Morgan Stanley Reaffirms Overweight Rating for REGENXBIO (NASDAQ:RGNX)

REGENXBIO (NASDAQ:RGNX)‘s stock had its “overweight” rating reissued by research analysts at Morgan Stanley in a research note issued on Friday, Marketbeat.com reports. They presently have a $22.00 target price on the biotechnology company’s stock. Morgan Stanley’s target price would indicate a potential upside of 128.45% from the company’s previous close.

Other equities analysts also recently issued reports about the company. Raymond James reissued an “outperform” rating and issued a $18.00 target price on shares of REGENXBIO in a research report on Thursday, October 10th. Barclays cut their price objective on REGENXBIO from $55.00 to $50.00 and set an “overweight” rating on the stock in a report on Monday, August 5th. StockNews.com raised REGENXBIO from a “sell” rating to a “hold” rating in a report on Friday, September 20th. Chardan Capital reiterated a “buy” rating and issued a $52.00 price target on shares of REGENXBIO in a report on Tuesday, October 22nd. Finally, HC Wainwright raised their price target on shares of REGENXBIO from $39.00 to $40.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Two analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $35.64.

REGENXBIO Stock Performance

Shares of REGENXBIO stock opened at $9.63 on Friday. The firm’s 50 day simple moving average is $10.50 and its two-hundred day simple moving average is $12.28. REGENXBIO has a 12-month low of $8.53 and a 12-month high of $28.80.

Insider Activity at REGENXBIO

In other REGENXBIO news, Director Argeris N. Karabelas sold 10,000 shares of the firm’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 value of $101,100.00. Following the sale, the director now directly owns 11,286 shares of the company’s stock, valued at approximately $114,101.46. This trade represents a 46.98 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 13.13% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Allspring Global Investments Holdings LLC acquired a new position in REGENXBIO during the first quarter worth $56,000. Janney Montgomery Scott LLC acquired a new position in shares of REGENXBIO during the 1st quarter worth about $304,000. Swiss National Bank lifted its stake in REGENXBIO by 4.5% in the 1st quarter. Swiss National Bank now owns 81,500 shares of the biotechnology company’s stock valued at $1,717,000 after buying an additional 3,500 shares in the last quarter. ProShare Advisors LLC boosted its holdings in REGENXBIO by 8.3% in the 1st quarter. ProShare Advisors LLC now owns 11,384 shares of the biotechnology company’s stock worth $240,000 after buying an additional 874 shares during the last quarter. Finally, State Board of Administration of Florida Retirement System increased its stake in REGENXBIO by 33.3% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 15,485 shares of the biotechnology company’s stock worth $326,000 after buying an additional 3,870 shares in the last quarter. 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.