REGENXBIO (NASDAQ:RGNX) Stock Jumps 8.1% After Analyst Upgrade

Shares of REGENXBIO Inc. (NASDAQ:RGNX) shot up 8.1% during mid-day trading on Monday after Mizuho upgraded the stock to a strong-buy rating. The company traded as high as $7.86 and last traded at $8.0330. 239,321 shares changed hands during mid-day trading, a decline of 83% from the average session volume of 1,431,109 shares. The stock had previously closed at $7.43.

Other equities research analysts also recently issued research reports about the stock. 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 note on Monday, June 22nd. Barclays downgraded shares of REGENXBIO from an “overweight” rating to a “hold” rating in a research note on Friday, August 7th. Robert W. Baird dropped their target price on REGENXBIO from $32.00 to $29.00 and set an “outperform” rating for the company in a research report on Tuesday, August 25th. Wall Street Zen raised REGENXBIO from a “strong sell” rating to a “hold” rating in a research note on Saturday, August 8th. Finally, Morgan Stanley reiterated an “overweight” rating and issued a $18.00 target price on shares of REGENXBIO in a research note on Friday, August 7th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, REGENXBIO presently has an average rating of “Moderate Buy” and an average price target of $23.17.

Hedge Funds Weigh In On REGENXBIO

Several institutional investors and hedge funds have recently added to or reduced their stakes in RGNX. BlackRock Inc. acquired a new stake in shares of REGENXBIO during the second quarter worth $76,641,000. Bank of America Corp DE acquired a new position in shares of REGENXBIO in the 2nd quarter valued at $6,212,000. Y Intercept Hong Kong Ltd purchased a new position in REGENXBIO in the 1st quarter worth $2,305,000. Corient Private Wealth LP purchased a new position in REGENXBIO in the 2nd quarter worth $2,608,000. Finally, Deutsche Bank AG acquired a new stake in REGENXBIO during the 2nd quarter worth about $2,490,000. Hedge funds and other institutional investors own 88.08% of the company’s stock.

REGENXBIO Trading Down 4.0%

The stock has a 50-day simple moving average of $9.18 and a 200 day simple moving average of $9.11. The company has a market cap of $491.77 million, a price-to-earnings ratio of -1.97 and a beta of 1.13.

REGENXBIO (NASDAQ:RGNX) last announced its quarterly earnings data on Thursday, August 6th. The biotechnology company reported $0.43 earnings per share for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $97.63 million. As a group, research analysts forecast that REGENXBIO Inc. will post -3.91 EPS for the current fiscal year.

About REGENXBIO

REGENXBIO Inc is a biotechnology company focused on developing and commercializing gene therapies for serious diseases. The company’s programs are based primarily on its proprietary NAV AAV Technology Platform, which uses adeno-associated virus (AAV) vectors to deliver genetic material to targeted cells. Its research has emphasized conditions affecting the central nervous system, muscles and other tissues.

REGENXBIO’s pipeline has included investigational therapies such as RGX-121 for mucopolysaccharidosis type II, RGX-111 for mucopolysaccharidosis type I and RGX-202 for Duchenne muscular dystrophy.