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

REGENXBIO Inc. (NASDAQ:RGNX) shares gapped up before the market opened on Monday . The stock had previously closed at $10.48, but opened at $11.12. REGENXBIO shares last traded at $11.1340, with a volume of 384,390 shares traded.

Wall Street Analyst Weigh In

RGNX has been the subject of several analyst reports. HC Wainwright reaffirmed a “buy” rating and set a $26.00 price target on shares of REGENXBIO in a research note on Wednesday, June 24th. Leerink Partners boosted their price objective on shares of REGENXBIO from $17.00 to $18.00 and gave the stock an “outperform” rating in a research note on Monday, June 22nd. Robert W. Baird increased their price objective on REGENXBIO from $27.00 to $32.00 and gave the company an “outperform” rating in a report on Monday, June 22nd. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of REGENXBIO in a research report on Monday, June 8th. Finally, Bank of America cut their target price on REGENXBIO from $25.00 to $14.00 and set a “buy” rating on the stock in a report on Friday, May 15th. Ten analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $23.82.

REGENXBIO Stock Performance

The business has a 50 day moving average price of $7.95 and a 200-day moving average price of $9.92. The company has a market capitalization of $573.43 million, a price-to-earnings ratio of -1.98 and a beta of 1.04.

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

Insider Activity

In other news, insider Steve Pakola sold 15,309 shares of the firm’s stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $11.02, for a total transaction of $168,705.18. Following the completion of the sale, the insider owned 232,617 shares of the company’s stock, valued at $2,563,439.34. This trade represents a 6.17% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Insiders own 14.22% of the company’s stock.

Institutional Trading of REGENXBIO

Hedge funds have recently modified their holdings of the stock. AQR Capital Management LLC boosted its stake in REGENXBIO by 2,247.7% during the first quarter. AQR Capital Management LLC now owns 620,595 shares of the biotechnology company’s stock worth $4,437,000 after acquiring an additional 594,161 shares in the last quarter. Assenagon Asset Management S.A. increased its stake in REGENXBIO by 64.5% in the fourth quarter. Assenagon Asset Management S.A. now owns 1,160,380 shares of the biotechnology company’s stock valued at $16,709,000 after purchasing an additional 454,977 shares in the last quarter. Invenomic Capital Management LP acquired a new position in shares of REGENXBIO during the third quarter valued at about $4,120,000. Integral Health Asset Management LLC raised its holdings in shares of REGENXBIO by 57.1% during the third quarter. Integral Health Asset Management LLC now owns 1,100,000 shares of the biotechnology company’s stock valued at $10,615,000 after purchasing an additional 400,000 shares during the period. Finally, State Street Corp raised its holdings in shares of REGENXBIO by 15.2% during the fourth quarter. State Street Corp now owns 2,286,736 shares of the biotechnology company’s stock valued at $32,929,000 after purchasing an additional 301,858 shares during the period. Institutional investors own 88.08% of the company’s stock.

REGENXBIO Company Profile

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.