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Chardan Capital analyst Gbola Amusa maintained a Buy rating on RegenXBio (NASDAQ: RGNX) today and set a price target of $130. The company’s shares closed yesterday at $81.55, close to its 52-week high of $83.75.
Amusa observed:
“We now increase our REGENXBIO price target by 44%, from $90 to $130, on what is now clear visibility on REGENXBIO science as the leading driver of the emergence of AAV-based gene therapy. In 2015, though we were uniquely pessimistic on AVA-101 and MYDICAR, we predicted “more positive results are likely in 2H15 and beyond, once tropic vectors (e.g. from REGENXBIO) and better delivery technologies are used to initially target monogenic diseases, especially diseases where a modest amount of protein production leads to important disease improvements.” We now note BTD/RMAT/PRIME designations (see page 12, 13 of our Medicines research) for products that utilize vectors which are part of REGENXBIO portfolio (AAV-CNGB3 and, SPK-9001, which we believe to be a derivative of AAV8).”
According to TipRanks.com, Amusa is a top 100 analyst with an average return of 30.0% and a 55.8% success rate. Amusa covers the Healthcare sector, focusing on stocks such as Spring Bank Pharmaceuticals Inc, Nightstar Therapeutics Limited, and Applied Genetic Technologies.
Currently, the analyst consensus on RegenXBio is a Moderate Buy with an average price target of $51, a -37.5% downside from current levels. In a report issued on June 25, Raymond James also maintained a Buy rating on the stock with a $76 price target.
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RegenXBio’s market cap is currently $2.6B and has a P/E ratio of 58.67. The company has a Price to Book ratio of 8.69.
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REGENXBIO, Inc. is a biotechnology company, which engages in the development, commercialization, and licensing of recombinant adeno-associated virus gene therapy. The company was founded by Kennth T. Mills and James M. Wilson on July 16, 2008 and is headquartered in Rockville, MD.
