REGENXBIO (NASDAQ:RGNX) Shares Climb 13.6% – Here’s Why

Shares of REGENXBIO Inc. (NASDAQ:RGNX) shot up 13.6% on Wednesday. The stock traded as high as $8.68 and last traded at $8.7350. Approximately 729,159 shares traded hands during mid-day trading, a decline of 49% from the average session volume of 1,426,370 shares. The stock had previously closed at $7.69.

Analysts Set New Price Targets

RGNX has been the subject of a number of research reports. Barclays downgraded REGENXBIO from an “overweight” rating to a “hold” rating in a report on Friday, August 7th. Zacks Research raised shares of REGENXBIO from a “strong sell” rating to a “hold” rating in a research report on Wednesday, August 12th. Morgan Stanley reiterated an “overweight” rating and issued a $18.00 price target on shares of REGENXBIO in a research note on Friday, August 7th. Mizuho set a $18.00 price target on shares of REGENXBIO in a research note on Friday, November 6th. Finally, Wall Street Zen cut shares of REGENXBIO from a “hold” rating to a “sell” rating in a research report on Saturday, November 7th. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, three have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $23.18.

REGENXBIO Stock Performance

The stock has a market cap of $510.38 million, a PE ratio of -2.39 and a beta of 1.24. The firm has a 50-day moving average price of $7.69 and a 200-day moving average price of $8.93.

REGENXBIO (NASDAQ:RGNX) last announced its quarterly earnings data on Thursday, November 5th. The biotechnology company reported ($0.62) EPS for the quarter, beating the consensus estimate of ($1.29) by $0.67. The company had revenue of $9.16 million for the quarter, compared to the consensus estimate of $10.89 million. REGENXBIO had a negative net margin of 113.85% and a negative return on equity of 203.98%. As a group, sell-side analysts anticipate that REGENXBIO Inc. will post -3.01 EPS for the current fiscal year.

Institutional Investors Weigh In On REGENXBIO

Institutional investors have recently made changes to their positions in the company. Versant Capital Management Inc raised its holdings in 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 acquiring an additional 1,032 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. purchased a new stake in REGENXBIO during the 3rd quarter valued at $25,000. Quantbot Technologies LP purchased a new stake in REGENXBIO during the 2nd quarter valued at $51,000. Legal & General Group Plc bought a new stake in shares of REGENXBIO in the 2nd quarter worth $56,000. Finally, Entropy Technologies LP bought a new stake in shares of REGENXBIO in the 1st quarter worth $87,000. Hedge funds and other institutional investors own 88.08% of the company’s stock.

REGENXBIO Company Profile

REGENXBIO Inc. is a biotechnology company focused on developing gene therapies for inherited diseases and other serious conditions. Founded in 2008 and headquartered in Rockville, Maryland, the company uses its proprietary NAV AAV gene-delivery platform to develop treatments intended to deliver genetic material to patients’ cells. Its research programs have included RGX-314, an investigational gene therapy for retinal diseases such as wet age-related macular degeneration, and candidates for conditions including Hunter syndrome and Duchenne muscular dystrophy.