Goldman Sachs Downgrades Regenxbio Inc. (RGNX) to Neutral

Goldman Sachs analyst Paul Choi downgraded Regenxbio Inc. (NASDAQ: RGNX) from Buy to Neutral with a price target of $14.00 (from $38.00).

The analyst comments: "We base our rating and price target change on: 1) questions over the ultimate appeal of gene therapy in wetAMD and DR given the largely elderly patient population and increasing injection-free period of existing anti-VEGF therapy, which offer significantly more favorable pricing; and 2) waning differentiation vs. competitor program given the invasive administration methods used for ABBV-RGX-314. On the other hand, we continue to view the data to-date on RGX-202 as encouraging, albeit limited, and see heightened demand for more effective therapies based on observed trends with SRPT's (covered by Salveen Richter) Elevidys as well as enrollment in EWTX's FOX study for post-gene therapy treatment. Since being added to the Americas Buy list on June 7, 2024, the stock has returned -41.7% versus the Russell 2000 return of 13.8%. This has largely been driven by a loss of investor confidence in the gene therapy category in ophthalmology, combined with success launches of aflibercept biosimilars and recent approvals of higher-dose anti-VEGF therapies with lower injection frequencies."

For an analyst ratings summary and ratings history on Regenxbio Inc. click here. For more ratings news on Regenxbio Inc. click here.

Shares of Regenxbio Inc. closed at $7.89 yesterday.

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