Morgan Stanley Forecasts Strong Price Appreciation for REGENXBIO (NASDAQ:RGNX) Stock

REGENXBIO (NASDAQ:RGNX) had its price objective upped by equities research analysts at Morgan Stanley from $22.00 to $24.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage currently has an “overweight” rating on the biotechnology company’s stock. Morgan Stanley’s price target would suggest a potential upside of 257.14% from the stock’s previous close.

A number of other equities research analysts also recently issued reports on RGNX. The Goldman Sachs Group downgraded REGENXBIO from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $38.00 to $14.00 in a research report on Tuesday, February 11th. Royal Bank of Canada reissued an “outperform” rating and issued a $30.00 price objective on shares of REGENXBIO in a research note on Tuesday, January 21st. Chardan Capital reaffirmed a “buy” rating and set a $52.00 target price on shares of REGENXBIO in a research report on Friday. HC Wainwright reaffirmed a “buy” rating and set a $36.00 target price on shares of REGENXBIO in a research report on Wednesday, January 15th. Finally, Raymond James started coverage on REGENXBIO in a research report on Friday, February 7th. They issued an “outperform” rating and a $27.00 price objective for the company. Two research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $34.13.

REGENXBIO Stock Up 2.6 %

NASDAQ RGNX opened at $6.72 on Friday. The firm has a market cap of $332.94 million, a price-to-earnings ratio of -1.34 and a beta of 1.35. The business has a 50-day moving average price of $7.31 and a 200-day moving average price of $9.02. REGENXBIO has a twelve month low of $5.62 and a twelve month high of $23.14.

REGENXBIO (NASDAQ:RGNX) last announced its quarterly earnings results on Thursday, March 13th. The biotechnology company reported ($1.01) EPS for the quarter, beating analysts’ consensus estimates of ($1.27) by $0.26. REGENXBIO had a negative return on equity of 70.65% and a negative net margin of 283.19%. The company had revenue of $21.21 million during the quarter, compared to analyst estimates of $23.70 million. Research analysts expect that REGENXBIO will post -4.84 EPS for the current fiscal year.

Institutional Trading of REGENXBIO

Large investors have recently modified their holdings of the stock. FMR LLC raised its stake in REGENXBIO by 166.8% in the third quarter. FMR LLC now owns 2,649 shares of the biotechnology company’s stock valued at $28,000 after buying an additional 1,656 shares in the last quarter. GAMMA Investing LLC lifted its position in REGENXBIO by 273.1% in the fourth quarter. GAMMA Investing LLC now owns 3,429 shares of the biotechnology company’s stock valued at $27,000 after purchasing an additional 2,510 shares during the period. KLP Kapitalforvaltning AS acquired a new stake in shares of REGENXBIO during the 4th quarter valued at approximately $54,000. Dynamic Technology Lab Private Ltd acquired a new stake in shares of REGENXBIO during the 4th quarter valued at approximately $79,000. Finally, Laurion Capital Management LP acquired a new position in shares of REGENXBIO during the 4th quarter worth approximately $79,000. Hedge funds and other institutional investors own 88.08% of the company’s stock.

REGENXBIO Company Profile

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.