REGENXBIO (NASDAQ:RGNX) Shares Pass Below 50-Day Moving Average Following Weak Earnings

Key Points

• REGENXBIO Inc. reported a quarterly earnings loss of ($1.38) per share, missing estimates by ($0.25), which contributed to its share price falling below its 50-day moving average of $8.79.
• Multiple Wall Street analysts revised their price targets for the stock, with estimates ranging from $12.00 to $52.00, and the consensus rating remaining a "Moderate Buy."
• Following a sale of shares by a director, institutional investors now own approximately 88.08% of REGENXBIO's stock, indicating strong institutional support despite recent performance issues.

REGENXBIO Inc. (NASDAQ:RGNX - Get Free Report)'s share price crossed below its 50-day moving average during trading on Friday after the company announced weaker than expected quarterly earnings. The stock has a 50-day moving average of $8.79 and traded as low as $7.72. REGENXBIO shares last traded at $7.85, with a volume of 637,496 shares changing hands.

The biotechnology company reported ($1.38) earnings per share for the quarter, missing the consensus estimate of ($1.13) by ($0.25). REGENXBIO had a negative net margin of 112.70% and a negative return on equity of 66.95%. The company had revenue of $21.36 million for the quarter, compared to the consensus estimate of $40.87 million.

Wall Street Analysts Forecast Growth

RGNX has been the topic of several research reports. Chardan Capital restated a "buy" rating and set a $52.00 price target on shares of REGENXBIO in a research note on Friday. Barclays dropped their target price on shares of REGENXBIO from $50.00 to $37.00 and set an "overweight" rating on the stock in a report on Friday. Royal Bank Of Canada cut their target price on shares of REGENXBIO from $21.00 to $17.00 and set an "outperform" rating on the stock in a research report on Friday. Finally, 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. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $28.38.

Insiders Place Their Bets

In other news, Director Kenneth T. Mills sold 20,602 shares of the company's stock in a transaction on Monday, May 12th. The stock was sold at an average price of $7.91, for a total transaction of $162,961.82. Following the transaction, the director directly owned 475,103 shares of the company's stock, valued at approximately $3,758,064.73. This represents a 4.16% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 12.79% of the stock is currently owned by company insiders.

Institutional Trading of REGENXBIO

A number of institutional investors have recently made changes to their positions in RGNX. Price T Rowe Associates Inc. MD raised its holdings in shares of REGENXBIO by 9.0% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 23,910 shares of the biotechnology company's stock worth $185,000 after buying an additional 1,982 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in shares of REGENXBIO by 9.1% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 27,756 shares of the biotechnology company's stock worth $198,000 after purchasing an additional 2,326 shares during the last quarter. ProShare Advisors LLC lifted its holdings in shares of REGENXBIO by 22.4% during the fourth quarter. ProShare Advisors LLC now owns 15,314 shares of the biotechnology company's stock worth $118,000 after purchasing an additional 2,800 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in REGENXBIO by 2.9% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 100,452 shares of the biotechnology company's stock valued at $775,000 after buying an additional 2,827 shares during the last quarter. Finally, Voya Investment Management LLC boosted its position in REGENXBIO by 7.5% in the fourth quarter. Voya Investment Management LLC now owns 43,502 shares of the biotechnology company's stock valued at $336,000 after buying an additional 3,024 shares during the last quarter. Institutional investors and hedge funds own 88.08% of the company's stock.

REGENXBIO Stock Performance

The company has a market cap of $393.76 million, a price-to-earnings ratio of -2.28 and a beta of 1.11. The company's fifty day moving average is $8.79 and its two-hundred day moving average is $8.03.

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.

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