REGENXBIO (NASDAQ:RGNX) Lowered to Strong Sell Rating by Zacks Research

Zacks Research downgraded shares of REGENXBIO (NASDAQ:RGNX) from a hold rating to a strong sell rating in a research note published on Tuesday morning,Zacks.com reports.

RGNX has been the topic of several other reports. Leerink Partners upped their price objective on REGENXBIO from $17.00 to $18.00 and gave the company an “outperform” rating in a research note on Monday, June 22nd. Barclays cut their target price on REGENXBIO from $37.00 to $12.00 and set an “overweight” rating for the company in a research report on Friday, May 15th. Bank of America decreased their price target on REGENXBIO from $25.00 to $14.00 and set a “buy” rating on the stock in a research note on Friday, May 15th. HC Wainwright reiterated a “buy” rating and issued a $26.00 price target on shares of REGENXBIO in a research report on Wednesday, July 1st. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of REGENXBIO in a research note on Monday, June 8th. Ten equities 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. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $23.82.

REGENXBIO Stock Performance

NASDAQ:RGNX opened at $12.27 on Tuesday. The company has a 50-day moving average of $9.09 and a 200-day moving average of $9.89. REGENXBIO has a 52 week low of $5.45 and a 52 week high of $16.19. The company has a market capitalization of $634.36 million, a price-to-earnings ratio of -2.19 and a beta of 0.90.

REGENXBIO (NASDAQ:RGNX) last posted its earnings results on Thursday, May 14th. The biotechnology company reported ($1.72) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.36) by ($0.36). The business 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 forecast that REGENXBIO will post -3.69 EPS for the current year.

Insider Buying and Selling

In related news, insider Steve Pakola sold 2,161 shares of the stock in a transaction that occurred on Thursday, July 2nd. The stock was sold at an average price of $13.64, for a total transaction of $29,476.04. Following the sale, the insider directly owned 213,009 shares in the company, valued at $2,905,442.76. This represents a 1.00% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In the last 90 days, insiders sold 73,803 shares of company stock worth $886,937. 14.22% of the stock is owned by corporate insiders.

Institutional Trading of REGENXBIO

Hedge funds and other institutional investors have recently made changes to their positions in the business. AQR Capital Management LLC lifted its position in REGENXBIO by 2,247.7% during the 1st quarter. AQR Capital Management LLC now owns 620,595 shares of the biotechnology company’s stock worth $4,437,000 after buying an additional 594,161 shares in the last quarter. Assenagon Asset Management S.A. increased its position in REGENXBIO by 64.5% in the 4th quarter. Assenagon Asset Management S.A. now owns 1,160,380 shares of the biotechnology company’s stock valued at $16,709,000 after acquiring an additional 454,977 shares in the last quarter. State Street Corp increased its position in REGENXBIO by 15.2% in the 4th quarter. State Street Corp now owns 2,286,736 shares of the biotechnology company’s stock valued at $32,929,000 after acquiring an additional 301,858 shares in the last quarter. Y Intercept Hong Kong Ltd bought a new position in shares of REGENXBIO in the first quarter worth about $2,305,000. Finally, GSK plc bought a new position in shares of REGENXBIO in the fourth quarter worth about $3,909,000. 88.08% of the stock is currently owned by institutional investors and hedge funds.

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.