U.S. stocks lower as investors rotate out of tech ahead of Jackson Hole
On Wednesday, Piper Sandler reiterated its Overweight rating on MeiraGTx Holdings plc (NASDAQ:MGTX) with a steady price target of $26.00. The target represents significant upside potential from the current price of $6.18, with analyst targets ranging from $11 to $36. Stating confidence in the biotechnology company’s potential, Piper Sandler highlighted several upcoming catalysts that could significantly impact the stock value for the company, which currently has a market capitalization of $483 million.
The firm emphasized the anticipated pivotal data for AAV-hAQP1 in xerostomia, expected in the second half of 2025, as a key event that has not been fully recognized by the market. According to Piper Sandler, this data release is seen as a highly de-risked event that could drive the stock upwards. InvestingPro data shows the stock has already gained over 46% in the past six months, though analysts suggest more upside potential remains.
Additionally, the expected submission for AIPL1 LCA4, which may result in a Priority Review Voucher, was noted as a near-term catalyst. This submission could prove to be financially beneficial for MeiraGTx.
Furthermore, the potential commercialization of botavec by Johnson & Johnson™ was mentioned as another factor that could contribute to near-term value for the company. This, combined with MeiraGTx’s riboswitch platform and a Phase 3 ready program for Parkinson’s disease, presents multiple opportunities for growth in the coming months.
Piper Sandler’s statement on the matter encouraged investors to consider MeiraGTx as a buying opportunity, citing the underappreciated near-term catalysts and the company’s promising pipeline as reasons to invest in the stock. While the company saw impressive revenue growth of 108% in the last twelve months, investors should note that net income is expected to decline this year.
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