REGENXBIO (NASDAQ:RGNX) Shares Gap Down - Here's What Happened

Key Points

• REGENXBIO shares gapped down from a prior close of $11.20 to an open of $8.99, and were last trading at $9.68 on heavy volume of more than 4.3 million shares.
• Wall Street remains cautiously optimistic overall: the stock has a Moderate Buy consensus rating, with 10 Buy ratings, 1 Hold, and 2 Sell ratings, and an average target price of $23.82.
• The company recently reported wider-than-expected losses, posting EPS of -$1.72 versus expectations of -$1.36 and revenue of $6.39 million versus estimates of $25.84 million, highlighting ongoing pressure on its biotech business.

REGENXBIO Inc. (NASDAQ:RGNX - Get Free Report) shares gapped down before the market opened on Friday . The stock had previously closed at $11.20, but opened at $8.99. REGENXBIO shares last traded at $9.68, with a volume of 4,336,321 shares trading hands.

Wall Street Analysts Forecast Growth

RGNX has been the topic of several recent analyst reports. Bank of America decreased their price objective on shares of REGENXBIO from $25.00 to $14.00 and set a "buy" rating on the stock in a report on Friday, May 15th. Leerink Partners boosted 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. Morgan Stanley set a $16.00 price target on REGENXBIO in a research note on Friday, May 15th. Barclays decreased their price target on REGENXBIO from $37.00 to $12.00 and set an "overweight" rating on the stock in a research note on Friday, May 15th. Finally, HC Wainwright reaffirmed a "buy" rating and issued a $26.00 price objective on shares of REGENXBIO in a research note on Wednesday, July 1st. Ten research analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, REGENXBIO presently has an average rating of "Moderate Buy" and a consensus target price of $23.82.

REGENXBIO Price Performance

The firm has a market capitalization of $515.50 million, a price-to-earnings ratio of -1.78 and a beta of 0.90. The firm has a 50 day moving average price of $9.10 and a 200-day moving average price of $9.87.

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

Insiders Place Their Bets

In related news, insider Steve Pakola sold 2,161 shares of REGENXBIO stock in a transaction that occurred on Thursday, July 2nd. The shares were sold at an average price of $13.64, for a total value of $29,476.04. Following the completion of the transaction, the insider owned 213,009 shares in the company, valued at $2,905,442.76. The trade was a 1.00% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders have sold a total of 73,803 shares of company stock valued at $886,937 over the last 90 days. 14.22% of the stock is owned by company insiders.

Institutional Investors Weigh In On REGENXBIO

Institutional investors have recently modified their holdings of the company. JPMorgan Chase & Co. lifted 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 buying an additional 185,223 shares during the last quarter. Assenagon Asset Management S.A. raised its position in shares of REGENXBIO by 64.5% during 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 acquiring an additional 454,977 shares in the last quarter. Royce & Associates LP purchased a new stake in REGENXBIO during the fourth quarter worth approximately $1,714,000. Y Intercept Hong Kong Ltd purchased a new stake in REGENXBIO during the first quarter worth approximately $2,305,000. Finally, Propel Bio Management LLC acquired a new position in REGENXBIO in the fourth quarter valued at approximately $1,683,000. 88.08% of the stock is owned by hedge funds and other institutional investors.

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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