REGENXBIO (NASDAQ:RGNX) Cut to “Strong Sell” at Zacks Research

Zacks Research lowered shares of REGENXBIO (NASDAQ:RGNX) from a hold rating to a strong sell rating in a report released on Tuesday morning,Zacks.com reports.

RGNX has been the subject of several other reports. Morgan Stanley set a $16.00 price objective on REGENXBIO in a report on Friday, May 15th. Barclays cut their price target on REGENXBIO from $37.00 to $12.00 and set an “overweight” rating for the company in a research note on Friday, May 15th. HC Wainwright reiterated a “buy” rating and issued a $26.00 price objective on shares of REGENXBIO in a research report on Wednesday, July 1st. Robert W. Baird raised their target price on shares of REGENXBIO from $27.00 to $32.00 and gave the company an “outperform” rating in a report on Monday, June 22nd. Finally, Bank of America cut their target price on shares of REGENXBIO from $25.00 to $14.00 and set a “buy” rating for the company in a research report on Friday, May 15th. Ten research analysts have rated the stock with a Buy rating, one has given a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $23.82.

REGENXBIO Trading Down 8.7%

Shares of RGNX opened at $11.20 on Tuesday. REGENXBIO has a twelve month low of $5.45 and a twelve month high of $16.19. The firm has a market capitalization of $579.04 million, a P/E ratio of -2.00 and a beta of 0.90. The firm’s 50-day moving average is $9.10 and its two-hundred day moving average is $9.87.

REGENXBIO (NASDAQ:RGNX) last posted its quarterly earnings results on Thursday, May 14th. The biotechnology company reported ($1.72) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.36) by ($0.36). The company had revenue of $6.39 million for the quarter, compared to analyst estimates of $25.84 million. REGENXBIO had a negative net margin of 330.23% and a negative return on equity of 232.50%. Analysts predict that REGENXBIO will post -3.69 EPS for the current year.

Insider Buying and Selling at REGENXBIO

In other news, insider Steve Pakola sold 36,725 shares of the company’s stock in a transaction on Wednesday, July 1st. The stock was sold at an average price of $12.86, for a total value of $472,283.50. Following the sale, the insider directly owned 213,009 shares in the company, valued at $2,739,295.74. This represents a 14.71% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders sold 73,803 shares of company stock valued at $886,937 over the last ninety days. Insiders own 14.22% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in RGNX. JPMorgan Chase & Co. increased its stake in REGENXBIO by 4.8% in the third quarter. JPMorgan Chase & Co. now owns 4,037,248 shares of the biotechnology company’s stock valued at $38,959,000 after purchasing an additional 185,223 shares during the last quarter. Assenagon Asset Management S.A. boosted its stake 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 worth $16,709,000 after buying an additional 454,977 shares during the last quarter. Royce & Associates LP acquired a new stake in REGENXBIO in the 4th quarter worth about $1,714,000. Propel Bio Management LLC purchased a new stake in REGENXBIO in the 4th quarter valued at about $1,683,000. Finally, Y Intercept Hong Kong Ltd acquired a new position in shares of REGENXBIO during the 1st quarter valued at about $2,305,000. 88.08% of the stock is currently owned by hedge funds and other institutional investors.

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.