MeiraGTx Holdings plc (MGTX) PT Raised to $13 at RBC Capital; 'PD Deal Looks Good To Us'

RBC Capital analyst Lisa Walter raised the price target on MeiraGTx Holdings plc (NASDAQ: MGTX) to $13.00 (from $11.00) while maintaining an Outperform rating.

The analyst commented: "PD Deal Looks Good To Us, Rest of Pipeline Continues to Make Progress; : MGTX reported Q4 EPS and we caught up with the team. The company is very pleased with the terms of the PD deal announced with private AI Co. Hologen, and notes that the process was competitive. The newly formed JV can potentially be monetized down the line as well. On LCA4, a Lancet publication and full data from 11 pediatric patients was shared earlier this year. MGTX is planning to submit an MAA with UK regulators based on these results (with no need for additional studies), and is in discussions with FDA on a path forward in the US (RPDD designation entitles the program to a PRV). XLRP (partnered with JNJ) pivotal readout is now anticipated in 2025, and MGTX remains eligible for up to $285m in milestones. On xerostomia, the pivotal study is continuing to enroll patients and remains on track for a potential BLA filing in 2026. Riboswitch FIH study on track to start this year 2025. Overall, we continue to like the set-up given an undemanding valuation and clinical POC across eye, salivary glands, and CNS. Increasing PT from $11 to $13 to reflect the partnership."

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