Neurogene (NASDAQ:NGNE) Stock Price Down 3.4%

Neurogene Inc. (NASDAQ:NGNE) shares were down 3.4% on Wednesday . The company traded as low as $38.14 and last traded at $38.57. Approximately 46,091 shares traded hands during mid-day trading, a decline of 61% from the average daily volume of 119,271 shares. The stock had previously closed at $39.94.

Analysts Set New Price Targets

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

Neurogene Trading Down 0.2 %

The business has a fifty day moving average price of $38.12 and a two-hundred day moving average price of $37.72.

Neurogene (NASDAQ:NGNE) last announced its quarterly 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 business 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 year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of NGNE. Great Point Partners LLC purchased a new position in Neurogene during the 4th quarter valued at about $19,268,000. Vanguard Group Inc. boosted its stake in shares of Neurogene by 906.5% in the first quarter. Vanguard Group Inc. now owns 507,483 shares of the company’s stock valued at $25,831,000 after purchasing an additional 457,062 shares during the period. Avidity Partners Management LP acquired a new position in shares of Neurogene in the fourth quarter valued at approximately $9,036,000. Baker BROS. Advisors LP boosted its position in Neurogene by 0.6% in the 1st quarter. Baker BROS. Advisors LP now owns 456,015 shares of the company’s stock valued at $23,211,000 after buying an additional 2,499 shares during the period. Finally, Driehaus Capital Management LLC grew its stake in shares of Neurogene by 123.8% in the second 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 in the last quarter. 52.37% of the stock is currently owned by hedge funds and other institutional investors.

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.