MeiraGTx posts earnings beat, revenue exceeds forecasts

MeiraGTx on Tuesday reported adjusted earnings that exceeded analyst estimates, alongside revenue that came in above forecasts for the quarter.

The gene therapy developer posted adjusted earnings of $2.02 per share, surpassing the $1.85 per share expected by analysts polled by Refinitiv. Revenue totaled $24.7 million, up 15% year-over-year and above the $23.1 million forecast.

MeiraGTx attributed the outperformance to higher product sales and increased demand for its gene therapy treatments. The company did not provide updated guidance for the full year, though management highlighted continued progress in its pipeline and commercial execution.

Shares of MeiraGTx were up 3.5% in premarket trading following the results. The stock has gained roughly 18% over the past three months, underperforming the broader biotech sector, which is up 22% over the same period.

Analysts at Jefferies maintained a Hold rating on the stock with a $12 price target, citing valuation concerns despite the positive results. Meanwhile, BofA Securities reiterated a Buy rating with a $15 target, emphasizing MeiraGTx’s pipeline potential.

The company’s gene therapy portfolio includes treatments for inherited retinal diseases and neurodegenerative conditions, with several candidates in late-stage clinical trials. MeiraGTx has partnerships with major pharmaceutical firms, including Johnson & Johnson’s Janssen unit, to co-develop and commercialize its therapies.

MeiraGTx plans to host an investor call to discuss the results and provide further updates on its pipeline and commercial strategy.