Morgan Stanley analyst Judah Frommer maintained a Buy rating on RegenXBio yesterday and set a price target of $24.00.
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Judah Frommer has given his Buy rating due to a combination of factors that highlight RegenXBio’s financial stability and potential growth opportunities. One of the primary reasons is the company’s strong financial position, with a significant amount of cash per share and a low enterprise value, which provides downside protection. This financial strength is further supported by potential milestones and approvals, such as the anticipated $200 million milestone from AbbVie related to the RGX-314 trial.
Additionally, RegenXBio’s pipeline includes promising mid-to-late stage programs targeting large markets such as wet age-related macular degeneration, diabetic retinopathy, and Duchenne muscular dystrophy. Despite the current market undervaluing these programs, they hold substantial potential for future sales and market penetration. Frommer’s analysis suggests that the market has not fully recognized the value of these programs, which presents an opportunity for investors at the current stock price levels.
In another report released on July 7, RBC Capital also maintained a Buy rating on the stock with a $21.00 price target.
RGNX’s price has also changed moderately for the past six months – from $7.370 to $8.690, which is a 17.91% increase.