Neurogene (NASDAQ:NGNE) Stock Price Breaks Above Two Hundred Day Moving Average – What’s Next?

Shares of Neurogene Inc. (NASDAQ:NGNE) crossed above its 200-day moving average during trading on Wednesday. The stock has a 200-day moving average of $27.62 and traded as high as $31.14. Neurogene shares last traded at $30.42, with a volume of 646,283 shares traded.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the stock. Weiss Ratings reissued a “sell (d-)” rating on shares of Neurogene in a research report on Thursday, October 15th. Guggenheim upped their target price on Neurogene from $69.00 to $81.00 and gave the company a “buy” rating in a research report on Wednesday, August 12th. Canaccord Genuity Group lowered their target price on Neurogene from $180.00 to $166.00 and set a “buy” rating on the stock in a research note on Wednesday, August 12th. William Blair raised Neurogene to a “strong-buy” rating in a report on Wednesday, September 23rd. Finally, Wall Street Zen downgraded Neurogene from a “sell” rating to a “strong sell” rating in a research note on Saturday, October 10th. Two research analysts have rated the stock with a Strong Buy rating, five have given a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Buy” and an average target price of $80.29.

Neurogene Trading Down 4.4%

The company’s fifty day moving average price is $30.73 and its 200 day moving average price is $27.72.

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 the consensus estimate of ($1.42) by ($0.11). On average, research analysts predict that Neurogene Inc. will post -5.88 EPS for the current fiscal year.

Institutional Investors Weigh In On Neurogene

Institutional investors and hedge funds have recently bought and sold shares of the company. Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Neurogene during the 3rd quarter worth approximately $28,000. China Universal Asset Management Co. Ltd. raised its position in Neurogene by 45.2% during the third quarter. China Universal Asset Management Co. Ltd. now owns 3,651 shares of the company’s stock valued at $104,000 after purchasing an additional 1,136 shares in the last quarter. Pale Fire Capital SE acquired a new position in Neurogene during the second quarter valued at approximately $298,000. Moore Capital Management LP bought a new stake in Neurogene during the second quarter worth $4,454,000. Finally, Wellington Management Group LLP bought a new stake in Neurogene during the second quarter worth $987,000. Institutional investors own 52.37% of the company’s stock.

About Neurogene

Neurogene Inc (NASDAQ: NGNE) is a clinical-stage biotechnology company focused on developing genetic medicines for patients with rare neurological diseases. The company designs gene therapies intended to address the underlying genetic causes of disorders for which treatment options are limited or unavailable.

Neurogene’s lead program is NGN-401, an investigational gene therapy being developed for Rett syndrome, a rare neurodevelopmental disorder. The company is also advancing NGN-101 for CLN5 Batten disease, a form of neuronal ceroid lipofuscinosis.