Neurogene (NASDAQ:NGNE) Shares Down 7.8% After Earnings Miss

Neurogene Inc. (NASDAQ:NGNE) dropped 7.8% on Tuesday after the company announced weaker than expected quarterly earnings. The stock traded as low as $34.13 and last traded at $33.7120. Approximately 14,902 shares traded hands during trading, a decline of 92% from the average session volume of 183,143 shares. The stock had previously closed at $36.55.

The company reported ($1.53) earnings per share for the quarter, missing the consensus estimate of ($1.42) by ($0.11).

Analyst Ratings Changes

A number of brokerages have weighed in on NGNE. Rodman & Renshaw began coverage on Neurogene in a research report on Wednesday, June 3rd. They set a “buy” rating and a $70.00 target price for the company. Guggenheim started coverage on shares of Neurogene in a report on Tuesday, April 28th. They issued a “buy” rating and a $69.00 price target on the stock. UBS Group set a $70.00 price objective on shares of Neurogene in a research report on Wednesday, June 3rd. HC Wainwright reaffirmed a “buy” rating and set a $70.00 price target on shares of Neurogene in a research report on Tuesday, June 9th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Neurogene in a report on Friday, July 17th. Two research analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $84.83.

Insiders Place Their Bets

In related news, CFO Christine Mikail Cvijic sold 4,200 shares of the business’s stock in a transaction dated Tuesday, July 7th. The shares were sold at an average price of $36.13, for a total transaction of $151,746.00. Following the transaction, the chief financial officer directly owned 84,040 shares in the company, valued at approximately $3,036,365.20. The trade was a 4.76% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 9,600 shares of company stock worth $339,932 in the last quarter. Insiders own 11.68% of the company’s stock.

Institutional Trading of Neurogene

Several large investors have recently added to or reduced their stakes in the stock. Jennison Associates LLC grew its stake in shares of Neurogene by 35.3% in the 4th quarter. Jennison Associates LLC now owns 533,088 shares of the company’s stock valued at $10,982,000 after buying an additional 138,999 shares during the period. Deutsche Bank AG purchased a new stake in shares of Neurogene during the 2nd quarter valued at approximately $3,354,000. Bank of New York Mellon Corp purchased a new stake in shares of Neurogene during the 2nd quarter valued at approximately $904,000. Daiwa Securities Group Inc. acquired a new position in Neurogene in the fourth quarter valued at approximately $66,000. Finally, Brevan Howard Capital Management LP acquired a new position in Neurogene in the third quarter valued at approximately $223,000. 52.37% of the stock is currently owned by hedge funds and other institutional investors.

Neurogene Stock Down 10.2%

The company has a market capitalization of $518.62 million, a PE ratio of -7.21 and a beta of 1.70. The firm has a 50-day moving average of $33.34 and a two-hundred day moving average of $26.46.

Neurogene Company Profile

Neurogene, Inc is a clinical?stage biotechnology company specializing in the development of gene therapies for rare neurological diseases. The company’s lead platform employs adeno?associated virus (AAV) vectors designed to deliver functional copies of disease-causing genes directly to the central nervous system. Neurogene’s pipeline focuses on inherited lysosomal storage disorders, including investigational programs for GM1 and GM2 gangliosidoses, with additional preclinical efforts targeting other monogenic neurodegenerative conditions.

Neurogene’s proprietary AAV9?based delivery system has been engineered to cross the blood-brain barrier, aiming to provide durable gene expression in affected tissues.