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 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 that occurred on 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 approximately $9,484,520.80. This trade represents a 4.14% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 7.40% of the company’s stock.

Institutional Trading of MeiraGTx

Hedge funds have recently made changes to their positions in the stock. AQR Capital Management LLC bought a new stake in shares of MeiraGTx in the first quarter worth $557,000. Rhumbline Advisers boosted its stake in MeiraGTx by 9.4% during the 2nd quarter. Rhumbline Advisers now owns 63,715 shares of the company’s stock valued at $415,000 after acquiring an additional 5,488 shares during the last quarter. Brown Advisory Inc. bought a new position in MeiraGTx during the 2nd quarter valued at $326,000. Qube Research & Technologies Ltd acquired a new position in MeiraGTx during the 2nd quarter worth $530,000. Finally, Quantinno Capital Management LP acquired a new position in MeiraGTx during the 2nd quarter worth $319,000. Institutional investors and hedge funds 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.