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Richard Giroux, the Chief Financial Officer and Chief Operating Officer of MeiraGTx Holdings plc (NASDAQ:MGTX), a biotechnology company with a market capitalization of approximately $500 million, recently sold 24,000 shares of the company. The stock has shown strong momentum with a 17.86% gain over the past week. The transactions, executed on April 22, were part of a pre-arranged trading plan under Rule 10b5-1. The shares were sold at a weighted average price of $6.00, with prices ranging from $5.795 to $6.23. Following these sales, Giroux holds 882,494 shares directly. Additionally, he indirectly owns 5,152 shares through his spouse and 85,000 shares through Aigle Healthcare Partners III LLC. According to InvestingPro data, analysts maintain a bullish outlook with price targets ranging from $13 to $38, despite the company’s rapid cash burn rate. Get deeper insights into insider trading patterns and 8 additional key ProTips with an InvestingPro subscription.
In other recent news, MeiraGTx Holdings has entered a new lease agreement for expanded laboratory and office space in New York City, while terminating a previous sublease. The new lease covers 14,235 square feet and includes rent-free periods and options for lease extension, reflecting the company’s strategic growth plans. Meanwhile, RBC Capital Markets has raised its price target for MeiraGTx to $13.00, maintaining an Outperform rating, citing advancements in the company’s partnerships and clinical programs. Notably, MeiraGTx announced a strategic collaboration with Hologen AI, securing $200 million upfront and forming a joint venture for the development of central nervous system treatments. This collaboration involves significant financial commitments and aims to enhance the company’s manufacturing processes. Piper Sandler also reiterated its Overweight rating on MeiraGTx with a $26.00 price target, highlighting upcoming catalysts such as pivotal data releases and submissions for regulatory review. These developments are seen as potential drivers for the company’s growth and value in the near future.
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