In recent transactions, Kenneth T. Mills, a director at REGENXBIO Inc. (NASDAQ:RGNX), sold shares of the company's common stock, resulting in a total sale value exceeding $33,000. The sales occurred on two separate dates, with prices ranging between $13.76 and $13.7737 per share.
Mills executed the sales as part of a prearranged 10b5-1 trading plan. On July 16 and July 17, he disposed of 200 and 2,210 shares respectively. The weighted average sale price for the larger transaction on July 17 was reported at $13.7737.
In addition to the sales, Mills also acquired shares on the same days through option exercises priced at $3.76 each, with a total value of $9,061. These transactions were also part of the 10b5-1 plan, which allows insiders to set up a predetermined trading plan for selling stocks at a specified time.
The transactions were disclosed in a Form 4 filing with the Securities and Exchange Commission. Following these transactions, Mills continues to hold a substantial number of shares in REGENXBIO, which is known for its work in the field of biological products.
Investors often monitor insider buying and selling as it can provide insights into the company's performance and insiders' views on the stock's value. With these recent transactions, stakeholders can stay informed about the financial moves of key company executives.
In other recent news, REGENXBIO Inc. announced the expansion of its Phase I/II AFFINITY DUCHENNE trial, aiming to expedite the development of its investigational gene therapy RGX-202 towards commercialization. The company also reported a productive first quarter with total revenue of $15.6 million and a net loss of $63.3 million. Analyst firms H.C. Wainwright and RBC Capital maintained their Buy and Outperform ratings respectively, highlighting the company's strategic positioning in the market.
REGENXBIO is preparing for the submission of a rolling Biologics License Application (BLA) for its gene therapy candidate RGX-121 for the treatment of Mucopolysaccharidosis Type II (MPS II). The submission process is expected to start in the third quarter of 2024. The company also announced a leadership transition, with Curran Simpson assuming the role of President and Chief Executive Officer.
These developments highlight REGENXBIO's recent strides in advancing its gene therapy pipeline and maintaining its financial outlook. The company's progress in these areas provides investors with a clear view of the company's recent activities and future plans.
InvestingPro Insights
As investors digest the recent insider transactions by Kenneth T. Mills at REGENXBIO Inc. (NASDAQ:RGNX), it is essential to consider the broader financial context of the company. According to InvestingPro data, REGENXBIO has a market capitalization of $634.91M, reflecting the market's valuation of the company. Despite the insider sales, it's noteworthy that the company holds more cash than debt on its balance sheet, which can be a sign of financial stability.
However, the firm is facing some financial challenges. REGENXBIO is not expected to be profitable this year, as indicated by its negative P/E ratio of -2.48 for the last twelve months as of Q1 2024. Additionally, the company's gross profit margins have been weak, with a gross profit margin of -203.23% over the same period. This could raise concerns about the company's ability to manage costs and sustain operations without eroding value.
For those considering an investment in REGENXBIO, it's important to be aware that three analysts have revised their earnings downwards for the upcoming period, which may reflect a cautious outlook on the company's financial performance. Moreover, with a current price of $13.28 per share, REGENXBIO is trading below the InvestingPro Fair Value estimate of $15.25, suggesting potential undervaluation.
For investors seeking a more comprehensive analysis, there are additional InvestingPro Tips available, which provide further insights into REGENXBIO's financial health and prospects. To explore these tips and make informed investment decisions, use the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription at https://www.investing.com/pro/RGNX. With this subscription, investors can access a total of 8 InvestingPro Tips, including insights into the company's liquidity and dividend policies.
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