REGENXBIO (NASDAQ:RGNX) Shares Up 7.5% – Here’s Why

REGENXBIO Inc. (NASDAQ:RGNX) shares were up 7.5% during trading on Tuesday . The stock traded as high as $8.60 and last traded at $8.6650. Approximately 410,852 shares traded hands during mid-day trading, a decline of 72% from the average session volume of 1,443,312 shares. The stock had previously closed at $8.06.

REGENXBIO News Summary

Here are the key news stories impacting REGENXBIO this week:

• Positive Sentiment: Robert W. Baird lowered its price target for REGENXBIO from $32 to $29 but maintained an “outperform” rating, implying substantial potential upside from recent trading levels. Benzinga
• Positive Sentiment: REGENXBIO appointed Greg Ciongoli to its board of directors, adding corporate and governance experience as the company manages the RGX-121 setback. Board Appointment
• Neutral Sentiment: Bank of America reportedly maintained a favorable view and encouraged investors to consider the selloff an opportunity, suggesting some analysts believe the clinical issue may be manageable. Bank of America View
• Negative Sentiment: The FDA placed RGX-121 on clinical hold after spinal scans identified nodules and masses in five trial participants. The company must investigate the abnormalities and address regulators’ concerns, creating significant safety, timing and approval risk. FDA Clinical Hold
• Negative Sentiment: REGENXBIO said it will not resubmit its U.S. biologics license application for the Hunter syndrome therapy at this time, further weakening near-term regulatory and revenue expectations. BLA Update
• Negative Sentiment: Johnson Fistel announced an investigation into potential securities-law claims related to the clinical hold, adding legal and reputational overhang. Investor Investigation

Analysts Set New Price Targets

Several brokerages recently commented on RGNX. Leerink Partners upped their price target on shares of REGENXBIO from $17.00 to $18.00 and gave the company an “outperform” rating in a research report on Monday, June 22nd. Zacks Research upgraded REGENXBIO from a “strong sell” rating to a “hold” rating in a report on Wednesday, August 12th. Morgan Stanley reiterated an “overweight” rating and set a $18.00 price target on shares of REGENXBIO in a report on Friday, August 7th. Wall Street Zen raised REGENXBIO from a “strong sell” rating to a “hold” rating in a research note on Saturday, August 8th. Finally, HC Wainwright lowered their target price on REGENXBIO from $23.00 to $21.00 and set a “buy” rating on the stock in a research note on Tuesday. Nine research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, REGENXBIO currently has an average rating of “Moderate Buy” and an average price target of $23.27.

REGENXBIO Price Performance

The business has a 50 day simple moving average of $10.93 and a 200 day simple moving average of $9.23. The stock has a market cap of $578.64 million, a PE ratio of -2.32 and a beta of 0.94.

REGENXBIO (NASDAQ:RGNX) last posted its quarterly earnings results on Thursday, August 6th. The biotechnology company reported $0.43 earnings per share for the quarter, topping analysts’ consensus estimates of $0.08 by $0.35. The company had revenue of $108.02 million during the quarter, compared to the consensus estimate of $97.63 million. REGENXBIO had a negative return on equity of 220.07% and a negative net margin of 112.58%. As a group, sell-side analysts forecast that REGENXBIO Inc. will post -3.91 earnings per share for the current fiscal year.

Insider Transactions at REGENXBIO

In other REGENXBIO news, insider Steve Pakola sold 2,161 shares of REGENXBIO stock in a transaction that occurred on Thursday, July 2nd. The shares were sold at an average price of $13.64, for a total value of $29,476.04. Following the completion of the sale, the insider directly owned 213,009 shares in the company, valued at $2,905,442.76. The trade was a 1.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders have sold 58,494 shares of company stock valued at $718,232 in the last ninety days. 14.22% of the stock is owned by insiders.

Institutional Investors Weigh In On REGENXBIO

Several institutional investors and hedge funds have recently modified their holdings of RGNX. California State Teachers Retirement System boosted its holdings in REGENXBIO by 213.2% in the second quarter. California State Teachers Retirement System now owns 7,931 shares of the biotechnology company’s stock worth $95,000 after purchasing an additional 5,399 shares in the last quarter. AXQ Capital LP acquired a new position in shares of REGENXBIO during the 2nd quarter valued at about $221,000. Corient Private Wealth LP acquired a new position in shares of REGENXBIO during the 2nd quarter valued at about $2,477,000. Palogic Value Management L.P. bought a new position in shares of REGENXBIO in the 2nd quarter valued at approximately $360,000. Finally, Bank of America Corp DE bought a new position in shares of REGENXBIO in the 2nd quarter valued at approximately $6,212,000. Institutional investors and hedge funds own 88.08% of the company’s stock.

REGENXBIO Company Profile

REGENXBIO Inc is a clinical‐stage biotechnology company specializing in the development of gene therapies using its proprietary NAV® AAV (adeno‐associated virus) platform. The company engineers next‐generation AAV vectors designed to deliver functional genes to targeted cells, aiming to address a range of rare genetic diseases and ocular, metabolic and neurologic disorders. REGENXBIO’s pipeline features several product candidates in various stages of preclinical and clinical development, including RGX-314 for wet age‐related macular degeneration, RGX-121 for mucopolysaccharidosis II (Hunter syndrome) and RGX-121 for other rare lysosomal storage diseases.

In addition to its internally funded programs, REGENXBIO has established partnerships with major biopharmaceutical companies to advance its NAV technology.