REGENXBIO (NASDAQ:RGNX) Downgraded to "Strong Sell" Rating by Zacks Research

Key Points

• Zacks Research downgraded REGENXBIO from “hold” to “strong sell,” adding to a mixed analyst backdrop that still includes several bullish ratings and an overall consensus of “Moderate Buy.”
• The company’s latest earnings missed expectations, with REGENXBIO reporting a wider-than-expected loss per share and revenue far below estimates, reinforcing concerns about its profitability and operating performance.
• Shares were trading around $12.27 with a market cap of about $634 million, while insider selling and heavy institutional ownership were also noted in the report.

REGENXBIO (NASDAQ:RGNX - Get Free Report) was downgraded by stock analysts at Zacks Research from a "hold" rating to a "strong sell" rating in a research note issued to investors on Tuesday,Zacks.com reports.

Several other research firms also recently commented on RGNX. Weiss Ratings reiterated a "sell (e+)" rating on shares of REGENXBIO in a research report on Monday, June 8th. Morgan Stanley set a $16.00 price target on REGENXBIO in a report on Friday, May 15th. Bank of America dropped their price objective on shares of REGENXBIO from $25.00 to $14.00 and set a "buy" rating for the company in a report on Friday, May 15th. Leerink Partners lifted their target price on shares of REGENXBIO from $17.00 to $18.00 and gave the stock an "outperform" rating in a research report on Monday, June 22nd. Finally, Robert W. Baird boosted their target price on shares of REGENXBIO from $27.00 to $32.00 and gave the stock an "outperform" rating in a report on Monday, June 22nd. Ten investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat, REGENXBIO currently has an average rating of "Moderate Buy" and a consensus price target of $23.82.

REGENXBIO Trading Down 0.2%

RGNX stock opened at $12.27 on Tuesday. The firm has a 50-day moving average price of $9.09 and a 200-day moving average price of $9.89. REGENXBIO has a 12 month low of $5.45 and a 12 month high of $16.19. The stock has a market capitalization of $634.36 million, a P/E ratio of -2.19 and a beta of 0.90.

REGENXBIO (NASDAQ:RGNX - Get Free Report) last announced its quarterly earnings results on Thursday, May 14th. The biotechnology company reported ($1.72) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.36) by ($0.36). The company had revenue of $6.39 million for the quarter, compared to the consensus estimate of $25.84 million. REGENXBIO had a negative net margin of 330.23% and a negative return on equity of 232.50%. As a group, equities analysts predict that REGENXBIO will post -3.69 EPS for the current fiscal year.

Insider Activity at REGENXBIO

In other news, insider Steve Pakola sold 2,161 shares of the 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 owned 213,009 shares of the company's stock, valued at approximately $2,905,442.76. This represents a 1.00% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In the last 90 days, insiders sold 73,803 shares of company stock valued at $886,937. Insiders own 14.22% of the company's stock.

Hedge Funds Weigh In On REGENXBIO

Hedge funds and other institutional investors have recently made changes to their positions in the stock. JPMorgan Chase & Co. raised its holdings in REGENXBIO by 4.8% during the 3rd quarter. JPMorgan Chase & Co. now owns 4,037,248 shares of the biotechnology company's stock worth $38,959,000 after purchasing an additional 185,223 shares during the last quarter. Assenagon Asset Management S.A. lifted its position in shares of REGENXBIO by 64.5% in the 4th quarter. Assenagon Asset Management S.A. now owns 1,160,380 shares of the biotechnology company's stock worth $16,709,000 after purchasing an additional 454,977 shares during the period. Royce & Associates LP bought a new stake in shares of REGENXBIO in the 4th quarter valued at $1,714,000. Propel Bio Management LLC bought a new stake in shares of REGENXBIO in the 4th quarter valued at $1,683,000. Finally, Y Intercept Hong Kong Ltd acquired a new stake in shares of REGENXBIO during the first quarter worth $2,305,000. 88.08% of the stock is owned by institutional investors and hedge funds.

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.

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.