Richard Giroux, the Chief Financial Officer and Chief Operating Officer of MeiraGTx Holdings plc (NASDAQ:MGTX), a biotechnology company with a market capitalization of $500 million, recently executed a sale of 24,000 ordinary shares. The transaction, completed on January 21, 2025, was conducted under a Rule 10b5-1 trading plan that Giroux adopted on August 29, 2024. The sale comes as the stock has shown significant momentum, gaining over 37% in the past six months. The shares were sold at a weighted average price of $6.29 per share, with individual transaction prices ranging from $6.14 to $6.39, resulting in a total sale value of $150,960.
Following this transaction, Giroux holds 849,947 shares directly. Additionally, he indirectly owns 5,152 shares through his spouse and 85,000 shares through Aigle Healthcare Partners III LLC.
In other recent news, MeiraGTx Holdings has made headlines with its gene therapy candidate AAV2-hAQP1 being granted Regenerative Medicine Advanced Therapy (RMAT) designation by the U.S. Food and Drug Administration (FDA) for the treatment of radiation-induced xerostomia, a severe side effect of radiation therapy in head and neck cancer patients. This marks a significant regulatory milestone, reflecting preliminary clinical evidence of the therapy's potential. The company's recent financial report showcased revenue of $13.93 million in the last twelve months and a healthy liquidity position with a current ratio of 2.34.
Furthermore, MeiraGTx reported promising results from its clinical trial MGT-GAD-025, aimed at treating Parkinson's disease. The study displayed significant improvements in key efficacy endpoints for patients. This recent development is part of the company's ongoing research and development activities.
In the realm of financial analysis, Piper Sandler maintained its Overweight rating on MeiraGTx's shares, anticipating potential near-term catalysts and a milestone payment of $285 million from a partnership with Johnson & Johnson (NYSE:JNJ). RBC Capital also adjusted its price target for the company while maintaining an Outperform rating. MeiraGTx has announced a public offering of 12.5 million ordinary shares at $4 each, intending to generate $50 million for general corporate purposes. Chardan Capital Markets initiated coverage on the company with a Buy rating, expressing confidence in the gene therapy pipeline. These are the recent developments concerning MeiraGTx.
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