REGENXBIO (NASDAQ:RGNX) Stock Passes Below 50-Day Moving Average – Here’s What Happened

REGENXBIO Inc. (NASDAQ:RGNX)’s share price crossed below its 50-day moving average during trading on Thursday . The stock has a 50-day moving average of $8.35 and traded as low as $6.62. REGENXBIO shares last traded at $6.89, with a volume of 1,518,385 shares changing hands.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on RGNX. Bank of America cut their price target on shares of REGENXBIO from $25.00 to $14.00 and set a “buy” rating on the stock in a report on Friday, May 15th. Wall Street Zen downgraded shares of REGENXBIO from a “hold” rating to a “sell” rating in a research report on Saturday, January 31st. HC Wainwright cut their target price on shares of REGENXBIO from $32.00 to $30.00 and set a “buy” rating on the stock in a research note on Monday, March 9th. Morgan Stanley set a $16.00 price target on shares of REGENXBIO in a research report on Friday, May 15th. Finally, The Goldman Sachs Group lowered their price objective on REGENXBIO from $14.00 to $12.00 and set a “neutral” rating for the company in a report on Tuesday, February 10th. Nine equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, REGENXBIO currently has an average rating of “Moderate Buy” and a consensus target price of $23.91.

REGENXBIO Price Performance

The business’s fifty day simple moving average is $8.35 and its 200 day simple moving average is $10.60. The stock has a market cap of $356.21 million, a price-to-earnings ratio of -1.23 and a beta of 1.12.

REGENXBIO (NASDAQ:RGNX) last posted its quarterly earnings results on Thursday, May 14th. The biotechnology company reported ($1.72) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.36) by ($0.36). REGENXBIO had a negative return on equity of 232.50% and a negative net margin of 330.23%.The business had revenue of $6.39 million during the quarter, compared to the consensus estimate of $25.84 million. As a group, equities analysts forecast that REGENXBIO Inc. will post -3.32 EPS for the current fiscal year.

Insiders Place Their Bets

In other REGENXBIO news, insider Steve Pakola sold 15,309 shares of the firm’s stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $11.02, for a total value of $168,705.18. Following the transaction, the insider owned 232,617 shares of the company’s stock, valued at $2,563,439.34. This trade represents a 6.17% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 14.22% of the stock is currently owned by company insiders.

Institutional Trading of REGENXBIO

A number of institutional investors and hedge funds have recently made changes to their positions in RGNX. Aquatic Capital Management LLC acquired a new position in REGENXBIO during the 3rd quarter valued at approximately $37,000. Jones Financial Companies Lllp increased its position in REGENXBIO by 44.4% in the third quarter. Jones Financial Companies Lllp now owns 4,133 shares of the biotechnology company’s stock worth $40,000 after buying an additional 1,270 shares during the period. Captrust Financial Advisors acquired a new stake in REGENXBIO in the second quarter worth $85,000. Entropy Technologies LP bought a new stake in REGENXBIO in the first quarter valued at $87,000. Finally, Prudential Financial Inc. bought a new stake in REGENXBIO in the second quarter valued at $87,000. 88.08% of the stock is currently owned by institutional investors and hedge funds.

About REGENXBIO

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.