Neurogene (NASDAQ:NGNE) Cut to Strong Sell at Wall Street Zen

Wall Street Zen downgraded shares of Neurogene (NASDAQ:NGNE) from a sell rating to a strong sell rating in a research report sent to investors on Saturday morning,Wall Street Zen reports.

NGNE has been the subject of several other reports. Guggenheim raised their price objective on shares of Neurogene from $69.00 to $81.00 and gave the stock a “buy” rating in a report on Wednesday, August 12th. William Blair upgraded shares of Neurogene to a “strong-buy” rating in a research note on Wednesday, September 23rd. Weiss Ratings restated a “sell (d-)” rating on shares of Neurogene in a research note on Friday, July 17th. HC Wainwright reduced their price target on shares of Neurogene from $70.00 to $65.00 and set a “buy” rating on the stock in a research report on Wednesday, August 12th. Finally, Canaccord Genuity Group reduced their price target on shares of Neurogene from $180.00 to $166.00 and set a “buy” rating on the stock in a research report on Wednesday, August 12th. Two investment analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Neurogene presently has a consensus rating of “Buy” and a consensus price target of $80.29.

Neurogene Trading Down 7.4%

NGNE stock opened at $24.44 on Friday. Neurogene has a twelve month low of $15.93 and a twelve month high of $43.66. The company has a market capitalization of $489.07 million, a P/E ratio of -4.86 and a beta of 1.70. The firm has a 50 day simple moving average of $33.92 and a 200-day simple moving average of $30.97.

Neurogene (NASDAQ:NGNE) last issued its quarterly earnings results on Tuesday, August 11th. The company reported ($1.53) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.42) by ($0.11). On average, research analysts predict that Neurogene will post -5.88 EPS for the current year.

Institutional Investors Weigh In On Neurogene

Institutional investors and hedge funds have recently made changes to their positions in the company. Pale Fire Capital SE bought a new position in Neurogene during the second quarter worth $298,000. Moore Capital Management LP acquired a new position in Neurogene in the second quarter worth $4,454,000. Wellington Management Group LLP bought a new stake in Neurogene during the second quarter valued at $987,000. Seven Fleet Capital Management LP bought a new stake in Neurogene during the second quarter valued at $694,000. Finally, Bank of America Corp DE bought a new stake in Neurogene during the second quarter valued at $350,000. 52.37% of the stock is owned by institutional investors and hedge funds.

About Neurogene

Neurogene Inc is a clinical-stage biotechnology company focused on developing genetic medicines for patients with rare and devastating neurological diseases. The company’s work centers on gene therapies designed to address severe neurodevelopmental and neurodegenerative disorders for which treatment options are limited.

Neurogene’s pipeline includes NGN-401, an investigational gene therapy being developed for Rett syndrome, and NGN-101, an investigational therapy targeting CLN5 disease, a form of neuronal ceroid lipofuscinosis also known as Batten disease.