REGENXBIO (NASDAQ:RGNX) Downgraded to “Strong Sell” Rating by Zacks Research

REGENXBIO (NASDAQ:RGNX) was downgraded by stock analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a research note issued to investors on Tuesday,Zacks.com reports.

Several other research firms also recently commented on RGNX. Weiss Ratings reiterated a “sell (e+)” rating on shares of REGENXBIO in a research report on Monday, June 8th. Morgan Stanley set a $16.00 price target on REGENXBIO in a report on Friday, May 15th. Bank of America dropped their price objective 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. Leerink Partners lifted their target price on shares of REGENXBIO from $17.00 to $18.00 and gave the stock an “outperform” rating in a research report on Monday, June 22nd. Finally, Robert W. Baird boosted their target price on shares of REGENXBIO from $27.00 to $32.00 and gave the stock an “outperform” rating in a report on Monday, June 22nd. Ten investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, REGENXBIO currently has an average rating of “Moderate Buy” and a consensus price target of $23.82.

REGENXBIO Trading Down 0.2%

RGNX stock opened at $12.27 on Tuesday. The firm has a 50-day moving average price of $9.09 and a 200-day moving average price of $9.89. REGENXBIO has a 12 month low of $5.45 and a 12 month high of $16.19. The stock has a market capitalization of $634.36 million, a P/E ratio of -2.19 and a beta of 0.90.

REGENXBIO (NASDAQ:RGNX) last announced its quarterly earnings results on Thursday, May 14th. The biotechnology company reported ($1.72) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.36) by ($0.36). The company had revenue of $6.39 million for 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%. As a group, equities analysts predict that REGENXBIO will post -3.69 EPS for the current fiscal year.

Insider Activity at REGENXBIO

In other news, insider Steve Pakola sold 2,161 shares of the stock in a transaction dated Thursday, July 2nd. The stock was sold at an average price of $13.64, for a total value of $29,476.04. Following the completion of the sale, the insider owned 213,009 shares of the company’s stock, valued at approximately $2,905,442.76. This represents a 1.00% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In the last 90 days, insiders sold 73,803 shares of company stock valued at $886,937. Insiders own 14.22% of the company’s stock.

Hedge Funds Weigh In On REGENXBIO

Hedge funds and other institutional investors have recently made changes to their positions in the stock. JPMorgan Chase & Co. raised its holdings in REGENXBIO by 4.8% during the 3rd quarter. JPMorgan Chase & Co. now owns 4,037,248 shares of the biotechnology company’s stock worth $38,959,000 after purchasing an additional 185,223 shares during the last quarter. Assenagon Asset Management S.A. lifted its position in shares of 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 worth $16,709,000 after purchasing an additional 454,977 shares during the period. Royce & Associates LP bought a new stake in shares of REGENXBIO in the 4th quarter valued at $1,714,000. Propel Bio Management LLC bought a new stake in shares of REGENXBIO in the 4th quarter valued at $1,683,000. Finally, Y Intercept Hong Kong Ltd acquired a new stake in shares of REGENXBIO during the first quarter worth $2,305,000. 88.08% of the stock is owned by institutional investors and hedge funds.

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.