Piper ‘incrementally positive’ on MeiraGTx, says buy ‘right here’

Piper Sandler analyst Christopher Raymond is "incrementally positive" on MeiraGTx shares after the company shared longer-term unilateral and six-month bilateral Phase 1 data on AAV2-hAQP1. With clinically meaningful and "transformative" improvements seen in both patient reported outcomes and saliva flow rate for bilaterally treated patients, the Phase 2 has been "meaningfully derisked," Raymond tells investors in a research note. As for the market opportunity, the analyst thinks "investors would do well to look more closely" at xerostomia. There remains a meaningful disease burden with a total addressable market representing an opportunity well in excess of $1B, says Raymond. He is a buyer of MeiraGTx shares "right here" and keeps an Overweight rating on the name with a $30 price target.