Neurogene (NASDAQ:NGNE) Stock Price Down 3.4%

Neurogene Inc. (NASDAQ:NGNE)’s stock price was down 3.4% on Wednesday . The stock 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.

Wall Street Analyst Weigh In

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

Neurogene Trading Down 0.2 %

The stock has a 50-day moving average price of $38.12 and a 200 day moving average price of $37.72.

Neurogene (NASDAQ:NGNE) last released its quarterly earnings results on Friday, August 9th. The company reported ($1.09) EPS for the quarter, missing the consensus estimate of ($1.02) by ($0.07). The business had revenue of $0.93 million during the quarter. Research analysts forecast that Neurogene Inc. will post -4.47 EPS for the current fiscal year.

Institutional Investors Weigh In On Neurogene

Several hedge funds have recently made changes to their positions in the business. Avidity Partners Management LP purchased a new stake in Neurogene during the 4th quarter valued at approximately $9,036,000. Great Point Partners LLC acquired a new position in shares of Neurogene in the fourth quarter valued at approximately $19,268,000. Privium Fund Management UK Ltd purchased a new stake in shares of Neurogene during the first quarter worth approximately $274,000. SG Americas Securities LLC acquired a new stake in shares of Neurogene during the first quarter worth $120,000. Finally, Vanguard Group Inc. grew its position in Neurogene by 906.5% in the 1st 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.

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.