REGENXBIO (NASDAQ:RGNX) Cut to “Strong Sell” at Zacks Research

REGENXBIO (NASDAQ:RGNX) was downgraded by research analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a report issued on Tuesday,Zacks.com reports.

Several other equities analysts have also issued reports on the company. HC Wainwright restated a “buy” rating and set a $26.00 price target on shares of REGENXBIO in a report on Wednesday, July 1st. Bank of America reduced their target price on REGENXBIO from $25.00 to $14.00 and set a “buy” rating for the company in a research note on Friday, May 15th. Leerink Partners upped their price target on REGENXBIO from $17.00 to $18.00 and gave the stock an “outperform” rating in a research note on Monday, June 22nd. Morgan Stanley set a $16.00 price objective on shares of REGENXBIO in a report on Friday, May 15th. Finally, Robert W. Baird boosted their price objective on REGENXBIO from $27.00 to $32.00 and gave the stock an “outperform” rating in a report on Monday, June 22nd. Ten analysts have rated the stock with a Buy rating, one has given a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, REGENXBIO presently has a consensus rating of “Moderate Buy” and a consensus price target of $23.82.

REGENXBIO Price Performance

Shares of NASDAQ:RGNX opened at $12.27 on Tuesday. REGENXBIO has a 1 year low of $5.45 and a 1 year high of $16.19. The business’s 50-day moving average is $9.09 and its 200-day moving average is $9.89. The company has a market capitalization of $634.36 million, a price-to-earnings ratio of -2.19 and a beta of 0.90.

REGENXBIO (NASDAQ:RGNX) last released its earnings results on Thursday, May 14th. The biotechnology company reported ($1.72) EPS for the quarter, missing the consensus estimate of ($1.36) by ($0.36). The business had revenue of $6.39 million for the quarter, compared to analyst estimates of $25.84 million. REGENXBIO had a negative return on equity of 232.50% and a negative net margin of 330.23%. Analysts anticipate that REGENXBIO will post -3.69 EPS for the current year.

Insiders Place Their Bets

In other REGENXBIO news, insider Steve Pakola sold 36,725 shares of the company’s stock in a transaction on Wednesday, July 1st. The stock was sold at an average price of $12.86, for a total value of $472,283.50. Following the completion of the transaction, the insider owned 213,009 shares in the company, valued at $2,739,295.74. This represents a 14.71% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders sold a total of 73,803 shares of company stock valued at $886,937 over the last 90 days. 14.22% of the stock is currently owned by insiders.

Institutional Investors Weigh In On REGENXBIO

A number of hedge funds have recently made changes to their positions in RGNX. Versant Capital Management Inc boosted its holdings in shares of REGENXBIO by 60.4% in the 2nd quarter. Versant Capital Management Inc now owns 2,741 shares of the biotechnology company’s stock worth $33,000 after buying an additional 1,032 shares during the last quarter. Aquatic Capital Management LLC purchased a new stake in REGENXBIO during the third quarter worth about $37,000. Entropy Technologies LP bought a new stake in REGENXBIO in the first quarter worth about $87,000. Captrust Financial Advisors bought a new stake in REGENXBIO in the second quarter worth about $85,000. Finally, Balyasny Asset Management L.P. bought a new stake in REGENXBIO in the fourth quarter worth about $150,000. 88.08% of the stock is currently owned by institutional investors.

REGENXBIO Company Profile

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.