Raymond James Reiterates Outperform Rating for REGENXBIO (NASDAQ:RGNX)
REGENXBIO, traded under the NASDAQ symbol RGNX, recently saw its “outperform” rating reaffirmed by analysts at Raymond James. Announced on Thursday, the report sets a price target of $18.00 on the biotechnology company’s stock. This target suggests a remarkable potential upside of 94.81% from the company’s previous closing price.
Multiple equities research analysts have been closely monitoring RGNX. Barclays, for instance, reduced their target price on REGENXBIO shares from $55.00 to $50.00 while maintaining an “overweight” rating for the company in a recent research report. Meanwhile, StockNews.com upgraded REGENXBIO from a “sell” to a “hold” rating, and HC Wainwright reiterated a “buy” rating with a $39.00 target price. Overall, thirteen analysts provide input on the company’s stock, with ten recommending a “buy” rating. According to MarketBeat data, the stock holds an average rating of “Moderate Buy” with an average price target of $35.45.
On Thursday, NASDAQ:RGNX opened at $9.24. The company boasts a 50-day moving average of $11.65 and a 200-day moving average of $13.89. With a market capitalization of $456.64 million, a price-to-earnings ratio of -1.57, and a beta of 1.21, REGENXBIO’s 52-week span ranges from a low of $9.15 to a high of $28.80.
Quarterly earnings data for REGENXBIO were last released on Thursday, August 1. During that period, the biotechnology company reported an EPS of ($1.05), exceeding analysts’ consensus estimates of ($1.29) by $0.24. The company’s revenue for that quarter stood at $22.30 million, with consensus estimates slightly higher at $22.97 million. Although REGENXBIO reported a negative net margin of 270.74% and a negative return on equity of 68.21%, its quarterly revenue showed an 11.6% increase compared to the same quarter the previous year. Analysts predict that REGENXBIO will post -4.66 EPS for the current year.
Recent insider activities reveal that Director Kenneth T. Mills sold 12,221 shares of REGENXBIO stock on July 24. The shares were sold at an average price of $13.78, amounting to a total of $168,405.38. Post-sale, Mills now holds 408,035 shares of the company’s stock, valued approximately at $5,622,722.30. Insider transactions are disclosed through filing with the Securities & Exchange Commission, supporting transparency in these undertakings. Additionally, Mills sold another 2,210 shares on July 17, fetching a total value of $30,431.70.
Institutional investors have played a significant role in recent months. Notably, PNC Financial Services Group Inc. increased its position in REGENXBIO shares by 73.5% in the fourth quarter. Meanwhile, Headlands Technologies LLC witnessed an increase of 276.8% in its position during the first quarter. Finally, China Universal Asset Management Co. Ltd. augmented its stake by 67.3% in the first quarter. Diversified Trust Co became a new stakeholder in the second quarter. Overall, institutional investors and hedge funds currently own 88.08% of the company’s stock.
REGENXBIO Inc, a clinical-stage biotechnology company, advances gene therapies aimed at delivering functional genes to cells with genetic defects within the United States. Its suite of gene therapy product candidates leverages its proprietary adeno-associated virus gene delivery platform known as the NAV Technology Platform. Of note, REGENXBIO’s pipeline includes ABBV-RGX-314, targeting wet age-related macular degeneration, diabetic retinopathy, and other chronic retinal diseases. Furthermore, RGX-202 is undergoing a Phase I/II clinical trial addressing Duchenne muscular dystrophy.
