Morgan Stanley Raises Price Target for REGENXBIO Stock (NASDAQ:RGNX)

REGENXBIO (NASDAQ:RGNX – Get Free Report) has seen its price target increased by research analysts at Morgan Stanley from $22.00 to $24.00, as noted in a report released to clients and investors. This new target suggests a substantial potential upside of 257.14% compared to the stock's recent closing price. The brokerage has assigned an "overweight" rating to this biotechnology stock, indicating positive expectations for its performance.

In addition to Morgan Stanley's revised target, several other research firms have recently commented on REGENXBIO. For instance, Goldman Sachs has downgraded the company from a “buy” to a “neutral” rating, significantly lowering its price target from $38.00 to $14.00. Meanwhile, the Royal Bank of Canada reinstated an “outperform” rating, suggesting a price target of $30.00 for the stock. Moreover, Chardan Capital maintained a “buy” rating with a notably higher target price of $52.00. HC Wainwright also reiterated their “buy” rating with a target of $36.00. In early February, Raymond James began coverage on REGENXBIO with an “outperform” rating and a target price of $27.00.

Overall, among analysts covering REGENXBIO, two have rated it as a hold, while six have recommended buying the stock. According to MarketBeat.com, the average target price for REGENXBIO shares currently stands at $34.13, indicating a favorable outlook based on consensus estimates.

REGENXBIO Stock Performance

On Friday, REGENXBIO shares opened at $6.72. The company has a market cap of approximately $332.94 million, with a price-to-earnings ratio of -1.34 and a beta of 1.35. The stock has displayed a 50-day moving average price of $7.31 and a 200-day moving average price of $9.02. Over the past year, shares have traded between a low of $5.62 and a high of $23.14.

On March 13, REGENXBIO disclosed its quarterly earnings, reporting an earnings per share (EPS) of ($1.01), which was better than the consensus estimate of ($1.27). Despite this, the company has experienced a negative return on equity of 70.65% and a negative net margin of 283.19%. During this quarter, REGENXBIO achieved revenues of $21.21 million, falling short of expectations of $23.70 million. Analysts predict that for the current fiscal year, the company is expected to report an EPS of -4.84.

Institutional Investment in REGENXBIO

Recently, a number of large investors have adjusted their holdings of REGENXBIO shares. For example, FMR LLC increased its stake in the company by 166.8% during the third quarter, now owning 2,649 shares valued at around $28,000 after acquiring an additional 1,656 shares. Additionally, GAMMA Investing LLC expanded its position by 273.1% in the fourth quarter, now holding 3,429 shares worth approximately $27,000. Other investors, including KLP Kapitalforvaltning AS, Dynamic Technology Lab Private Ltd, and Laurion Capital Management LP, have also initiated new stakes in REGENXBIO over the last quarter. Notably, institutional investors collectively own 88.08% of the company's stock, indicating strong confidence in the firm's prospects.

About REGENXBIO

REGENXBIO Inc. is a clinical-stage biotechnology company that specializes in gene therapies designed to provide functional genes to cells affected by genetic defects, primarily in the United States. Its pipeline includes product candidates such as ABBV-RGX-314, which targets wet age-related macular degeneration, diabetic retinopathy, and other chronic retinal diseases, and RGX-202, which is currently undergoing Phase I/II clinical trials for treating Duchenne muscular dystrophy.

REGENXBIO, MorganStanley, Stocks