Neurogene (NASDAQ:NGNE) Shares Up 8.2%

Neurogene Inc. (NASDAQ:NGNE)’s stock price 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 mid-day trading, a decline of 88% from the average session volume of 117,927 shares. The stock had previously closed at $40.68.

Wall Street Analysts Forecast Growth

NGNE has been the topic of several recent analyst reports. Baird R W raised shares of Neurogene to a “strong-buy” rating in a research note on Tuesday, June 11th. BMO Capital Markets initiated coverage on shares of Neurogene in a research report on Thursday, June 27th. They set 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 research report on Monday, August 12th. Finally, Robert W. Baird initiated coverage on shares of Neurogene in a research report on Tuesday, June 11th. They set an “outperform” rating and a $54.00 price target for the company. Eight equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Neurogene has an average rating of “Buy” and a consensus target price of $51.00.

Neurogene Stock Down 6.6 %

The stock’s fifty day simple moving average is $38.25 and its 200 day simple moving average is $37.60.

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

Institutional Trading of Neurogene

Several hedge funds have recently made changes to their positions in the company. Quest Partners LLC purchased a new stake in shares of Neurogene in the 2nd quarter valued at approximately $55,000. SG Americas Securities LLC purchased a new stake in shares of Neurogene in the 1st quarter valued at approximately $120,000. Baker BROS. Advisors LP grew its stake in shares of 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. Privium Fund Management UK Ltd purchased a new stake in shares of Neurogene in the 1st quarter valued at approximately $274,000. Finally, Marshall Wace LLP grew its stake in shares of Neurogene by 37.2% in the 2nd quarter. Marshall Wace LLP now owns 41,447 shares of the company’s stock valued at $1,508,000 after buying an additional 11,229 shares during the period. Hedge funds and other institutional investors 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.