REGENXBIO (NASDAQ:RGNX) Shares Up 8.1% – Here’s Why

REGENXBIO Inc. (NASDAQ:RGNX)’s share price was up 8.1% during mid-day trading on Thursday . The company traded as high as $11.74 and last traded at $11.53. Approximately 260,320 shares changed hands during trading, a decline of 56% from the average daily volume of 597,610 shares. The stock had previously closed at $10.67.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on RGNX shares. Barclays cut their price target on REGENXBIO from $55.00 to $50.00 and set an “overweight” rating for the company in a research note on Monday, August 5th. Raymond James restated an “outperform” rating and set a $18.00 price target on shares of REGENXBIO in a research note on Thursday, October 10th. Morgan Stanley restated an “overweight” rating and set a $22.00 price target on shares of REGENXBIO in a research note on Friday. StockNews.com raised REGENXBIO from a “sell” rating to a “hold” rating in a research report on Friday, September 20th. Finally, Chardan Capital reaffirmed a “buy” rating and set a $52.00 price objective on shares of REGENXBIO in a research report on Tuesday, October 22nd. Two investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat, REGENXBIO currently has a consensus rating of “Moderate Buy” and a consensus target price of $35.64.

REGENXBIO Stock Performance

The stock has a fifty day moving average of $10.50 and a 200 day moving average of $12.31. The company has a market capitalization of $477.07 million, a PE ratio of -1.91 and a beta of 1.23.

Insider Buying and Selling

In other news, Director Argeris N. Karabelas sold 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $10.11, for a total transaction of $101,100.00. Following the sale, the director now directly owns 11,286 shares of the company’s stock, valued at $114,101.46. This represents a 46.98 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 13.13% of the stock is owned by insiders.

Institutional Trading of REGENXBIO

Several hedge funds have recently modified their holdings of the company. Geode Capital Management LLC raised its holdings in shares of REGENXBIO by 4.2% during the 3rd quarter. Geode Capital Management LLC now owns 1,088,651 shares of the biotechnology company’s stock worth $11,422,000 after acquiring an additional 44,037 shares in the last quarter. Barclays PLC raised its holdings in shares of REGENXBIO by 141.3% during the 3rd quarter. Barclays PLC now owns 116,024 shares of the biotechnology company’s stock worth $1,217,000 after acquiring an additional 67,948 shares in the last quarter. National Bank of Canada FI bought a new position in shares of REGENXBIO during the 3rd quarter valued at approximately $713,000. Stifel Financial Corp increased its position in shares of REGENXBIO by 13.3% during the 3rd quarter. Stifel Financial Corp now owns 149,280 shares of the biotechnology company’s stock valued at $1,566,000 after purchasing an additional 17,563 shares during the last quarter. Finally, Redmile Group LLC increased its position in shares of REGENXBIO by 7.1% during the 3rd quarter. Redmile Group LLC now owns 4,892,902 shares of the biotechnology company’s stock valued at $51,327,000 after purchasing an additional 323,100 shares during the last quarter. 88.08% of the stock is owned by hedge funds and other institutional investors.

About REGENXBIO

REGENXBIO Inc, a clinical-stage biotechnology company, provides gene therapies that deliver functional genes to cells with genetic defects in the United States. Its gene therapy product candidates are based on NAV Technology Platform, a proprietary adeno-associated virus gene delivery platform. The company’s products in pipeline includes ABBV-RGX-314 for the treatment of wet age-related macular degeneration, diabetic retinopathy, and other chronic retinal diseases; and RGX-202, which is in Phase I/II clinical trial for the treatment of Duchenne muscular dystrophy.