REGENXBIO (NASDAQ:RGNX) Stock Price Crosses Below 50-Day Moving Average – Here’s Why

Shares of REGENXBIO Inc. (NASDAQ:RGNX) crossed below its 50-day moving average during trading on Wednesday. The stock has a 50-day moving average of $8.89 and traded as low as $6.80. REGENXBIO shares last traded at $6.88, with a volume of 1,562,441 shares traded.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on RGNX. Robert W. Baird lowered their price target on REGENXBIO from $32.00 to $29.00 and set an “outperform” rating for the company in a report on Tuesday, August 25th. Mizuho started coverage on shares of REGENXBIO in a report on Monday, October 5th. They issued an “outperform” rating and a $22.00 price objective on the stock. Wall Street Zen upgraded shares of REGENXBIO from a “strong sell” rating to a “hold” rating in a research report on Saturday, August 8th. Zacks Research raised REGENXBIO from a “strong sell” rating to a “hold” rating in a research note on Wednesday, August 12th. Finally, Morgan Stanley reissued an “overweight” rating and set a $18.00 target price on shares of REGENXBIO in a research note on Friday, August 7th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, REGENXBIO has an average rating of “Moderate Buy” and an average target price of $23.17.

REGENXBIO Price Performance

The stock has a market capitalization of $457.45 million, a PE ratio of -1.83 and a beta of 1.13. The stock’s 50 day moving average is $8.80 and its two-hundred day moving average is $9.08.

REGENXBIO (NASDAQ:RGNX) last announced its quarterly earnings results on Thursday, August 6th. The biotechnology company reported $0.43 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.08 by $0.35. The firm had revenue of $108.02 million during the quarter, compared to the consensus estimate 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 analysts predict that REGENXBIO Inc. will post -3.80 earnings per share for the current year.

Institutional Investors Weigh In On REGENXBIO

Hedge funds and other institutional investors have recently bought and sold shares of the stock. BlackRock Inc. purchased a new position in shares of REGENXBIO during the second quarter worth about $76,641,000. Dimensional Fund Advisors LP raised its stake in shares of REGENXBIO by 11.8% during the first quarter. Dimensional Fund Advisors LP now owns 1,010,381 shares of the biotechnology company’s stock worth $8,464,000 after purchasing an additional 106,530 shares during the last quarter. Bank of America Corp DE acquired a new stake in shares of REGENXBIO during the second quarter worth $6,212,000. Y Intercept Hong Kong Ltd purchased a new position in REGENXBIO in the 1st quarter valued at $2,305,000. Finally, Corient Private Wealth LP purchased a new position in REGENXBIO in the 2nd quarter valued at $2,608,000. 88.08% of the stock is currently owned by institutional investors and hedge funds.

About REGENXBIO

REGENXBIO Inc is a biotechnology company focused on developing and commercializing gene therapies for serious diseases. The company’s programs are based primarily on its proprietary NAV AAV Technology Platform, which uses adeno-associated virus (AAV) vectors to deliver genetic material to targeted cells. Its research has emphasized conditions affecting the central nervous system, muscles and other tissues.

REGENXBIO’s pipeline has included investigational therapies such as RGX-121 for mucopolysaccharidosis type II, RGX-111 for mucopolysaccharidosis type I and RGX-202 for Duchenne muscular dystrophy.