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

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

Specifically, CEO Kenneth T. Mills sold 15,000 shares of REGENXBIO stock in a transaction dated Monday, April 15th. The stock was sold at an average price of $18.19, for a total transaction of $272,850.00. Following the sale, the chief executive officer now owns 408,035 shares in the company, valued at $7,422,156.65. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CEO Kenneth T. Mills sold 15,000 shares of REGENXBIO stock in a transaction dated Monday, April 15th. The stock was sold at an average price of $18.19, for a total transaction of $272,850.00. Following the sale, the chief executive officer now owns 408,035 shares in the company, valued at $7,422,156.65. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Steve Pakola sold 12,878 shares of REGENXBIO stock in a transaction dated Tuesday, March 5th. The stock was sold at an average price of $28.36, for a total value of $365,220.08. Following the sale, the insider now owns 107,192 shares in the company, valued at approximately $3,039,965.12. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 57,878 shares of company stock worth $1,217,370. Corporate insiders own 13.13% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on RGNX shares. SVB Leerink upgraded REGENXBIO from a “market perform” rating to an “outperform” rating and set a $37.00 price target on the stock in a research report on Wednesday, March 6th. HC Wainwright restated a “buy” rating and issued a $36.00 price target on shares of REGENXBIO in a research report on Monday, March 11th. Raymond James restated an “outperform” rating and issued a $45.00 price target on shares of REGENXBIO in a research report on Wednesday, February 21st. StockNews.com upgraded REGENXBIO from a “sell” rating to a “hold” rating in a research report on Thursday, April 11th. Finally, Robert W. Baird boosted their target price on REGENXBIO from $34.00 to $39.00 and gave the stock an “outperform” rating in a research report on Wednesday, March 6th. Three research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat, REGENXBIO currently has an average rating of “Moderate Buy” and a consensus target price of $38.45.

REGENXBIO Trading Down 5.4 %

The company has a market cap of $790.03 million, a PE ratio of -2.67 and a beta of 1.29. The business has a 50 day simple moving average of $20.03 and a two-hundred day simple moving average of $17.84.

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

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the business. Envestnet Asset Management Inc. increased its holdings in shares of REGENXBIO by 10.5% during the 1st quarter. Envestnet Asset Management Inc. now owns 8,483 shares of the biotechnology company’s stock worth $282,000 after buying an additional 804 shares during the last quarter. Raymond James Financial Services Advisors Inc. increased its holdings in shares of REGENXBIO by 19.6% during the 1st 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 during the last quarter. Bank of New York Mellon Corp increased its holdings in shares of REGENXBIO by 0.3% during the 1st 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 during the last quarter. American Century Companies Inc. acquired a new stake in shares of REGENXBIO during the 1st quarter worth $1,593,000. Finally, MetLife Investment Management LLC increased its holdings in shares of REGENXBIO by 54.6% during the 1st 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 during the last quarter. Hedge funds and other institutional investors 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.