REGENXBIO (NASDAQ:RGNX) Shares Cross Below Fifty Day Moving Average – Here’s Why

Shares of REGENXBIO Inc. (NASDAQ:RGNX) crossed below its 50-day moving average during trading on Wednesday. The stock has a 50-day moving average of $8.89 and traded as low as $6.80. REGENXBIO shares last traded at $6.88, with a volume of 1,562,441 shares changing hands.

Analysts Set New Price Targets

Several research firms have recently weighed in on RGNX. Mizuho initiated coverage on REGENXBIO in a research note on Monday, October 5th. They issued an “outperform” rating and a $22.00 price objective on the stock. Morgan Stanley reaffirmed an “overweight” rating and set a $18.00 price objective on shares of REGENXBIO in a research note on Friday, August 7th. HC Wainwright reiterated a “buy” rating on shares of REGENXBIO in a research report on Monday, September 28th. Zacks Research raised shares of REGENXBIO from a “strong sell” rating to a “hold” rating in a report on Wednesday, August 12th. Finally, Barclays cut shares of REGENXBIO from an “overweight” rating to a “hold” rating in a research note on Friday, August 7th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, REGENXBIO currently has an average rating of “Moderate Buy” and a consensus price target of $23.17.

REGENXBIO Stock Down 5.2%

The company’s fifty day simple moving average is $8.89 and its two-hundred day simple moving average is $9.08. The company has a market capitalization of $454.17 million, a price-to-earnings ratio of -1.82 and a beta of 1.13.

REGENXBIO (NASDAQ:RGNX) last posted its earnings results on Thursday, August 6th. The biotechnology company reported $0.43 earnings per share 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 firm had revenue of $108.02 million for the quarter, compared to analyst estimates of $97.63 million. Equities research analysts expect that REGENXBIO Inc. will post -3.80 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in RGNX. Versant Capital Management Inc increased its position in shares of REGENXBIO by 60.4% in the second quarter. Versant Capital Management Inc now owns 2,741 shares of the biotechnology company’s stock valued at $33,000 after acquiring an additional 1,032 shares during the last quarter. Quantbot Technologies LP bought a new stake in REGENXBIO during the second quarter worth $51,000. Legal & General Group Plc acquired a new stake in REGENXBIO in the second quarter valued at $56,000. Entropy Technologies LP bought a new stake in shares of REGENXBIO in the 1st quarter valued at about $87,000. Finally, The Manufacturers Life Insurance Company acquired a new stake in REGENXBIO in the 2nd quarter valued at about $156,000. Institutional investors own 88.08% of the company’s stock.

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.