REGENXBIO (NASDAQ:RGNX) Reaches New 52-Week High – Here’s Why

REGENXBIO Inc. (NASDAQ:RGNX) shares hit a new 52-week high during trading on Wednesday . The stock traded as high as $13.39 and last traded at $13.09, with a volume of 681751 shares traded. The stock had previously closed at $12.64.

Analysts Set New Price Targets

RGNX has been the subject of several recent research reports. Wall Street Zen cut shares of REGENXBIO from a “hold” rating to a “strong sell” rating in a report on Saturday, August 9th. Royal Bank Of Canada reduced their target price on shares of REGENXBIO from $21.00 to $17.00 and set an “outperform” rating for the company in a report on Friday, August 8th. HC Wainwright restated a “buy” rating and set a $34.00 target price on shares of REGENXBIO in a report on Tuesday, October 7th. Weiss Ratings restated a “sell (d-)” rating on shares of REGENXBIO in a report on Wednesday, October 8th. Finally, Chardan Capital restated a “buy” rating and set a $52.00 target price on shares of REGENXBIO in a report on Monday, September 8th. Five investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, REGENXBIO has a consensus rating of “Moderate Buy” and a consensus target price of $28.38.

REGENXBIO Price Performance

The company’s 50-day simple moving average is $9.84 and its 200-day simple moving average is $8.91. The stock has a market capitalization of $661.23 million, a P/E ratio of -3.81 and a beta of 1.17.

REGENXBIO (NASDAQ:RGNX) last posted its quarterly earnings results on Thursday, August 7th. The biotechnology company reported ($1.38) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.13) by ($0.25). REGENXBIO had a negative return on equity of 66.95% and a negative net margin of 112.70%.The firm had revenue of $21.36 million for the quarter, compared to the consensus estimate of $40.87 million. On average, analysts forecast that REGENXBIO Inc. will post -4.84 earnings per share for the current fiscal year.

Insider Transactions at REGENXBIO

In other news, CEO Curran Simpson sold 20,811 shares of the stock in a transaction dated Thursday, October 9th. The shares were sold at an average price of $12.62, for a total value of $262,634.82. Following the transaction, the chief executive officer directly owned 216,162 shares of the company’s stock, valued at $2,727,964.44. This represents a 8.78% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders have sold 36,169 shares of company stock worth $416,598 over the last 90 days. Corporate insiders own 12.79% of the company’s stock.

Hedge Funds Weigh In On REGENXBIO

Several large investors have recently modified their holdings of RGNX. 22NW LP bought a new position in shares of REGENXBIO in the first quarter valued at about $4,781,000. AQR Capital Management LLC raised its position in shares of REGENXBIO by 2,247.7% in the first quarter. AQR Capital Management LLC now owns 620,595 shares of the biotechnology company’s stock valued at $4,437,000 after purchasing an additional 594,161 shares during the period. Vanguard Group Inc. raised its position in shares of REGENXBIO by 16.3% in the first quarter. Vanguard Group Inc. now owns 3,472,988 shares of the biotechnology company’s stock valued at $24,832,000 after purchasing an additional 487,036 shares during the period. Exome Asset Management LLC bought a new position in shares of REGENXBIO in the first quarter valued at about $2,898,000. Finally, Trexquant Investment LP raised its position in shares of REGENXBIO by 205.6% in the first quarter. Trexquant Investment LP now owns 458,538 shares of the biotechnology company’s stock valued at $3,279,000 after purchasing an additional 308,516 shares during the period. 88.08% of the stock is owned by institutional investors.

About REGENXBIO

REGENXBIO Inc, a clinical-stage biotechnology company, provides gene therapies that deliver functional genes to cells with genetic defects in the United States. Its gene therapy product candidates are based on NAV Technology Platform, a proprietary adeno-associated virus gene delivery platform. The company’s products in pipeline includes ABBV-RGX-314 for the treatment of wet age-related macular degeneration, diabetic retinopathy, and other chronic retinal diseases; and RGX-202, which is in Phase I/II clinical trial for the treatment of Duchenne muscular dystrophy.