Regenxbio downgraded to Neutral from Buy at Goldman Sachs

Goldman Sachs downgraded Regenxbio (RGNX) to Neutral from Buy with a price target of $14, down from $38. The firm has questions over the ultimate appeal of gene therapy in wet age-related macular degeneration given the largely elderly patient population and increasing injection-free period of existing anti-VEGF therapy, which it says offer significantly more favorable pricing. Goldman also sees “waning differentiation” for Regenxbio versus competitor programs given the invasive administration methods used for ABBV-RGX-314.