REGENXBIO (NASDAQ:RGNX) Cut to Strong Sell at Wall Street Zen

Key Points

• REGENXBIO has been downgraded from a "hold" rating to a "strong sell" rating by analysts at Wall Street Zen, reflecting a significant shift in investor sentiment.
• Multiple institutions have adjusted their price targets for REGENXBIO, with Royal Bank of Canada lowering it from $21.00 to $17.00, and Goldman Sachs reducing theirs from $14.00 to $12.00.
• REGENXBIO reported a quarterly loss of $1.38 EPS, missing earnings estimates and generating revenue significantly below expectations, which may affect future investor confidence.

Wall Street Zen lowered shares of REGENXBIO (NASDAQ:RGNX - Free Report) from a hold rating to a strong sell rating in a research report released on Saturday.

A number of other research firms have also recently commented on RGNX. The Goldman Sachs Group reduced their price target on shares of REGENXBIO from $14.00 to $12.00 and set a "neutral" rating for the company in a report on Thursday, April 17th. Royal Bank Of Canada reduced their price target on shares of REGENXBIO from $21.00 to $17.00 and set an "outperform" rating for the company in a report on Friday, August 8th. Chardan Capital reaffirmed a "buy" rating and issued a $52.00 price objective on shares of REGENXBIO in a research note on Friday, August 8th. Finally, Barclays dropped their price objective on shares of REGENXBIO from $50.00 to $37.00 and set an "overweight" rating on the stock in a research note on Friday, August 8th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and five have given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $28.38.

REGENXBIO Stock Up 9.9%

NASDAQ:RGNX traded up $0.80 during trading hours on Friday, reaching $8.90. The company had a trading volume of 563,362 shares, compared to its average volume of 975,322. The firm has a market cap of $449.57 million, a price-to-earnings ratio of -2.62 and a beta of 1.11. The business's 50-day simple moving average is $8.69 and its two-hundred day simple moving average is $8.03. REGENXBIO has a twelve month low of $5.03 and a twelve month high of $13.48.

REGENXBIO (NASDAQ:RGNX - Get Free Report) last posted its quarterly earnings results on Thursday, August 7th. The biotechnology company reported ($1.38) EPS for the quarter, missing analysts' consensus estimates of ($1.13) by ($0.25). The company had revenue of $21.36 million during the quarter, compared to analyst estimates of $40.87 million. REGENXBIO had a negative return on equity of 66.95% and a negative net margin of 112.70%. As a group, equities analysts predict that REGENXBIO will post -4.84 earnings per share for the current year.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the company. Vanguard Group Inc. lifted its position in shares of REGENXBIO by 16.3% during the first quarter. Vanguard Group Inc. now owns 3,472,988 shares of the biotechnology company's stock valued at $24,832,000 after purchasing an additional 487,036 shares in the last quarter. Millennium Management LLC lifted its position in shares of REGENXBIO by 406.3% during the fourth quarter. Millennium Management LLC now owns 1,322,344 shares of the biotechnology company's stock valued at $10,222,000 after purchasing an additional 1,061,187 shares in the last quarter. Balyasny Asset Management L.P. lifted its position in shares of REGENXBIO by 6.0% during the fourth quarter. Balyasny Asset Management L.P. now owns 1,187,102 shares of the biotechnology company's stock valued at $9,176,000 after purchasing an additional 66,993 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in shares of REGENXBIO by 1.8% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,171,422 shares of the biotechnology company's stock valued at $9,054,000 after purchasing an additional 21,234 shares in the last quarter. Finally, Geode Capital Management LLC lifted its position in shares of REGENXBIO by 1.9% during the second quarter. Geode Capital Management LLC now owns 1,128,521 shares of the biotechnology company's stock valued at $9,267,000 after purchasing an additional 21,575 shares in the last quarter. 88.08% of the stock is owned by institutional investors.

REGENXBIO Company Profile

REGENXBIO Inc, a clinical-stage biotechnology company, provides gene therapies that deliver functional genes to cells with genetic defects in the United States. Its gene therapy product candidates are based on NAV Technology Platform, a proprietary adeno-associated virus gene delivery platform. The company's products in pipeline includes ABBV-RGX-314 for the treatment of wet age-related macular degeneration, diabetic retinopathy, and other chronic retinal diseases; and RGX-202, which is in Phase I/II clinical trial for the treatment of Duchenne muscular dystrophy.