MeiraGTx rises as JNJ buys drug for genetic blindness causing disease

MeiraGTx Holdings

21/12/2023 15:25

** Shares of drug developer MeiraGTx Holdings  MGTX.O  rise
as much as 32.4% to a near 4-month high of $6.5 in morning trade
    ** Stock set for a 4-day winning streak and its biggest
one-day pct gain in more than 2 years if gains hold
    ** Co sells its gene therapy for a genetic eye disease that
causes blindness to Johnson & Johnson  JNJ.N  
    ** MGTX will receive $65 mln upon signing the deal, expects
milestones of $50 mln in Q1 2024 and $15 mln later in 2024     
    ** Co will get up to an additional $285 mln upon the first
sales of the therapy, bota-vec in the U.S. and Europe and for
manufacturing technology transfer
    ** All 5 brokerages covering MGTX rate the stock "buy" or
higher; their median PT is $20
    ** Despite the session's gain, stock is down 3%,
underperforming a 0.6% decline in the Nasdaq Biotechnology Index
 .NBI 

 (Reporting by Puyaan Singh)
 ((Puyaan.Singh@thomsonreuters.com;))