REGENXBIO (NASDAQ:RGNX) Shares Gap Up – Still a Buy?

Shares of REGENXBIO Inc. (NASDAQ:RGNX) gapped up prior to trading on Friday . The stock had previously closed at $9.37, but opened at $10.00. REGENXBIO shares last traded at $9.50, with a volume of 173,959 shares.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the company. Barclays cut REGENXBIO from an “overweight” rating to a “hold” rating in a report on Friday, August 7th. Robert W. Baird lowered their price objective on REGENXBIO from $32.00 to $29.00 and set an “outperform” rating for the company in a research note on Tuesday. HC Wainwright dropped their target price on REGENXBIO from $23.00 to $21.00 and set a “buy” rating on the stock in a report on Tuesday. Morgan Stanley reiterated an “overweight” rating and set a $18.00 price target on shares of REGENXBIO in a report on Friday, August 7th. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of REGENXBIO in a research note on Monday, June 8th. Nine investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $23.27.

REGENXBIO Stock Performance

The stock’s 50 day moving average is $11.03 and its 200 day moving average is $9.20. The company has a market capitalization of $620.49 million, a PE ratio of -2.48 and a beta of 0.94.

REGENXBIO (NASDAQ:RGNX) last announced its quarterly earnings results on Thursday, August 6th. The biotechnology company reported $0.43 earnings per share for the quarter, beating the consensus estimate of $0.08 by $0.35. The company had revenue of $108.02 million during the quarter, compared to analysts’ expectations of $97.63 million. REGENXBIO had a negative return on equity of 220.07% and a negative net margin of 112.58%. On average, equities research analysts forecast that REGENXBIO Inc. will post -3.91 EPS for the current fiscal year.

Insider Activity 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 shares were sold at an average price of $12.86, for a total value of $472,283.50. Following the transaction, the insider owned 213,009 shares of the company’s stock, valued at approximately $2,739,295.74. This represents a 14.71% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In the last ninety days, insiders have sold 58,494 shares of company stock worth $718,232. 14.22% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of RGNX. Versant Capital Management Inc increased its holdings in shares of REGENXBIO by 60.4% in the 2nd quarter. Versant Capital Management Inc now owns 2,741 shares of the biotechnology company’s stock worth $33,000 after buying an additional 1,032 shares during the last quarter. Aquatic Capital Management LLC bought a new stake in REGENXBIO in the third quarter valued at approximately $37,000. Quantbot Technologies LP purchased a new stake in REGENXBIO during the 2nd quarter valued at $51,000. Legal & General Group Plc purchased a new stake in shares of REGENXBIO during the second quarter worth about $56,000. Finally, California State Teachers Retirement System lifted its holdings in REGENXBIO by 213.2% in the 2nd quarter. California State Teachers Retirement System now owns 7,931 shares of the biotechnology company’s stock worth $95,000 after buying an additional 5,399 shares during the period. 88.08% of the stock is currently owned by 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.