Neurogene (NASDAQ:NGNE) Shares Gap Down After Analyst Downgrade

Neurogene Inc. (NASDAQ:NGNE) gapped down before the market opened on Tuesday after BMO Capital Markets lowered their price target on the stock from $65.00 to $60.00. The stock had previously closed at $71.53, but opened at $48.28. BMO Capital Markets currently has an outperform rating on the stock. Neurogene shares last traded at $40.74, with a volume of 117,789 shares trading hands.

A number of other research firms also recently commented on NGNE. HC Wainwright boosted their price target on shares of Neurogene from $49.00 to $55.00 and gave the stock a “buy” rating in a research report on Tuesday. Robert W. Baird boosted their target price on Neurogene from $54.00 to $72.00 and gave the stock an “outperform” rating in a report on Tuesday. Finally, Leerink Partners upped their target price on Neurogene from $45.00 to $72.00 and gave the stock an “outperform” rating in a research report on Tuesday. Eight research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Buy” and an average price target of $63.33.

Institutional Trading of Neurogene

Large investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its position in shares of Neurogene by 906.5% during the 1st quarter. Vanguard Group Inc. now owns 507,483 shares of the company’s stock valued at $25,831,000 after acquiring an additional 457,062 shares during the last quarter. Baker BROS. Advisors LP lifted its holdings in shares of Neurogene by 0.6% during the first quarter. Baker BROS. Advisors LP now owns 456,015 shares of the company’s stock valued at $23,211,000 after purchasing an additional 2,499 shares during the last quarter. Driehaus Capital Management LLC lifted its holdings in shares of Neurogene by 123.8% during the second quarter. Driehaus Capital Management LLC now owns 102,187 shares of the company’s stock valued at $3,719,000 after purchasing an additional 56,533 shares during the last quarter. Jennison Associates LLC acquired a new position in shares of Neurogene in the 3rd quarter valued at $3,300,000. Finally, Integral Health Asset Management LLC purchased a new position in Neurogene in the 2nd quarter worth about $2,547,000. 52.37% of the stock is currently owned by institutional investors.

Neurogene Stock Performance

The company has a fifty day simple moving average of $46.77 and a 200-day simple moving average of $40.05.

About Neurogene

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.