Neurogene (NASDAQ:NGNE) Stock Price Down 4.7%

Neurogene Inc. (NASDAQ:NGNE)’s share price traded down 4.7% during trading on Thursday . The company traded as low as $39.94 and last traded at $39.94. 12,596 shares changed hands during trading, a decline of 89% from the average session volume of 117,970 shares. The stock had previously closed at $41.93.

Analyst Upgrades and Downgrades

NGNE has been the subject of a number of research reports. Robert W. Baird began coverage on shares of Neurogene in a research note on Tuesday, June 11th. They issued an “outperform” rating and a $54.00 price target for the company. BMO Capital Markets began coverage on shares of Neurogene in a report on Thursday, June 27th. They issued an “outperform” rating and a $65.00 price target for the company. HC Wainwright reduced their price target 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. Finally, Baird R W raised Neurogene to a “strong-buy” rating in a report on Tuesday, June 11th. Eight investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Buy” and a consensus target price of $51.00.

Neurogene Stock Down 7.3 %

The business has a 50 day moving average price of $38.29 and a 200-day moving average price of $37.59.

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

Hedge Funds Weigh In On Neurogene

Institutional investors and hedge funds have recently made changes to their positions in the company. Avidity Partners Management LP acquired a new stake in Neurogene during the fourth quarter worth approximately $9,036,000. Great Point Partners LLC bought a new position in Neurogene during the 4th quarter valued at $19,268,000. Privium Fund Management UK Ltd bought a new stake in shares of Neurogene in the first quarter valued at $274,000. SG Americas Securities LLC purchased a new stake in shares of Neurogene in the 1st quarter valued at about $120,000. Finally, Vanguard Group Inc. grew its stake in shares of Neurogene by 906.5% during the first quarter. Vanguard Group Inc. now owns 507,483 shares of the company’s stock valued at $25,831,000 after buying an additional 457,062 shares during the last quarter. Institutional investors and hedge funds 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.