Neurogene (NASDAQ:NGNE) Trading 8.2% Higher

Neurogene Inc. (NASDAQ:NGNE) shares traded up 8.2% during trading on Wednesday . The stock traded as high as $44.02 and last traded at $44.02. 14,222 shares changed hands during trading, a decline of 88% from the average session volume of 117,927 shares. The stock had previously closed at $40.68.

Analyst Upgrades and Downgrades

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

Neurogene Trading Up 5.3 %

The firm has a 50-day simple moving average of $38.34 and a 200-day simple moving average of $37.56.

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 the consensus estimate of ($1.02) by ($0.07). The firm had revenue of $0.93 million during the quarter. As a group, sell-side analysts forecast that Neurogene Inc. will post -4.47 EPS for the current year.

Institutional Investors Weigh In On Neurogene

A number of institutional investors have recently modified their holdings of the stock. Avidity Partners Management LP purchased a new position in Neurogene in the fourth quarter worth about $9,036,000. Great Point Partners LLC purchased a new position in Neurogene in the fourth quarter worth about $19,268,000. Bank of New York Mellon Corp purchased a new position in Neurogene in the second quarter worth about $1,107,000. Vanguard Group Inc. boosted its position in Neurogene by 906.5% in the first quarter. Vanguard Group Inc. now owns 507,483 shares of the company’s stock worth $25,831,000 after purchasing an additional 457,062 shares during the last quarter. Finally, SG Americas Securities LLC purchased a new position in Neurogene in the first quarter worth about $120,000. 52.37% of the stock is 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.