REGENXBIO (NASDAQ:RGNX) Shares Gap Up – Here’s Why

REGENXBIO Inc. (NASDAQ:RGNX)’s share price gapped up before the market opened on Friday . The stock had previously closed at $11.14, but opened at $11.56. REGENXBIO shares last traded at $10.96, with a volume of 110,242 shares traded.

Analysts Set New Price Targets

Several equities analysts have weighed in on the stock. Chardan Capital reiterated a “buy” rating and issued a $52.00 target price on shares of REGENXBIO in a report on Tuesday, October 22nd. Raymond James reiterated an “outperform” rating and issued a $18.00 price objective on shares of REGENXBIO in a report on Thursday, October 10th. Morgan Stanley reissued an “overweight” rating and set a $22.00 target price on shares of REGENXBIO in a research note on Friday. HC Wainwright lifted their target price on REGENXBIO from $39.00 to $40.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. Finally, Barclays lowered their price target on REGENXBIO from $55.00 to $50.00 and set an “overweight” rating for the company in a report on Monday, August 5th. Two equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $35.64.

REGENXBIO Stock Performance

The stock has a market cap of $477.07 million, a price-to-earnings ratio of -1.91 and a beta of 1.23. The company has a 50 day moving average of $10.50 and a 200-day moving average of $12.28.

Insider Transactions at REGENXBIO

In other news, Director Argeris N. Karabelas sold 10,000 shares of the company’s stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $10.11, for a total transaction of $101,100.00. Following the sale, the director now owns 11,286 shares of the company’s stock, valued at approximately $114,101.46. This represents a 46.98 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 13.13% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Redmile Group LLC increased its holdings in REGENXBIO by 7.1% during the 3rd quarter. Redmile Group LLC now owns 4,892,902 shares of the biotechnology company’s stock worth $51,327,000 after purchasing an additional 323,100 shares during the period. Vanguard Group Inc. increased its stake in shares of REGENXBIO by 9.8% during the first quarter. Vanguard Group Inc. now owns 4,876,881 shares of the biotechnology company’s stock worth $102,756,000 after buying an additional 436,043 shares during the period. Geode Capital Management LLC raised its holdings in REGENXBIO by 4.2% in the third quarter. Geode Capital Management LLC now owns 1,088,651 shares of the biotechnology company’s stock valued at $11,422,000 after acquiring an additional 44,037 shares in the last quarter. Integral Health Asset Management LLC lifted its stake in REGENXBIO by 25.0% in the second quarter. Integral Health Asset Management LLC now owns 950,000 shares of the biotechnology company’s stock worth $11,115,000 after acquiring an additional 190,000 shares during the last quarter. Finally, Assenagon Asset Management S.A. grew its holdings in REGENXBIO by 258.7% during the 2nd quarter. Assenagon Asset Management S.A. now owns 816,384 shares of the biotechnology company’s stock worth $9,552,000 after acquiring an additional 588,773 shares in the last quarter. 88.08% of the stock is currently owned by hedge funds and other institutional investors.

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.