REGENXBIO (NASDAQ:RGNX) Rating Increased to Hold at Zacks Research

Key Points

• Zacks Research upgraded REGENXBIO from “strong sell” to “hold,” while analysts overall maintain a “Moderate Buy” consensus with an average price target of $23.73.
• REGENXBIO reported quarterly revenue of $108.02 million and adjusted EPS of $0.43, exceeding analyst estimates of $97.63 million and $0.08, respectively, though the company remains unprofitable.
• The stock opened at $10.66, with a market capitalization of approximately $551 million; institutional investors own a substantial 88.08% of outstanding shares, led by a newly reported BlackRock stake.

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

RGNX has been the topic of a number of other research reports. Barclays cut shares of REGENXBIO from an "overweight" rating to a "hold" rating in a research report on Friday, August 7th. Leerink Partners increased their target price on shares of REGENXBIO from $17.00 to $18.00 and gave the stock an "outperform" rating in a report on Monday, June 22nd. Weiss Ratings reissued a "sell (e+)" rating on shares of REGENXBIO in a research note on Monday, June 8th. Robert W. Baird boosted their price target on REGENXBIO from $27.00 to $32.00 and gave the company an "outperform" rating in a report on Monday, June 22nd. Finally, Wall Street Zen raised REGENXBIO from a "strong sell" rating to a "hold" rating in a research report on Saturday, August 8th. Nine investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $23.73.

REGENXBIO Stock Performance

NASDAQ:RGNX opened at $10.66 on Wednesday. The firm has a market cap of $551.12 million, a PE ratio of -2.81 and a beta of 0.94. REGENXBIO has a fifty-two week low of $5.45 and a fifty-two week high of $16.19. The business has a 50 day moving average price of $10.33 and a 200-day moving average price of $9.28.

REGENXBIO (NASDAQ:RGNX - Get Free Report) last issued its earnings results on Thursday, August 6th. The biotechnology company reported $0.43 EPS for the quarter, topping 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 company had revenue of $108.02 million for the quarter, compared to the consensus estimate of $97.63 million. Research analysts predict that REGENXBIO will post -3.91 EPS for the current year.

Insider Buying and Selling

In other REGENXBIO news, insider Steve Pakola sold 2,161 shares of REGENXBIO stock in a transaction that occurred on Thursday, July 2nd. The stock was sold at an average price of $13.64, for a total transaction of $29,476.04. Following the sale, the insider directly owned 213,009 shares of the company's stock, valued at approximately $2,905,442.76. The trade was a 1.00% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders have sold 58,494 shares of company stock valued at $718,232 in the last ninety days. Company insiders own 14.22% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the company. BlackRock Inc. bought a new stake in shares of REGENXBIO during the second quarter valued at approximately $76,641,000. Vanguard Group Inc. raised its holdings in REGENXBIO by 1.1% in the fourth quarter. Vanguard Group Inc. now owns 3,374,140 shares of the biotechnology company's stock worth $48,588,000 after purchasing an additional 36,042 shares in the last quarter. State Street Corp raised its holdings in REGENXBIO by 15.2% in the fourth quarter. State Street Corp now owns 2,286,736 shares of the biotechnology company's stock worth $32,929,000 after purchasing an additional 301,858 shares in the last quarter. AQR Capital Management LLC lifted its position in REGENXBIO by 5.6% during the fourth quarter. AQR Capital Management LLC now owns 1,361,962 shares of the biotechnology company's stock valued at $19,612,000 after buying an additional 72,307 shares during the period. Finally, Integral Health Asset Management LLC lifted its position in REGENXBIO by 9.1% during the fourth quarter. Integral Health Asset Management LLC now owns 1,200,000 shares of the biotechnology company's stock valued at $17,280,000 after buying an additional 100,000 shares during the period. Hedge funds and other institutional investors own 88.08% of the company's stock.

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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