REGENXBIO Inc. (NASDAQ:RGNX) rose 11.2% on Wednesday after the company announced better than expected quarterly earnings. The company traded as high as $21.43 and last traded at $20.80, with a volume of 630,915 shares. The stock had previously closed at $18.70.
The biotechnology company reported ($0.47) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.81) by $0.34. REGENXBIO had a negative return on equity of 38.74% and a negative net margin of 839.87%. The company had revenue of $6.56 million for the quarter.
RGNX has been the topic of several research reports. Chardan Capital increased their target price on REGENXBIO from $50.00 to $55.00 and gave the stock a “buy” rating in a research report on Wednesday, August 9th. Zacks Investment Research raised REGENXBIO from a “hold” rating to a “buy” rating and set a $23.00 target price on the stock in a research report on Saturday, August 12th. BidaskClub raised REGENXBIO from a “hold” rating to a “buy” rating in a research report on Saturday, August 12th. Finally, Evercore ISI initiated coverage on REGENXBIO in a research report on Wednesday. They issued an “outperform” rating and a $25.00 target price on the stock. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the stock. The company has an average rating of “Buy” and an average target price of $32.00.
In related news, insider Kenneth T. Mills sold 6,500 shares of the stock in a transaction on Thursday, July 20th. The stock was sold at an average price of $18.66, for a total value 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 sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO Vittal Vasista sold 3,040 shares of the stock in a transaction on Tuesday, August 15th. The shares were sold at an average price of $21.09, for a total value of $64,113.60. Following the completion of the sale, the chief financial officer now owns 103,118 shares of the company’s stock, valued at $2,174,758.62. The disclosure for this sale can be found here. Insiders sold a total of 22,240 shares of company stock worth $432,860 over the last ninety days. Corporate insiders own 17.00% of the company’s stock.
Hedge funds have recently made changes to their positions in 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 in the last quarter. Norges Bank bought a new stake in shares of REGENXBIO during the fourth quarter valued at about $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 in 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 in the last quarter. Finally, Acadian Asset Management LLC bought a new stake in shares of REGENXBIO during the first quarter valued at about $272,000. Hedge funds and other institutional investors own 67.84% of the company’s stock.
The company’s market capitalization is $616.34 million. The stock’s 50 day moving average is $19.64 and its 200 day moving average is $19.39.
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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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