REGENXBIO (NASDAQ:RGNX) Shares Up 7.5% – What’s Next?

Shares of REGENXBIO Inc. (NASDAQ:RGNX) shot up 7.5% during trading on Tuesday . The stock traded as high as $8.60 and last traded at $8.6650. 410,852 shares traded hands during trading, a decline of 72% from the average daily volume of 1,443,312 shares. The stock had previously closed at $8.06.

Trending Headlines about REGENXBIO

Here are the key news stories impacting REGENXBIO this week:

• Positive Sentiment: Robert W. Baird lowered its price target for REGENXBIO from $32 to $29 but maintained an “outperform” rating, implying substantial potential upside from recent trading levels. Benzinga
• Positive Sentiment: REGENXBIO appointed Greg Ciongoli to its board of directors, adding corporate and governance experience as the company manages the RGX-121 setback. Board Appointment
• Neutral Sentiment: Bank of America reportedly maintained a favorable view and encouraged investors to consider the selloff an opportunity, suggesting some analysts believe the clinical issue may be manageable. Bank of America View
• Negative Sentiment: The FDA placed RGX-121 on clinical hold after spinal scans identified nodules and masses in five trial participants. The company must investigate the abnormalities and address regulators’ concerns, creating significant safety, timing and approval risk. FDA Clinical Hold
• Negative Sentiment: REGENXBIO said it will not resubmit its U.S. biologics license application for the Hunter syndrome therapy at this time, further weakening near-term regulatory and revenue expectations. BLA Update
• Negative Sentiment: Johnson Fistel announced an investigation into potential securities-law claims related to the clinical hold, adding legal and reputational overhang. Investor Investigation

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the stock. Wall Street Zen upgraded shares of REGENXBIO from a “strong sell” rating to a “hold” rating in a research note on Saturday, August 8th. Leerink Partners raised their target price on shares of REGENXBIO from $17.00 to $18.00 and gave the company an “outperform” rating in a research note on Monday, June 22nd. Weiss Ratings reiterated a “sell (e+)” rating on shares of REGENXBIO in a report on Monday, June 8th. Zacks Research raised shares of REGENXBIO from a “strong sell” rating to a “hold” rating in a research report on Wednesday, August 12th. Finally, Bank of America decreased their price target on shares of REGENXBIO from $25.00 to $14.00 and set a “buy” rating for the company in a report on Friday, May 15th. Nine research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $23.27.

REGENXBIO Price Performance

The company has a market capitalization of $578.64 million, a price-to-earnings ratio of -2.32 and a beta of 0.94. The business has a fifty day moving average price of $10.93 and a 200 day moving average price of $9.23.

REGENXBIO (NASDAQ:RGNX) last posted its quarterly earnings data on Thursday, August 6th. The biotechnology company reported $0.43 earnings per share for the quarter, beating the consensus estimate of $0.08 by $0.35. The company had revenue of $108.02 million during the quarter, compared to analysts’ expectations of $97.63 million. REGENXBIO had a negative return on equity of 220.07% and a negative net margin of 112.58%. As a group, sell-side analysts predict that REGENXBIO Inc. will post -3.91 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other REGENXBIO news, insider Steve Pakola sold 2,161 shares of the stock in a transaction 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 sale, the insider directly owned 213,009 shares of the company’s stock, valued at $2,905,442.76. This represents a 1.00% decrease in their position. The sale 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 58,494 shares of company stock valued at $718,232. 14.22% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Versant Capital Management Inc lifted its stake in shares of REGENXBIO by 60.4% in the second quarter. Versant Capital Management Inc now owns 2,741 shares of the biotechnology company’s stock valued at $33,000 after buying an additional 1,032 shares during the period. Aquatic Capital Management LLC bought a new stake in shares of REGENXBIO in the 3rd quarter worth approximately $37,000. Quantbot Technologies LP acquired a new stake in shares of REGENXBIO during the 2nd quarter worth approximately $51,000. Legal & General Group Plc bought a new stake in shares of REGENXBIO during the second quarter valued at approximately $56,000. Finally, Captrust Financial Advisors bought a new stake in shares of REGENXBIO during the second quarter valued at approximately $85,000. Institutional investors and hedge funds 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.