Regenxbio Inc . (NASDAQ:RGNX) stock has tumbled to a 52-week low, touching down at $8.39, as the biotechnology firm faces a challenging market environment. According to InvestingPro data, the company's shares have plunged nearly 9% in the past week alone, with concerning metrics showing negative EBITDA of $223.6 million and rapidly diminishing cash reserves. This latest price point marks a significant downturn for the company, which has seen its stock value decrease by 58.12% over the past year. Investors are closely monitoring Regenxbio's performance, as the company navigates through a period of volatility and seeks to regain its footing in the competitive biotech landscape. InvestingPro analysis suggests the stock is currently undervalued, though three analysts have recently revised their earnings expectations downward. Discover more insights with InvestingPro's comprehensive research report, available along with 10+ additional ProTips.
In other recent news, Regenxbio Inc. has reported its financial and operating results for the third quarter of 2024. These results have been followed by the release of promising functional data from the company's Phase 1/2 AFFINITY DUCHENNE trial evaluating RGX-202, a therapy for Duchenne muscular dystrophy (DMD). The data indicated either stability or improvement in patient function, a significant achievement given the older age of the trial participants.
In response to these developments, H.C. Wainwright has increased the probability of approval for RGX-202 from 35% to 45% and maintained a Buy rating on Regenxbio's stock. Similarly, Raymond (NS:RYMD) James has reaffirmed its Outperform rating and $18.00 price target for Regenxbio, citing the initial trial results as grounds for continued support.
Morgan Stanley (NYSE:MS) also resumed its coverage of Regenxbio, assigning an Overweight rating to the stock and highlighting the potential of gene therapy in treating VEGF-mediated diseases. Despite concerns about commercial viability due to subretinal delivery method challenges, the firm expressed cautious optimism about Regenxbio's advancements in gene therapy. These are recent developments that provide insights into the company's ongoing progress and future prospects.
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