REGENXBIO (NASDAQ:RGNX) Shares Gap Up – Here’s Why

REGENXBIO Inc. (NASDAQ:RGNX)’s stock price gapped up prior to trading on Monday . The stock had previously closed at $10.48, but opened at $11.12. REGENXBIO shares last traded at $11.1340, with a volume of 384,390 shares trading hands.

Analyst Ratings Changes

Several brokerages have commented on RGNX. Bank of America lowered their price objective on shares of REGENXBIO from $25.00 to $14.00 and set a “buy” rating for the company in a research report on Friday, May 15th. Leerink Partners raised 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. HC Wainwright reiterated a “buy” rating and issued a $26.00 price target on shares of REGENXBIO in a research note on Wednesday, June 24th. Weiss Ratings reissued a “sell (e+)” rating on shares of REGENXBIO in a report on Monday, June 8th. Finally, Robert W. Baird upped their price objective on REGENXBIO from $27.00 to $32.00 and gave the stock an “outperform” rating in a research report on Monday, June 22nd. Ten equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $23.82.

REGENXBIO Stock Performance

The company has a market capitalization of $573.43 million, a P/E ratio of -1.98 and a beta of 1.04. The firm’s fifty day moving average is $7.95 and its 200-day moving average is $9.92.

REGENXBIO (NASDAQ:RGNX) last released its quarterly earnings data 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 company had revenue of $6.39 million for the quarter, compared to analyst estimates of $25.84 million. As a group, analysts expect that REGENXBIO Inc. will post -3.69 EPS for the current fiscal year.

Insider Activity at REGENXBIO

In related news, insider Steve Pakola sold 15,309 shares of the firm’s stock in a transaction on Monday, May 11th. The stock was sold at an average price of $11.02, for a total transaction of $168,705.18. Following the sale, 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 position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 14.22% of the company’s stock.

Hedge Funds Weigh In On REGENXBIO

A number of institutional investors and hedge funds have recently bought and sold shares of RGNX. AQR Capital Management LLC boosted its stake in shares of REGENXBIO by 2,247.7% during the first quarter. AQR Capital Management LLC now owns 620,595 shares of the biotechnology company’s stock valued at $4,437,000 after purchasing an additional 594,161 shares in the last quarter. Jane Street Group LLC increased its stake in shares of REGENXBIO by 151.1% in the first quarter. Jane Street Group LLC now owns 414,067 shares of the biotechnology company’s stock valued at $2,961,000 after buying an additional 249,156 shares during the period. Franklin Resources Inc. acquired a new position in shares of REGENXBIO in the second quarter valued at approximately $239,000. American Century Companies Inc. raised its holdings in REGENXBIO by 8.4% in the 2nd quarter. American Century Companies Inc. now owns 110,066 shares of the biotechnology company’s stock valued at $904,000 after buying an additional 8,487 shares during the last quarter. Finally, Prudential Financial Inc. bought a new position in REGENXBIO in the 2nd quarter valued at approximately $87,000. Institutional investors and hedge funds own 88.08% of the company’s stock.

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.