Assenagon Asset Management S.A. Has $2.03 Million Position in REGENXBIO Inc. $RGNX

Key Points

• Assenagon Asset Management cut its REGENXBIO stake by 82.7% in the second quarter, selling 811,332 shares and retaining 169,279 shares valued at approximately $2.03 million. Institutional investors still own 88.08% of the company.
• REGENXBIO reported quarterly revenue of $108.02 million and adjusted earnings of $0.43 per share, exceeding analyst estimates of $97.63 million in revenue and $0.08 EPS. Despite the earnings beat, the company remains unprofitable, with a negative net margin of 112.58%.
• Analyst sentiment remains broadly positive, with nine Buy ratings, two Holds and two Sells, producing a consensus “Moderate Buy” rating and an average price target of $23.73 versus the recent share price of $10.66.

Assenagon Asset Management S.A. lowered its stake in REGENXBIO Inc. (NASDAQ:RGNX - Free Report) by 82.7% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 169,279 shares of the biotechnology company's stock after selling 811,332 shares during the quarter. Assenagon Asset Management S.A. owned about 0.33% of REGENXBIO worth $2,028,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Propel Bio Management LLC acquired a new position in shares of REGENXBIO in the 4th quarter valued at approximately $1,683,000. Royce & Associates LP acquired a new position in shares of REGENXBIO in the fourth quarter valued at approximately $1,714,000. Y Intercept Hong Kong Ltd acquired a new position in shares of REGENXBIO in the first quarter valued at approximately $2,305,000. Dimensional Fund Advisors LP increased its position in shares of REGENXBIO by 11.8% during the first quarter. Dimensional Fund Advisors LP now owns 1,010,381 shares of the biotechnology company's stock worth $8,464,000 after acquiring an additional 106,530 shares in the last quarter. Finally, ACT Capital Management LLC bought a new stake in shares of REGENXBIO during the fourth quarter worth $1,188,000. 88.08% of the stock is currently owned by institutional investors.

REGENXBIO Stock Down 2.3%

Shares of NASDAQ:RGNX opened at $10.66 on Friday. REGENXBIO Inc. has a 12-month low of $5.45 and a 12-month high of $16.19. The stock has a market cap of $551.12 million, a PE ratio of -2.81 and a beta of 0.94. The business has a 50 day moving average of $10.33 and a 200-day moving average of $9.28.

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

Insiders Place Their Bets

In other REGENXBIO news, insider Steve Pakola sold 36,725 shares of REGENXBIO 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 directly owned 213,009 shares of the company's stock, valued at $2,739,295.74. The trade was a 14.71% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Over the last ninety days, insiders sold 58,494 shares of company stock valued at $718,232. 14.22% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of analysts have recently commented on the company. Wall Street Zen upgraded REGENXBIO from a "strong sell" rating to a "hold" rating in a report on Saturday, August 8th. Leerink Partners lifted their target price on REGENXBIO from $17.00 to $18.00 and gave the company an "outperform" rating in a research report on Monday, June 22nd. Bank of America cut their target price on REGENXBIO from $25.00 to $14.00 and set a "buy" rating on the stock in a research note on Friday, May 15th. Morgan Stanley reaffirmed an "overweight" rating and set a $18.00 price target on shares of REGENXBIO in a research report on Friday, August 7th. Finally, Zacks Research cut shares of REGENXBIO from a "hold" rating to a "strong sell" rating in a research note on Tuesday, July 14th. Nine investment analysts have rated the stock with a Buy rating, two have given a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat.com, REGENXBIO has a consensus rating of "Moderate Buy" and an average price target of $23.73.

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.

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