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In a recent transaction, Alexandria Forbes, President and CEO of MeiraGTx Holdings plc (NASDAQ:MGTX), sold 47,500 ordinary shares of the company. The shares were sold at a weighted average price of $5.34, amounting to a total transaction value of $253,650. This sale was executed under a pre-arranged Rule 10b5-1 trading plan, which Forbes adopted on August 21, 2024. The transaction comes as the stock has experienced a significant 17.6% decline over the past week, though InvestingPro analysis indicates the stock may be undervalued at current levels. Notably, analysts maintain a strong buy consensus with price targets ranging from $13 to $38.
The shares were sold in multiple transactions, with prices ranging from $5.10 to $5.92. Following this transaction, Forbes holds 1,408,983 shares directly. The sales were facilitated by Richard Giroux, acting as Attorney-in-Fact for Alexandria Forbes. While the company faces challenges with cash burn, InvestingPro data reveals strong revenue growth of 137% in the last twelve months. Get access to 8 more exclusive InvestingPro Tips and comprehensive analysis in the Pro Research Report for MGTX.
In other recent news, MeiraGTx Holdings plc has announced significant financial and strategic developments. The company secured a $200 million upfront payment from Hologen AI as part of a strategic collaboration to advance its AAV-GAD program for Parkinson's disease. This partnership also includes the formation of a joint venture, Hologen Neuro AI Ltd, with Hologen contributing an additional $230 million to fund the program's commercialization and other early-stage clinical initiatives. Meanwhile, RBC Capital Markets has raised its price target for MeiraGTx to $13.00, maintaining an Outperform rating, citing the company's promising pipeline and strategic partnerships. Piper Sandler also reiterated its Overweight rating with a $26.00 price target, highlighting the potential of upcoming catalysts like the pivotal data for AAV-hAQP1 in xerostomia and the submission for AIPL1 LCA4. Furthermore, MeiraGTx has entered into a new lease agreement for expanded laboratory and office space in New York City, while terminating an existing sublease. These developments underscore MeiraGTx's strategic moves to enhance its research capabilities and strengthen its financial position.
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