Zacks Investment Research Upgrades REGENXBIO Inc. (NASDAQ:RGNX) to Buy

REGENXBIO Inc. (NASDAQ:RGNX) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Saturday. The brokerage presently has a $23.00 target price on the biotechnology company’s stock. Zacks Investment Research‘s price target points to a potential upside of 10.05% from the stock’s current price.

According to Zacks, “REGENXBIO Inc. is a biotechnology company. The Company focuses on the development, commercialization and licensing of recombinant adeno-associated virus gene therapy. Its products candidates include RGX-501, for the treatment of homozygous familial hypercholesterolemia which uses the AAV8 vector to deliver the human low-density lipoprotein receptor gene to liver cells; RGX-111, for the treatment of Mucopolysaccharidosis Type I which uses the AAV9 vector to deliver the human a-l-iduronidase gene to the central nervous system; RGX-121, for the treatment of Mucopolysaccharidosis Type II; RGX-314, for the treatment of wet age-related macular degeneration and RGX-321, for the treatment of X-linked retinitis pigmentosa. REGENXBIO Inc. is headquartered in Rockville, Maryland. “

Separately, Chardan Capital lifted their price objective on shares of REGENXBIO from $50.00 to $55.00 and gave the company a “buy” rating in a research note on Wednesday.

Shares of REGENXBIO (RGNX) opened at 20.90 on Friday. The firm has a 50-day moving average of $19.70 and a 200 day moving average of $19.34. REGENXBIO has a 12-month low of $11.35 and a 12-month high of $24.55. The stock’s market capitalization is $645.68 million.

REGENXBIO (NASDAQ:RGNX) last posted its quarterly earnings data on Tuesday, August 8th. The biotechnology company reported ($0.47) EPS for the quarter, beating analysts’ consensus estimates of ($0.81) by $0.34. The company had revenue of $6.56 million for the quarter. REGENXBIO had a negative net margin of 839.87% and a negative return on equity of 38.74%. Equities analysts forecast that REGENXBIO will post ($2.95) earnings per share for the current fiscal year.

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In other news, CFO Vittal Vasista sold 3,100 shares of REGENXBIO stock in a transaction dated Thursday, June 15th. The shares were sold at an average price of $18.75, for a total value of $58,125.00. Following the sale, the chief financial officer now owns 107,512 shares of the company’s stock, valued at $2,015,850. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Kenneth T. Mills sold 6,500 shares of REGENXBIO stock in a transaction dated Thursday, July 20th. The shares were sold at an average price of $18.66, for a total transaction of $121,290.00. Following the completion of the sale, the insider now directly owns 112,000 shares in the company, valued at approximately $2,089,920. The disclosure for this sale can be found here. In the last ninety days, insiders sold 19,200 shares of company stock worth $368,746. Insiders own 17.00% of the company’s stock.

Several hedge funds have recently modified their holdings of the stock. State Street Corp increased its stake in shares of REGENXBIO by 13.4% in the fourth quarter. State Street Corp now owns 307,820 shares of the biotechnology company’s stock valued at $5,711,000 after buying an additional 36,336 shares during the last quarter. Norges Bank purchased a new stake in shares of REGENXBIO during the fourth quarter valued at $834,000. Teachers Advisors LLC increased its stake in shares of REGENXBIO by 3.4% in the fourth quarter. Teachers Advisors LLC now owns 33,884 shares of the biotechnology company’s stock valued at $629,000 after buying an additional 1,102 shares during the last quarter. Nationwide Fund Advisors increased its stake in shares of REGENXBIO by 7.7% in the first quarter. Nationwide Fund Advisors now owns 45,955 shares of the biotechnology company’s stock valued at $887,000 after buying an additional 3,280 shares during the last quarter. Finally, Acadian Asset Management LLC purchased a new stake in shares of REGENXBIO during the first quarter valued at $272,000. 67.16% of the stock is currently owned by institutional investors and hedge funds.

About REGENXBIO

REGENXBIO Inc is a clinical-stage biotechnology company. The Company’s gene therapy product candidates are designed to deliver genes to cells to address genetic defects or to enable cells in the body to produce therapeutic proteins or antibodies that are intended to impact disease. The Company develops products candidates across the therapeutic areas of metabolic, neurodegenerative and retinal diseases.

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