Neurogene (NASDAQ:NGNE) Trading Down 3.4% – What’s Next?

Shares of Neurogene Inc. (NASDAQ:NGNE) traded down 3.4% on Wednesday . The stock traded as low as $38.14 and last traded at $38.57. 46,091 shares traded hands during mid-day trading, a decline of 61% from the average session volume of 119,271 shares. The stock had previously closed at $39.94.

Analysts Set New Price Targets

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

Neurogene Stock Performance

The stock’s 50-day simple moving average is $38.14 and its 200 day simple moving average is $37.79.

Neurogene (NASDAQ:NGNE) last posted its quarterly earnings results on Friday, August 9th. The company reported ($1.09) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.02) by ($0.07). The company had revenue of $0.93 million for the quarter. As a group, sell-side analysts expect that Neurogene Inc. will post -4.47 earnings per share for the current year.

Hedge Funds Weigh In On Neurogene

Large investors have recently modified their holdings of the business. Quest Partners LLC purchased a new position in shares of Neurogene in the 2nd quarter valued at about $55,000. SG Americas Securities LLC purchased a new position in Neurogene in the first quarter valued at about $120,000. Privium Fund Management UK Ltd acquired a new stake in shares of Neurogene during the 1st quarter valued at approximately $274,000. Rhumbline Advisers purchased a new stake in shares of Neurogene during the 2nd quarter worth approximately $491,000. Finally, Avoro Capital Advisors LLC acquired a new stake in shares of Neurogene in the 2nd quarter worth approximately $802,000. 52.37% of the stock is owned by hedge funds and other institutional investors.

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.