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Regenxbio (RGNX) Soars 6.4%: Is Further Upside Left in the Stock?

Zacks Equity Research
·2 min read

Regenxbio (RGNX) shares ended the last trading session 6.4% higher at $12.79. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 19.4% loss over the past four weeks.

Earlier this month, the company completed a successful pre-biologics license application (BLA) meeting with the FDA for its pipeline candidate, RGX-121, which is being developed for the treatment of Mucopolysaccharidosis Type II (MPS II). The company expects to initiate the submission of a rolling BLA in the third quarter of 2024. This might have driven the share price rally.

This biotechnology company is expected to post quarterly loss of $1.29 per share in its upcoming report, which represents a year-over-year change of +22.3%. Revenues are expected to be $21.73 million, up 8.8% from the year-ago quarter.

Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.

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For Regenxbio, the consensus EPS estimate for the quarter has been revised 2.7% lower over the last 30 days to the current level. And a negative trend in earnings estimate revisions doesn't usually translate into price appreciation. So, make sure to keep an eye on RGNX going forward to see if this recent jump can turn into more strength down the road.

The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>

Regenxbio is part of the Zacks Medical - Biomedical and Genetics industry. ProQR (PRQR), another stock in the same industry, closed the last trading session 3.5% lower at $1.65. PRQR has returned -9% in the past month.

ProQR's consensus EPS estimate for the upcoming report has remained unchanged over the past month at -$0.12. Compared to the company's year-ago EPS, this represents a change of -9.1%. ProQR currently boasts a Zacks Rank of #3 (Hold).

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REGENXBIO Inc. (RGNX) : Free Stock Analysis Report

ProQR Therapeutics N.V. (PRQR) : Free Stock Analysis Report

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Zacks Investment Research