In a report released today, Reni Benjamin from Raymond James maintained a Buy rating on RegenXBio (NASDAQ: RGNX), with a price target of $96. The company’s shares opened today at $73.90.
Benjamin commented:
“We are maintaining our Outperform rating for REGENXBIO and raising our target price to $96. Recently, the company provided an update on the wholly owned assets within the pipeline and raised net proceeds of $190 million, bolstering its cash position to fund operations into 2021, according to our models. Key takeaways from the pipeline update include: 1) interim data from the wet AMD study reported promising efficacy and safety with a plan to advance to Phase II clinical trials; 2) results from the HoFH trials suggest more tweaking needs to be done including the implementation of prophylactic steroids; 3) the two MPS programs remain on track with the first patients expected to be dosed in 4Q18; and 4) RGX- 181 makes its debut combat Batten’s disease.”
According to TipRanks.com, Benjamin is a 4-star analyst with an average return of 8.2% and a 44.5% success rate. Benjamin covers the Healthcare sector, focusing on stocks such as Alpine Immune Sciences Inc, Bellicum Pharmaceuticals, and Asterias Biotherapeutics.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for RegenXBio with a $96.63 average price target, implying a 30.8% upside from current levels. In a report issued on August 30, Chardan Capital also reiterated a Buy rating on the stock with a $127.50 price target.
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RegenXBio’s market cap is currently $2.45B and has a P/E ratio of 35.16. The company has a Price to Book ratio of 7.73.
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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.