REGENXBIO (NASDAQ:RGNX) Price Target Cut to $29.00 by Analysts at Robert W. Baird

Key Points

• Robert W. Baird lowered REGENXBIO’s price target to $29 from $32 while maintaining an “outperform” rating, implying substantial upside from the stock’s $8.06 price. Analysts overall rate the shares “Moderate Buy,” with an average target of $23.45.
• REGENXBIO shares have fallen 24.8%, amid an FDA clinical hold on its RGX-121 Hunter syndrome gene therapy after abnormalities were identified in five participants. The company also said it will not resubmit its U.S. biologics application at this time.
• The company exceeded quarterly expectations, reporting adjusted EPS of $0.43 versus an $0.08 consensus estimate and revenue of $108.02 million versus $97.63 million expected, although it remains unprofitable and analysts forecast a full-year loss.

REGENXBIO (NASDAQ:RGNX - Get Free Report) had its price target lowered by investment analysts at Robert W. Baird from $32.00 to $29.00 in a research note issued on Tuesday,Benzinga reports. The brokerage presently has an "outperform" rating on the biotechnology company's stock. Robert W. Baird's price objective points to a potential upside of 259.80% from the stock's current price.

A number of other research analysts also recently issued reports on RGNX. Leerink Partners boosted their price objective on REGENXBIO from $17.00 to $18.00 and gave the company an "outperform" rating in a research note on Monday, June 22nd. HC Wainwright decreased their target price on REGENXBIO from $26.00 to $23.00 and set a "buy" rating for the company in a research note on Monday, August 10th. Wall Street Zen upgraded REGENXBIO from a "strong sell" rating to a "hold" rating in a report on Saturday, August 8th. Weiss Ratings reissued a "sell (e+)" rating on shares of REGENXBIO in a research note on Monday, June 8th. Finally, Morgan Stanley restated an "overweight" rating and set a $18.00 price target on shares of REGENXBIO in a report on Friday, August 7th. Nine research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, REGENXBIO currently has an average rating of "Moderate Buy" and an average target price of $23.45.

REGENXBIO Stock Down 24.8%

RGNX opened at $8.06 on Tuesday. REGENXBIO has a twelve month low of $5.45 and a twelve month high of $16.19. The company has a fifty day moving average of $10.93 and a 200-day moving average of $9.23. The stock has a market cap of $532.04 million, a PE ratio of -2.13 and a beta of 0.94.

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

Insider Activity at REGENXBIO

In related news, insider Steve Pakola sold 2,161 shares of the business's stock in a transaction dated 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. The trade was a 1.00% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In the last three months, insiders sold 58,494 shares of company stock valued at $718,232. Company insiders own 14.22% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Versant Capital Management Inc lifted 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 purchasing an additional 1,032 shares in the last quarter. Aquatic Capital Management LLC bought a new stake in REGENXBIO during the 3rd quarter valued at $37,000. Quantbot Technologies LP bought a new stake in REGENXBIO during the 2nd quarter valued at $51,000. Legal & General Group Plc acquired a new position in REGENXBIO during the second quarter worth $56,000. Finally, California State Teachers Retirement System raised its holdings in REGENXBIO by 213.2% during the second quarter. California State Teachers Retirement System now owns 7,931 shares of the biotechnology company's stock worth $95,000 after buying an additional 5,399 shares during the last quarter. Institutional investors own 88.08% of the company's stock.

Trending Headlines about REGENXBIO

Here are the key news stories impacting REGENXBIO this week:

• Positive Sentiment: Bank of America reportedly maintained a bullish view and urged investors to consider buying the selloff, suggesting the firm believes the FDA setback may be manageable and that REGENXBIO’s longer-term value remains intact. BofA urges buyers despite FDA hold
• Neutral Sentiment: Trading in RGNX was temporarily halted for pending news as investors awaited details of the regulatory action. REGENXBIO regulatory update
• Negative Sentiment: The FDA placed RGX-121 on clinical hold after spinal scans identified abnormalities—including nodules or masses—in five trial participants. The hold interrupts development of the investigational treatment for Mucopolysaccharidosis type II, or Hunter syndrome, and drove a steep decline in the stock. FDA places clinical hold on RGX-121
• Negative Sentiment: REGENXBIO also said it will not resubmit its U.S. Biologics License Application for its Hunter syndrome therapy at this time, weakening near-term regulatory and commercial expectations. REGENXBIO will not resubmit U.S. application
• Negative Sentiment: Johnson Fistel announced an investigation into whether REGENXBIO or its officers may have violated federal securities laws, adding potential legal and investor-confidence risks after the selloff. Johnson Fistel 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.

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