REGENXBIO (NASDAQ:RGNX) Stock Price Down 6.8% - Time to Sell?

Key Points

• REGENXBIO shares fell 6.8% in mid-day trading, dropping to as low as $14.25 after closing at $15.65 the prior day. Trading volume was well below average, with about 409,828 shares changing hands.
• Recent analyst opinions were mixed, but the stock still carries a “Moderate Buy” consensus rating with a $23.82 average price target. Notably, Barclays cut its target from $37 to $12, while Morgan Stanley set a $16 target.
• The company reported weaker-than-expected quarterly results, posting a loss of $1.72 per share and revenue of $6.39 million, both below estimates. Insider selling also showed some caution, including a July 1 sale by executive Steve Pakola.

Shares of REGENXBIO Inc. (NASDAQ:RGNX - Get Free Report) fell 6.8% during mid-day trading on Friday . The stock traded as low as $14.25 and last traded at $14.5820. 409,828 shares traded hands during trading, a decline of 71% from the average daily volume of 1,395,068 shares. The stock had previously closed at $15.65.

Analyst Ratings Changes

Several research firms recently commented on RGNX. Morgan Stanley set a $16.00 price objective on REGENXBIO in a research note on Friday, May 15th. Barclays lowered their target price on REGENXBIO from $37.00 to $12.00 and set an "overweight" rating on the stock in a research note on Friday, May 15th. Leerink Partners upped their price target on REGENXBIO from $17.00 to $18.00 and gave the company an "outperform" rating in a research report on Monday, June 22nd. Robert W. Baird increased their price target on REGENXBIO from $27.00 to $32.00 and gave the stock an "outperform" rating in a research note on Monday, June 22nd. Finally, Weiss Ratings reissued a "sell (e+)" rating on shares of REGENXBIO in a report on Monday, June 8th. Ten equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, REGENXBIO presently has a consensus rating of "Moderate Buy" and a consensus price target of $23.82.

REGENXBIO Stock Performance

The firm has a market cap of $706.48 million, a P/E ratio of -2.44 and a beta of 0.90. The firm has a 50 day simple moving average of $8.80 and a 200 day simple moving average of $9.94.

REGENXBIO (NASDAQ:RGNX - Get Free Report) last released its quarterly earnings data on Thursday, May 14th. The biotechnology company reported ($1.72) EPS for the quarter, missing analysts' consensus estimates of ($1.36) by ($0.36). The firm had revenue of $6.39 million during 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%. Sell-side analysts predict that REGENXBIO Inc. will post -3.69 EPS for the current fiscal year.

Insider Buying and Selling

In other news, insider Steve Pakola sold 36,725 shares of the business's stock in a transaction on Wednesday, July 1st. The shares were sold at an average price of $12.86, for a total transaction of $472,283.50. Following the completion of the transaction, the insider directly owned 213,009 shares in the company, valued at $2,739,295.74. The trade was a 14.71% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Over the last ninety days, insiders have sold 73,803 shares of company stock valued at $886,937. 14.22% of the stock is owned by company insiders.

Hedge Funds Weigh In On REGENXBIO

Institutional investors have recently added to or reduced their stakes in the business. Versant Capital Management Inc boosted its position in shares of REGENXBIO by 60.4% during the 2nd quarter. Versant Capital Management Inc now owns 2,741 shares of the biotechnology company's stock valued at $33,000 after acquiring an additional 1,032 shares during the last quarter. Aquatic Capital Management LLC bought a new position in shares of REGENXBIO in the third quarter worth approximately $37,000. Captrust Financial Advisors purchased a new stake in REGENXBIO in the second quarter valued at approximately $85,000. Entropy Technologies LP purchased a new stake in REGENXBIO in the first quarter valued at approximately $87,000. Finally, Prudential Financial Inc. bought a new stake in REGENXBIO during the second quarter valued at approximately $87,000. 88.08% of the stock is currently owned by 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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