Despite Efficacy From Gene Therapy, RBC Cuts REGENXBIO Target

 

• On Monday, REGENXBIO Inc 
  RGNX-6.50%+ Free Alerts
   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.

https://www.benzinga.com/general/biotech/22/10/29141282/despite-solid-efficacy-from-gene-therapy-this-analyst-cuts-regenxbios-price-target