REGENXBIO (NASDAQ:RGNX) Shares Down 3.1% Following Insider Selling

REGENXBIO Inc. (NASDAQ:RGNX) shares traded down 3.1% during trading on Thursday after an insider sold shares in the company. The stock traded as low as $16.21 and last traded at $16.50. 113,665 shares changed hands during trading, a decline of 84% from the average session volume of 729,422 shares. The stock had previously closed at $17.03.

Specifically, CEO Kenneth T. Mills sold 15,000 shares of the business’s stock in a transaction that occurred on Wednesday, February 14th. The stock was sold at an average price of $16.76, for a total transaction of $251,400.00. Following the sale, the chief executive officer now directly owns 408,035 shares in the company, valued at $6,838,666.60. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other REGENXBIO news, CEO Kenneth T. Mills sold 15,000 shares of the company’s stock in a transaction on Wednesday, February 14th. The stock was sold at an average price of $16.76, for a total value of $251,400.00. Following the sale, the chief executive officer now directly owns 408,035 shares in the company, valued at $6,838,666.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Steve Pakola sold 12,878 shares of the company’s stock in a transaction on Tuesday, March 5th. The shares were sold at an average price of $28.36, for a total value of $365,220.08. Following the completion of the sale, the insider now owns 107,192 shares in the company, valued at $3,039,965.12. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 57,878 shares of company stock worth $1,217,370. Company insiders own 13.13% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have commented on the company. HC Wainwright reissued a “buy” rating and issued a $36.00 price objective on shares of REGENXBIO in a research note on Monday, March 11th. SVB Leerink raised REGENXBIO from a “market perform” rating to an “outperform” rating and set a $37.00 price objective on the stock in a research note on Wednesday, March 6th. Chardan Capital reissued a “buy” rating and issued a $52.00 price objective on shares of REGENXBIO in a research note on Thursday, March 7th. Robert W. Baird boosted their price objective on REGENXBIO from $34.00 to $39.00 and gave the stock an “outperform” rating in a research note on Wednesday, March 6th. Finally, Royal Bank of Canada raised REGENXBIO from a “sector perform” rating to an “outperform” rating and boosted their price objective for the stock from $20.00 to $35.00 in a research note on Friday, March 8th. Three equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to MarketBeat, REGENXBIO presently has an average rating of “Moderate Buy” and an average price target of $38.45.

REGENXBIO Price Performance

The firm has a 50 day simple moving average of $20.02 and a two-hundred day simple moving average of $17.84. The stock has a market cap of $769.44 million, a price-to-earnings ratio of -2.60 and a beta of 1.29.

REGENXBIO (NASDAQ:RGNX) last released its earnings results on Tuesday, February 27th. The biotechnology company reported ($1.43) earnings per share for the quarter, missing the consensus estimate of ($1.27) by ($0.16). REGENXBIO had a negative net margin of 291.99% and a negative return on equity of 68.18%. The company had revenue of $22.30 million during the quarter, compared to analyst estimates of $34.01 million. During the same period in the previous year, the company posted ($1.38) EPS. The company’s quarterly revenue was down 28.8% compared to the same quarter last year. On average, sell-side analysts expect that REGENXBIO Inc. will post -3.98 earnings per share for the current fiscal year.

Hedge Funds Weigh In On REGENXBIO

Hedge funds have recently added to or reduced their stakes in the stock. Envestnet Asset Management Inc. increased its holdings in shares of REGENXBIO by 10.5% in the first quarter. Envestnet Asset Management Inc. now owns 8,483 shares of the biotechnology company’s stock worth $282,000 after acquiring an additional 804 shares in the last quarter. Raymond James Financial Services Advisors Inc. grew its holdings in shares of REGENXBIO by 19.6% during the first quarter. Raymond James Financial Services Advisors Inc. now owns 59,496 shares of the biotechnology company’s stock worth $1,975,000 after buying an additional 9,765 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in shares of REGENXBIO by 0.3% during the first quarter. Bank of New York Mellon Corp now owns 344,671 shares of the biotechnology company’s stock worth $11,440,000 after buying an additional 921 shares in the last quarter. American Century Companies Inc. bought a new position in shares of REGENXBIO during the first quarter worth about $1,593,000. Finally, MetLife Investment Management LLC grew its holdings in shares of REGENXBIO by 54.6% during the first quarter. MetLife Investment Management LLC now owns 23,492 shares of the biotechnology company’s stock worth $780,000 after buying an additional 8,295 shares in the last quarter. Institutional investors and hedge funds own 88.08% of the company’s stock.

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.