China Universal Asset Management Co. Ltd. Increases Investment in MeiraGTx Holdings plc

On November 1st, 2024, it was reported that China Universal Asset Management Co. Ltd. enhanced its investment in MeiraGTx Holdings plc (NASDAQ:MGTX) by an impressive 97.0% during the third quarter of the year. According to the latest 13F filing with the Securities and Exchange Commission, the asset management firm now owns a total of 14,886 shares of MeiraGTx after acquiring an additional 7,330 shares in this timeframe. The total value of China Universal Asset Management's shares in MeiraGTx is estimated at $62,000 at the close of the last quarter.

In addition to China Universal Asset Management, several other institutional investors have also modified their stakes in MeiraGTx. For instance, Dimensional Fund Advisors LP boosted its investment by 14.6% in the second quarter, bringing its total holdings to 462,950 shares valued at $1,949,000 following the purchase of an extra 58,854 shares. Vanguard Group Inc. also increased its position by 3.7% in the first quarter, owning 323,891 shares which are worth $1,966,000 after buying an additional 11,470 shares. Similarly, Privium Fund Management B.V. grew its stake by a significant 70.0% during the second quarter, now holding 203,960 shares valued at $804,000 after acquiring an extra 83,975 shares. Other notable investors including Russell Investments Group Ltd. and Rhumbline Advisers have also increased their investments in MeiraGTx, indicating a general uptick in institutional interest. Currently, institutional investors and hedge funds collectively own about 67.48% of the company's stock.

MeiraGTx Stock Performance Overview

MeiraGTx Holdings plc had a recent opening price of $5.54 per share on the NASDAQ market. The stock has been performing within a range, with a fifty-day moving average at $4.58 and a two-hundred-day moving average at $4.68. The market capitalization of MeiraGTx stands at approximately $359.54 million, exhibiting a price-to-earnings ratio of -4.74 and a beta value of 1.29. The company has recorded a yearly low of $3.85 and a high of $7.60. In terms of financial stability, MeiraGTx has a debt-to-equity ratio of 1.04, with both quick and current ratios at 2.36.

In its latest earnings release on August 12th, MeiraGTx reported an earnings per share (EPS) of ($0.76), which fell short of analysts' expectations of ($0.31) by a significant margin. The firm is also facing challenges with a negative return on equity of 152.82% and a negative net margin reaching 1,146.81%. Revenue for the quarter was reported at $0.28 million, considerably lower than the anticipated $16.38 million. Analysts predict that MeiraGTx Holdings plc will announce an EPS of -1.37 for the ongoing fiscal year.

Recent Insider Transactions

In other corporate developments, Director Perceptive Advisors LLC acquired 1,250,000 shares of MeiraGTx on August 12th at an average price of $4.00 each, culminating in a total expenditure of $5 million. Post-transaction, the director holds about 12,531,103 shares, valued at approximately $50,124,412, reflecting a negligible change in their ownership percentage. These internal transactions were disclosed in filings with the SEC, underlining the board's ongoing commitment to the company's financial future. It should be noted that insiders maintain a stake of around 8.40% in MeiraGTx.

Analyst Ratings and Targets

MeiraGTx has garnered attention from various research analysts recently. Chardan Capital reiterated a “buy” rating while setting an optimistic target price of $36.00 per share on July 31st. Meanwhile, Royal Bank of Canada revised its target price down from $11.00 to $9.00, maintaining an “outperform” rating.

About MeiraGTx

MeiraGTx Holdings plc is a clinical-stage gene therapy company dedicated to developing innovative treatments for serious diseases. The company focuses on therapies for various conditions, including ocular diseases, neurodegenerative diseases, and xerostomia.

Investment, Stocks, Growth