HC Wainwright Has Lowered Expectations for REGENXBIO (NASDAQ:RGNX) Stock Price

REGENXBIO (NASDAQ:RGNX) had its price target reduced by investment analysts at HC Wainwright from $23.00 to $21.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage presently has a “buy” rating on the biotechnology company’s stock. HC Wainwright’s target price would suggest a potential upside of 137.48% from the company’s current price.

Several other research firms have also recently weighed in on RGNX. Zacks Research upgraded shares of REGENXBIO from a “strong sell” rating to a “hold” rating in a report on Wednesday, August 12th. Leerink Partners upped their target price on REGENXBIO from $17.00 to $18.00 and gave the company an “outperform” rating in a report on Monday, June 22nd. Robert W. Baird dropped their price target on REGENXBIO from $32.00 to $29.00 and set an “outperform” rating on the stock in a report on Tuesday. Barclays cut REGENXBIO from an “overweight” rating to a “hold” rating in a research report on Friday, August 7th. Finally, Wall Street Zen raised REGENXBIO from a “strong sell” rating to a “hold” rating in a research report on Saturday, August 8th. Nine investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $23.27.

REGENXBIO Stock Performance

Shares of REGENXBIO stock traded up $0.78 on Tuesday, hitting $8.84. The company had a trading volume of 701,480 shares, compared to its average volume of 1,445,639. REGENXBIO has a 1 year low of $5.45 and a 1 year high of $16.19. The stock has a 50 day moving average of $10.93 and a 200-day moving average of $9.23. The stock has a market capitalization of $583.73 million, a price-to-earnings ratio of -2.35 and a beta of 0.94.

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

Insider Transactions at REGENXBIO

In other REGENXBIO news, insider Steve Pakola sold 2,161 shares of the firm’s stock in a transaction on Thursday, July 2nd. The stock was 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 of the company’s stock, valued at $2,905,442.76. This trade represents a 1.00% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Insiders sold 58,494 shares of company stock valued at $718,232 over the last three months. Company insiders own 14.22% of the company’s stock.

Institutional Investors Weigh In On REGENXBIO

Large investors have recently added to or reduced their stakes in the company. Walleye Capital LLC purchased a new stake in shares of REGENXBIO during the 2nd quarter valued at approximately $2,441,000. Propel Bio Management LLC purchased a new position in REGENXBIO in the 4th quarter valued at approximately $1,683,000. Royce & Associates LP purchased a new position in REGENXBIO in the 4th quarter valued at approximately $1,714,000. Dimensional Fund Advisors LP raised its holdings in REGENXBIO by 11.8% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,010,381 shares of the biotechnology company’s stock valued at $8,464,000 after acquiring an additional 106,530 shares during the period. Finally, Y Intercept Hong Kong Ltd purchased a new stake in shares of REGENXBIO during the first quarter worth $2,305,000. Hedge funds and other institutional investors own 88.08% of the company’s stock.

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

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.