Zacks Investment Research Upgrades REGENXBIO Inc. (NASDAQ:RGNX) to Buy
REGENXBIO Inc. (NASDAQ:RGNX) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Saturday. The brokerage currently has a $23.00 target price on the biotechnology company’s stock. Zacks Investment Research‘s target price would suggest a potential upside of 10.05% from the stock’s previous close.
According to Zacks, “REGENXBIO Inc. is a biotechnology company. The Company focuses on the development, commercialization and licensing of recombinant adeno-associated virus gene therapy. Its products candidates include RGX-501, for the treatment of homozygous familial hypercholesterolemia which uses the AAV8 vector to deliver the human low-density lipoprotein receptor gene to liver cells; RGX-111, for the treatment of Mucopolysaccharidosis Type I which uses the AAV9 vector to deliver the human a-l-iduronidase gene to the central nervous system; RGX-121, for the treatment of Mucopolysaccharidosis Type II; RGX-314, for the treatment of wet age-related macular degeneration and RGX-321, for the treatment of X-linked retinitis pigmentosa. REGENXBIO Inc. is headquartered in Rockville, Maryland. “
Separately, Chardan Capital increased their target price on shares of REGENXBIO from $50.00 to $55.00 and gave the company a “buy” rating in a research report on Wednesday.
Shares of REGENXBIO (NASDAQ RGNX) opened at 20.90 on Friday. The stock has a 50 day moving average of $19.70 and a 200 day moving average of $19.34. REGENXBIO has a one year low of $11.35 and a one year high of $24.55. The stock’s market cap is $645.68 million.
REGENXBIO (NASDAQ:RGNX) last announced its earnings results on Tuesday, August 8th. The biotechnology company reported ($0.47) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.81) by $0.34. The firm had revenue of $6.56 million during the quarter. REGENXBIO had a negative net margin of 839.87% and a negative return on equity of 38.74%. Equities analysts expect that REGENXBIO will post ($2.95) EPS for the current fiscal year.
In related news, CFO Vittal Vasista sold 3,100 shares of the stock in a transaction dated Monday, July 17th. The shares were sold at an average price of $19.81, for a total value of $61,411.00. Following the completion of the transaction, the chief financial officer now owns 108,423 shares in the company, valued at approximately $2,147,859.63. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Kenneth T. Mills sold 6,500 shares of the stock in a transaction dated Thursday, July 20th. The shares were sold at an average price of $18.66, for a total transaction of $121,290.00. Following the completion of the transaction, the insider now owns 112,000 shares of the company’s stock, valued at approximately $2,089,920. The disclosure for this sale can be found here. Insiders sold a total of 19,200 shares of company stock valued at $368,746 in the last quarter. 17.00% of the stock is currently owned by insiders.
A number of institutional investors have recently made changes to their positions in RGNX. Citadel Advisors LLC raised its position in shares of REGENXBIO by 65.4% in the second quarter. Citadel Advisors LLC now owns 926,176 shares of the biotechnology company’s stock worth $18,292,000 after buying an additional 366,289 shares in the last quarter. Vanguard Group Inc. raised its position in REGENXBIO by 10.3% in the second quarter. Vanguard Group Inc. now owns 1,082,461 shares of the biotechnology company’s stock valued at $21,379,000 after buying an additional 100,944 shares during the period. Northern Trust Corp raised its position in REGENXBIO by 40.8% in the second quarter. Northern Trust Corp now owns 304,184 shares of the biotechnology company’s stock valued at $6,008,000 after buying an additional 88,202 shares during the period. Citigroup Inc. raised its position in REGENXBIO by 1,042.8% in the second quarter. Citigroup Inc. now owns 29,348 shares of the biotechnology company’s stock valued at $580,000 after buying an additional 26,780 shares during the period. Finally, New York State Common Retirement Fund raised its position in REGENXBIO by 43.1% in the second quarter. New York State Common Retirement Fund now owns 29,900 shares of the biotechnology company’s stock valued at $591,000 after buying an additional 8,999 shares during the period. Hedge funds and other institutional investors own 67.16% of the company’s stock.
REGENXBIO Inc is a clinical-stage biotechnology company. The Company’s gene therapy product candidates are designed to deliver genes to cells to address genetic defects or to enable cells in the body to produce therapeutic proteins or antibodies that are intended to impact disease. The Company develops products candidates across the therapeutic areas of metabolic, neurodegenerative and retinal diseases.
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