Neurogene (NASDAQ:NGNE) Trading Up 4.8%

Neurogene Inc. (NASDAQ:NGNE) shares were up 4.8% on Wednesday . The company traded as high as $43.81 and last traded at $42.21. Approximately 24,943 shares changed hands during mid-day trading, a decline of 79% from the average daily volume of 117,235 shares. The stock had previously closed at $40.27.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on NGNE shares. Baird R W upgraded shares of Neurogene to a “strong-buy” rating in a research note on Tuesday, June 11th. BMO Capital Markets started coverage on shares of Neurogene in a research note on Thursday, June 27th. They issued an “outperform” rating and a $65.00 target price on the stock. HC Wainwright dropped their target price on shares of Neurogene from $51.00 to $49.00 and set a “buy” rating on the stock in a research note on Monday, August 12th. Finally, Robert W. Baird initiated coverage on shares of Neurogene in a research note on Tuesday, June 11th. They set an “outperform” rating and a $54.00 price target on the stock. Eight investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Neurogene currently has a consensus rating of “Buy” and an average target price of $51.00.

Neurogene Stock Performance

The stock’s 50 day moving average is $38.55 and its 200 day moving average is $37.46.

Neurogene (NASDAQ:NGNE) last posted its earnings results on Friday, August 9th. The company reported ($1.09) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.02) by ($0.07). The company had revenue of $0.93 million for the quarter. As a group, research analysts predict that Neurogene Inc. will post -4.47 earnings per share for the current fiscal year.

Institutional Trading of Neurogene

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Driehaus Capital Management LLC increased its holdings in Neurogene by 123.8% during the 2nd quarter. Driehaus Capital Management LLC now owns 102,187 shares of the company’s stock worth $3,719,000 after acquiring an additional 56,533 shares during the period. Marshall Wace LLP increased its holdings in Neurogene by 37.2% during the 2nd quarter. Marshall Wace LLP now owns 41,447 shares of the company’s stock worth $1,508,000 after acquiring an additional 11,229 shares during the period. Integral Health Asset Management LLC bought a new stake in Neurogene during the 2nd quarter worth approximately $2,547,000. Avoro Capital Advisors LLC bought a new stake in Neurogene during the 2nd quarter worth approximately $802,000. Finally, Quest Partners LLC bought a new stake in Neurogene during the 2nd quarter worth approximately $55,000. Institutional investors own 52.37% of the company’s stock.

Neurogene Company Profile

Neurogene Inc, a biotechnology company, develops genetic medicines for rare neurological diseases. The company's product candidates include NGN-401 which is packaged in an adeno-associated virus 9 that is in Phase 1/2 clinical trial for the treatment of Rett syndrome; and NGN-101, a conventional gene therapy candidate that is in Phase 1/2 clinical trial to treat CLN5 Batten disease.