REGENXBIO Receives Price Target Increase to $19 from RBC

REGENXBIO (NASDAQ: RGNX) has received a price target increase from the Royal Bank of Canada, which raised its estimate from $17.00 to $19.00. This adjustment, noted in a research report released on October 6, 2023, reflects the bank’s ongoing confidence in the biotechnology company’s stock, maintaining an “outperform” rating.

This revision follows a series of mixed assessments from various financial institutions regarding REGENXBIO’s market position. For instance, Wall Street Zen downgraded the company’s stock from a “hold” rating to a “strong sell” on August 9, 2023. Conversely, HC Wainwright reaffirmed a “buy” rating with a more ambitious price target of $34.00 on October 7, 2023. Similarly, Barclays adjusted its price target from $50.00 to $37.00, while rating the stock as “overweight” on August 8, 2023. Weiss Ratings issued a “sell (d-)” rating on October 8, 2023, contrasting with Chardan Capital’s “buy” rating and a target price of $52.00 from September 8, 2023.

Currently, five investment analysts have rated REGENXBIO with a Buy rating, while one has issued a Hold rating and another has assigned a Sell rating. According to MarketBeat.com, the company’s average rating stands at “Moderate Buy,” with an average target price of $28.63.

Recent Financial Performance

REGENXBIO recently released its quarterly earnings on November 6, 2023. The company reported earnings per share (EPS) of ($1.20), surpassing the consensus estimate of ($1.38) by $0.18. Revenue for the quarter amounted to $29.73 million, exceeding the consensus estimate of $24.41 million. Despite these positive results, the company reported a negative return on equity of 78.29% and a net margin of 110.29%. Analysts are projecting an EPS of ($4.84) for the current year.

In terms of insider activity, CEO Curran Simpson sold 20,811 shares of the company on October 9, 2023, at an average price of $12.62, totaling $262,634.82. This sale reduced his ownership stake by 8.78%, leaving him with 216,162 shares valued at approximately $2,727,964.44. Over the last quarter, insiders have sold a total of 36,169 shares worth $416,598, and corporate insiders own 12.79% of the stock.

Institutional Holdings and Market Trends

Recent trading activity among large investors has influenced REGENXBIO’s stock dynamics. JPMorgan Chase & Co. increased its holdings by 4.8% in the third quarter, now owning 4,037,248 shares valued at approximately $38.96 million. Vanguard Group Inc. also expanded its position by 16.3% in the first quarter, acquiring an additional 487,036 shares, bringing its total to 3,472,988 shares valued at about $24.83 million.

Other significant investment firms have made similar moves. Geode Capital Management LLC grew its stake by 1.9%, while AQR Capital Management LLC increased its holdings by an impressive 49.9%. 22NW LP also raised its position by 38.1%. Currently, institutional investors and hedge funds collectively own 88.08% of REGENXBIO’s stock.

REGENXBIO, based in the United States, focuses on gene therapies that aim to address genetic defects. Its pipeline includes candidates such as ABBV-RGX-314 for treating chronic retinal diseases and RGX-202, which is currently in Phase I/II clinical trials for Duchenne muscular dystrophy.