Royal Bank of Canada Reiterates “Outperform” Rating for REGENXBIO (NASDAQ:RGNX)

REGENXBIO (NASDAQ:RGNX)‘s stock had its “outperform” rating restated by stock analysts at Royal Bank of Canada in a note issued to investors on Wednesday,Benzinga reports. They currently have a $35.00 price target on the biotechnology company’s stock. Royal Bank of Canada’s price target indicates a potential upside of 301.38% from the stock’s current price.

Other research analysts have also recently issued research reports about the company. Raymond James restated an “outperform” rating and issued a $18.00 price target on shares of REGENXBIO in a research report on Thursday, October 10th. StockNews.com upgraded shares of REGENXBIO from a “sell” rating to a “hold” rating in a research report on Friday, September 20th. Morgan Stanley reiterated an “overweight” rating and set a $22.00 price target on shares of REGENXBIO in a research report on Friday, November 15th. Chardan Capital restated a “buy” rating and set a $52.00 price objective on shares of REGENXBIO in a research report on Wednesday, November 20th. Finally, HC Wainwright reduced their target price on REGENXBIO from $40.00 to $36.00 and set a “buy” rating on the stock in a report on Thursday, November 21st. Two equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to MarketBeat, REGENXBIO has a consensus rating of “Moderate Buy” and a consensus target price of $35.27.

REGENXBIO Price Performance

Shares of NASDAQ:RGNX opened at $8.72 on Wednesday. The business’s 50 day simple moving average is $9.77 and its 200 day simple moving average is $11.47. REGENXBIO has a 1 year low of $8.44 and a 1 year high of $28.80. The company has a market capitalization of $432.03 million, a P/E ratio of -1.73 and a beta of 1.24.

Insider Activity

In other news, Director Argeris N. Karabelas sold 10,000 shares of the stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $10.11, for a total value of $101,100.00. Following the completion of the sale, the director now owns 11,286 shares of the company’s stock, valued at approximately $114,101.46. This represents a 46.98 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 13.13% of the company’s stock.

Hedge Funds Weigh In On REGENXBIO

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. FMR LLC raised its holdings in REGENXBIO by 166.8% during the 3rd quarter. FMR LLC now owns 2,649 shares of the biotechnology company’s stock worth $28,000 after purchasing an additional 1,656 shares during the last quarter. nVerses Capital LLC grew its stake in REGENXBIO by 183.3% during the third quarter. nVerses Capital LLC now owns 3,400 shares of the biotechnology company’s stock worth $36,000 after purchasing an additional 2,200 shares during the period. China Universal Asset Management Co. Ltd. lifted its stake in REGENXBIO by 64.3% in the third quarter. China Universal Asset Management Co. Ltd. now owns 9,506 shares of the biotechnology company’s stock valued at $100,000 after buying an additional 3,720 shares during the period. Diversified Trust Co acquired a new stake in shares of REGENXBIO during the 2nd quarter worth approximately $121,000. Finally, Arizona State Retirement System increased its stake in shares of REGENXBIO by 20.6% in the 2nd quarter. Arizona State Retirement System now owns 11,669 shares of the biotechnology company’s stock valued at $137,000 after acquiring an additional 1,997 shares in the last quarter. 88.08% of the stock is owned by institutional investors and hedge funds.

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.