Regenxbio (RGNX) Stock Price Down 6.5% After Insider Selling

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Regenxbio Inc (NASDAQ:RGNX) shares were down 6.5% during mid-day trading on Thursday after an insider sold shares in the company. The stock traded as low as $65.05 and last traded at $68.97. Approximately 679,671 shares changed hands during trading, an increase of 26% from the average daily volume of 539,922 shares. The stock had previously closed at $73.80.

Specifically, CFO Vittal Vasista sold 7,500 shares of the company’s stock in a transaction dated Wednesday, August 15th. The stock was sold at an average price of $65.43, for a total value of $490,725.00. Following the sale, the chief financial officer now owns 123,584 shares in the company, valued at approximately $8,086,101.12. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Kenneth T. Mills sold 20,000 shares of the company’s stock in a transaction dated Monday, November 5th. The shares were sold at an average price of $68.25, for a total value of $1,365,000.00. Following the completion of the sale, the insider now owns 322,500 shares in the company, valued at approximately $22,010,625. The disclosure for this sale can be found here. Insiders sold a total of 271,585 shares of company stock worth $17,733,781 in the last quarter. Corporate insiders own 16.90% of the company’s stock.

A number of equities research analysts have commented on RGNX shares. Morgan Stanley upped their price target on Regenxbio from $37.00 to $92.00 and gave the company an “overweight” rating in a research report on Friday, July 13th. Chardan Capital upped their price target on Regenxbio from $90.00 to $130.00 and gave the company a “buy” rating in a research report on Monday, July 16th. Bank of America lowered Regenxbio from a “buy” rating to a “neutral” rating and upped their price target for the company from $64.00 to $80.00 in a research report on Monday, July 23rd. BidaskClub lowered Regenxbio from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, July 25th. Finally, ValuEngine upgraded Regenxbio from a “buy” rating to a “strong-buy” rating in a research report on Friday, August 10th. Two analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. The stock has a consensus rating of “Buy” and an average price target of $84.07.

The stock has a market cap of $2.25 billion, a P/E ratio of -28.15, a PEG ratio of 13.98 and a beta of -0.49.

Regenxbio (NASDAQ:RGNX) last announced its earnings results on Wednesday, November 7th. The biotechnology company reported ($0.56) EPS for the quarter, beating the consensus estimate of ($0.86) by $0.30. Regenxbio had a return on equity of 28.70% and a net margin of 44.44%. The company had revenue of $5.31 million for the quarter. On average, equities research analysts forecast that Regenxbio Inc will post 1.64 earnings per share for the current year.

Institutional investors have recently made changes to their positions in the stock. Marshall Wace LLP bought a new stake in shares of Regenxbio during the 2nd quarter valued at about $14,712,000. Amalgamated Bank bought a new stake in shares of Regenxbio during the 2nd quarter valued at about $332,000. RTW Investments LP boosted its position in shares of Regenxbio by 10.7% during the 2nd quarter. RTW Investments LP now owns 2,079,555 shares of the biotechnology company’s stock valued at $149,208,000 after purchasing an additional 201,788 shares in the last quarter. Chicago Equity Partners LLC bought a new stake in shares of Regenxbio during the 2nd quarter valued at about $3,195,000. Finally, Fred Alger Management Inc. bought a new stake in shares of Regenxbio during the 2nd quarter valued at about $933,000. Institutional investors own 81.17% of the company’s stock.

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About Regenxbio (NASDAQ:RGNX)

REGENXBIO Inc, a clinical-stage biotechnology company, provides gene therapy product candidates to deliver genes to cells to address genetic defects or to enable cells in the body to produce therapeutic proteins that are intended to impact disease. Its gene therapy product candidates are based on NAV Technology Platform, a proprietary adeno-associated virus (AAV) gene delivery platform.

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