REGENXBIO (NASDAQ:RGNX) Shares Gap Down – Here’s What Happened

REGENXBIO Inc. (NASDAQ:RGNX) gapped down prior to trading on Friday . The stock had previously closed at $11.20, but opened at $8.99. REGENXBIO shares last traded at $9.68, with a volume of 4,336,321 shares changing hands.

Wall Street Analyst Weigh In

RGNX has been the subject of a number of research reports. Zacks Research cut shares of REGENXBIO from a “hold” rating to a “strong sell” rating in a research report on Tuesday, July 14th. Robert W. Baird boosted their target price on REGENXBIO from $27.00 to $32.00 and gave the company an “outperform” rating in a report on Monday, June 22nd. Morgan Stanley set a $16.00 target price on REGENXBIO in a research report on Friday, May 15th. HC Wainwright reaffirmed a “buy” rating and set a $26.00 price target on shares of REGENXBIO in a research report on Wednesday, July 1st. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of REGENXBIO in a report on Monday, June 8th. Ten investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, REGENXBIO presently has a consensus rating of “Moderate Buy” and a consensus target price of $23.82.

REGENXBIO Stock Performance

The company has a 50-day moving average of $9.09 and a 200-day moving average of $9.87. The stock has a market cap of $511.31 million, a price-to-earnings ratio of -1.77 and a beta of 0.90.

REGENXBIO (NASDAQ:RGNX) last posted its quarterly earnings data on Thursday, May 14th. The biotechnology company reported ($1.72) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.36) by ($0.36). The company 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 research analysts forecast that REGENXBIO Inc. will post -3.69 EPS for the current year.

Insiders Place Their Bets

In related news, insider Steve Pakola sold 36,725 shares of REGENXBIO 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 directly owned 213,009 shares in the company, valued at $2,739,295.74. This trade represents a 14.71% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In the last 90 days, insiders have sold 73,803 shares of company stock valued at $886,937. Company insiders own 14.22% of the company’s stock.

Institutional Trading of REGENXBIO

Several hedge funds and other institutional investors have recently made changes to their positions in RGNX. Versant Capital Management Inc raised its holdings in REGENXBIO by 60.4% during the second quarter. Versant Capital Management Inc now owns 2,741 shares of the biotechnology company’s stock worth $33,000 after purchasing an additional 1,032 shares in the last quarter. Aquatic Capital Management LLC purchased a new stake in REGENXBIO in the 3rd quarter valued at approximately $37,000. Entropy Technologies LP acquired a new position in REGENXBIO during the 1st quarter worth approximately $87,000. Captrust Financial Advisors acquired a new position in REGENXBIO during the 2nd quarter worth approximately $85,000. Finally, Balyasny Asset Management L.P. purchased a new position in shares of REGENXBIO during the 4th quarter worth approximately $150,000. Hedge funds and other institutional investors own 88.08% of the company’s stock.

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.