REGENXBIO (NASDAQ:RGNX) Price Target Lowered to $21.00 at HC Wainwright

Key Points

• HC Wainwright lowered REGENXBIO’s price target from $23 to $21 but maintained a “buy” rating, implying 137.48% upside from the stock’s $8.84 price.
• Analyst sentiment remains broadly positive, with nine buy ratings, three holds and one sell; MarketBeat lists a “moderate buy” consensus and a $23.27 average target.
• REGENXBIO exceeded quarterly expectations, reporting $0.43 in EPS versus an $0.08 consensus and $108.02 million in revenue versus $97.63 million expected, though the company remains unprofitable and faces significant clinical and regulatory risk surrounding RGX-121.

REGENXBIO (NASDAQ:RGNX - Get Free Report) had its price objective lowered by equities research analysts at HC Wainwright from $23.00 to $21.00 in a report issued on Tuesday,Benzinga reports. The brokerage presently has a "buy" rating on the biotechnology company's stock. HC Wainwright's target price suggests a potential upside of 137.48% from the company's current price.

A number of other brokerages have also issued reports on RGNX. Wall Street Zen upgraded shares of REGENXBIO from a "strong sell" rating to a "hold" rating in a report on Saturday, August 8th. Morgan Stanley reaffirmed an "overweight" rating and issued a $18.00 price objective on shares of REGENXBIO in a research note on Friday, August 7th. Zacks Research raised shares of REGENXBIO from a "strong sell" rating to a "hold" rating in a research report on Wednesday, August 12th. Barclays lowered shares of REGENXBIO from an "overweight" rating to a "hold" rating in a report on Friday, August 7th. Finally, Bank of America lowered their target price on shares of REGENXBIO from $25.00 to $14.00 and set a "buy" rating for the company in a research note on Friday, May 15th. Nine investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, REGENXBIO currently has a consensus rating of "Moderate Buy" and a consensus target price of $23.27.

REGENXBIO Trading Up 9.7%

NASDAQ:RGNX traded up $0.78 on Tuesday, hitting $8.84. The company had a trading volume of 701,480 shares, compared to its average volume of 1,445,639. The firm has a 50 day moving average of $10.93 and a two-hundred day moving average of $9.23. The stock has a market capitalization of $583.73 million, a price-to-earnings ratio of -2.35 and a beta of 0.94. REGENXBIO has a 52 week low of $5.45 and a 52 week high of $16.19.

REGENXBIO (NASDAQ:RGNX - Get Free Report) last announced its quarterly earnings results on Thursday, August 6th. The biotechnology company reported $0.43 EPS 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 company had revenue of $108.02 million during the quarter, compared to analysts' expectations of $97.63 million. As a group, equities analysts forecast that REGENXBIO will post -3.91 EPS for the current year.

Insider Transactions at REGENXBIO

In related news, insider Steve Pakola sold 36,725 shares of the stock in a transaction on Wednesday, July 1st. The shares were sold at an average price of $12.86, for a total transaction of $472,283.50. Following the transaction, the insider directly owned 213,009 shares of the company's stock, valued at $2,739,295.74. This represents a 14.71% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders have sold 58,494 shares of company stock worth $718,232 over the last 90 days. 14.22% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On REGENXBIO

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Versant Capital Management Inc increased its position in REGENXBIO by 60.4% in the 2nd quarter. Versant Capital Management Inc now owns 2,741 shares of the biotechnology company's stock valued at $33,000 after buying an additional 1,032 shares in the last quarter. Deutsche Bank AG grew its stake in REGENXBIO by 0.8% in the fourth quarter. Deutsche Bank AG now owns 192,582 shares of the biotechnology company's stock valued at $2,773,000 after acquiring an additional 1,527 shares during the period. Captrust Financial Advisors increased its holdings in shares of REGENXBIO by 13.2% during the fourth quarter. Captrust Financial Advisors now owns 15,228 shares of the biotechnology company's stock valued at $219,000 after acquiring an additional 1,781 shares in the last quarter. Diversified Trust Co raised its position in shares of REGENXBIO by 15.9% during the first quarter. Diversified Trust Co now owns 15,499 shares of the biotechnology company's stock worth $130,000 after purchasing an additional 2,121 shares during the period. Finally, Intech Investment Management LLC raised its position in shares of REGENXBIO by 12.2% during the fourth quarter. Intech Investment Management LLC now owns 21,367 shares of the biotechnology company's stock worth $308,000 after purchasing an additional 2,327 shares during the period. Institutional investors own 88.08% of the company's stock.

Key Stories Impacting REGENXBIO

Here are the key news stories impacting REGENXBIO this week:

• Positive Sentiment: Robert W. Baird lowered its price target for REGENXBIO from $32 to $29 but maintained an “outperform” rating, implying substantial potential upside from recent trading levels. Benzinga
• Positive Sentiment: REGENXBIO appointed Greg Ciongoli to its board of directors, adding corporate and governance experience as the company manages the RGX-121 setback. Board Appointment
• Neutral Sentiment: Bank of America reportedly maintained a favorable view and encouraged investors to consider the selloff an opportunity, suggesting some analysts believe the clinical issue may be manageable. Bank of America View
• Negative Sentiment: The FDA placed RGX-121 on clinical hold after spinal scans identified nodules and masses in five trial participants. The company must investigate the abnormalities and address regulators’ concerns, creating significant safety, timing and approval risk. FDA Clinical Hold
• Negative Sentiment: REGENXBIO said it will not resubmit its U.S. biologics license application for the Hunter syndrome therapy at this time, further weakening near-term regulatory and revenue expectations. BLA Update
• Negative Sentiment: Johnson Fistel announced an investigation into potential securities-law claims related to the clinical hold, adding legal and reputational overhang. Investor Investigation

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

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