REGENXBIO (NASDAQ:RGNX) Stock Crosses 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) shares 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 (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 analysts' expectations of $40.87 million. REGENXBIO had a negative net margin of 112.70% and a negative return on equity of 66.95%.

Analysts Set New Price Targets

A number of research firms recently weighed in on RGNX. Wall Street Zen cut REGENXBIO from a "hold" rating to a "strong sell" rating in a report on Saturday. 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. Barclays dropped their price objective on REGENXBIO from $50.00 to $37.00 and set an "overweight" rating for the company in a research note on Friday, August 8th. Royal Bank Of Canada dropped their price objective on REGENXBIO from $21.00 to $17.00 and set an "outperform" rating for the company in a research note on Friday, August 8th. Finally, The Goldman Sachs Group dropped their price objective on REGENXBIO from $14.00 to $12.00 and set a "neutral" rating for the company in a research note on Thursday, April 17th. One research 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. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $28.38.

Hedge Funds Weigh In On REGENXBIO

Several hedge funds have recently bought and sold shares of RGNX. FNY Investment Advisers LLC purchased a new stake in shares of REGENXBIO in the first quarter valued at $35,000. Brooklyn Investment Group grew its position in shares of REGENXBIO by 163.7% in the first quarter. Brooklyn Investment Group now owns 5,583 shares of the biotechnology company's stock valued at $40,000 after purchasing an additional 3,466 shares during the period. Steward Partners Investment Advisory LLC grew its position in shares of REGENXBIO by 754.1% in the second quarter. Steward Partners Investment Advisory LLC now owns 5,663 shares of the biotechnology company's stock valued at $46,000 after purchasing an additional 5,000 shares during the period. Laurion Capital Management LP purchased a new stake in shares of REGENXBIO in the fourth quarter valued at $79,000. Finally, Pallas Capital Advisors LLC purchased a new stake in shares of REGENXBIO in the first quarter valued at $74,000. Hedge funds and other institutional investors own 88.08% of the company's stock.

REGENXBIO Price Performance

The firm has a market cap of $451.85 million, a PE ratio of -2.61 and a beta of 1.11. The stock has a 50-day moving average price of $8.69 and a 200 day moving average price of $8.03.

About REGENXBIO

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.