Barclays Downgrades Regenxbio Inc. (RGNX) to Equalweight

Barclays analyst Eliana Merle downgraded Regenxbio Inc. (NASDAQ: RGNX) from Overweight to Equalweight with a price target of $12.00.

The analyst comments: “RGNX provided a 2Q update and hosted a call; we spoke to mgmt afterwards. For DMD, mgmt plans to submit the first rolling BLA module in 3Q, complete the submission 1Q27, and cited potential accelerated approval in 2H27. We think further updates on the regulatory progress in DMD, including FDA interactions, could be a positive catalyst for shares and if approved, would be significant upside to our base case, but we note we lack visibility on the FDA's stance on DMD gene therapy given historical events in the DMD GTx space & recent changes at the FDA. For wAMD subretinal (ABBV-partnered), topline pivotal data remain on track for 4Q. We see upside for RGNX on positive data in wAMD where we think limited credit is currently priced in—though we note the retinal space is highly competitive and see a high bar for GTx (though we see an opp'y in a segment of patients).

We downgrade RGNX to Equal Weight (vs prior Overweight), PT remains $12/sh (vs current price ~$11/sh). While we continue to see meaningful upside potential if RGX-202 (DMD rolling BLA initiating 3Q) is approved and upside if RGX-314 (wAMD subretinal topline 4Q) data are positive, we think at current levels shares appropriately price in ongoing questions around the regulatory environment (DMD) and competitive landscape (wAMD).”

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 $11.28 yesterday.

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