Despite Solid Efficacy From Gene Therapy, This Analyst Cuts REGENXBIO's Price Target

  • On Monday, REGENXBIO Inc RGNX announced a program update from its ongoing clinical investigation of RGX-314 for wet AMD, a leading cause of vision loss globally.
  • RGX-314 showed a meaningful reduction in treatment burden across all dose levels.
  • The highest reduction in treatment burden was seen in Cohort 4 (Dose 3), with an 85% reduction in annualized injection rate and 67% injection-free.
  • On the safety front, a dose-dependent increase in inflammation rate/severity was observed.
  • RBC Capital said it remains on the sidelines given a limited conviction for the lead indications in non-life threatening indications where current SOC continues to progress.
  • The analyst lowered the price target from $47 to $29, reiterating the Sector Perform rating.
  • The analyst notes that the risk-benefit profile skews incrementally more negatively. The lowered price target reflects a mixed update today and a competitive landscape that continues to intensify.
  • Price Action: RGNX shares are down 5.05% at $22.95 on the last check Tuesday.
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