MeiraGTx initiated with a Strong Buy at Raymond James

Raymond James initiated coverage of MeiraGTx (MGTX) with a Strong Buy rating and $29 price target citing the company’s fully integrated manufacturing platform, unique vector constructs, and full ownership and “a major commercial interest in two legitimately large commercial opportunities addressing significant unmet needs.” The firm derives a fair value of $29 per share just by modeling MeiraGTx’s two lead programs – AAV-AQP1 for xerostomia and AAV-GAD for Parkinson’s disease – but adds that “pipeline optionality abounds.”