REGENXBIO (NASDAQ:RGNX) Shares Gap Up - Still a Buy?

Key Points

• REGENXBIO shares opened higher, rising from a prior close of $9.37 to $10.00 before trading at $9.50. The company has a market capitalization of about $620 million and remains unprofitable.
• Analyst sentiment is generally positive: nine analysts rate the stock a Buy, three rate it Hold and one rates it Sell. The consensus is a “Moderate Buy” rating with an average price target of $23.27.
• REGENXBIO exceeded quarterly expectations, reporting $0.43 in earnings per share versus an expected $0.08 and revenue of $108.02 million versus $97.63 million expected. However, analysts anticipate a full-year loss of $3.91 per share, underscoring the company’s ongoing financial challenges.

Shares of REGENXBIO Inc. (NASDAQ:RGNX - Get Free Report) gapped up before the market opened on Friday . The stock had previously closed at $9.37, but opened at $10.00. REGENXBIO shares last traded at $9.50, with a volume of 173,959 shares.

Analyst Ratings Changes

A number of equities research analysts recently commented on the company. Wall Street Zen raised REGENXBIO from a "strong sell" rating to a "hold" rating in a research note on Saturday, August 8th. Leerink Partners raised their price objective on shares of REGENXBIO from $17.00 to $18.00 and gave the stock an "outperform" rating in a report on Monday, June 22nd. Zacks Research raised shares of REGENXBIO from a "strong sell" rating to a "hold" rating in a research note on Wednesday, August 12th. Robert W. Baird cut their price target on shares of REGENXBIO from $32.00 to $29.00 and set an "outperform" rating on the stock in a research report on Tuesday. Finally, Morgan Stanley reiterated an "overweight" rating and set a $18.00 price objective on shares of REGENXBIO in a research note on Friday, August 7th. Nine equities 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 stock. Based on data from MarketBeat, REGENXBIO has an average rating of "Moderate Buy" and an average target price of $23.27.

REGENXBIO Stock Up 0.3%

The business has a fifty day moving average price of $11.03 and a 200-day moving average price of $9.20. The company has a market cap of $620.49 million, a P/E ratio of -2.48 and a beta of 0.94.

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

Insider Buying and Selling at REGENXBIO

In other news, insider Steve Pakola sold 2,161 shares of REGENXBIO stock in a transaction on Thursday, July 2nd. The stock was sold at an average price of $13.64, for a total value of $29,476.04. Following the transaction, the insider owned 213,009 shares in the company, valued at approximately $2,905,442.76. This trade represents a 1.00% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Over the last 90 days, insiders sold 58,494 shares of company stock valued at $718,232. Company insiders own 14.22% of the company's stock.

Institutional Investors Weigh In On REGENXBIO

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Versant Capital Management Inc grew its stake in shares of REGENXBIO by 60.4% during the second 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 bought a new stake in REGENXBIO during the 3rd quarter worth approximately $37,000. Quantbot Technologies LP acquired a new stake in REGENXBIO in the second quarter valued at $51,000. Legal & General Group Plc acquired a new stake in shares of REGENXBIO in the second quarter valued at about $56,000. Finally, Captrust Financial Advisors acquired a new stake in REGENXBIO during the 2nd quarter valued at approximately $85,000. 88.08% of the stock is owned by institutional investors.

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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