Neurogene (NASDAQ:NGNE) Trading Down 5.8% – Here’s Why

Neurogene Inc. (NASDAQ:NGNE) fell 5.8% during trading on Thursday . The stock traded as low as $32.75 and last traded at $32.6750. Approximately 60,541 shares were traded during mid-day trading, a decline of 68% from the average session volume of 188,715 shares. The stock had previously closed at $34.67.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on NGNE shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of Neurogene in a research note on Friday, July 17th. Rodman & Renshaw started coverage on shares of Neurogene in a research note on Wednesday, June 3rd. They issued a “buy” rating and a $70.00 target price on the stock. UBS Group set a $70.00 target price on shares of Neurogene in a report on Wednesday, June 3rd. Guggenheim lifted their target price on shares of Neurogene from $69.00 to $81.00 and gave the company a “buy” rating in a report on Wednesday, August 12th. Finally, HC Wainwright decreased their price target on shares of Neurogene from $70.00 to $65.00 and set a “buy” rating for the company in a research report on Wednesday, August 12th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $83.67.

Neurogene Stock Down 1.0%

The business’s 50 day moving average price is $36.39 and its 200-day moving average price is $30.17. The company has a market cap of $642.12 million, a PE ratio of -6.38 and a beta of 1.69.

Neurogene (NASDAQ:NGNE) last announced its earnings results on Tuesday, August 11th. The company reported ($1.53) earnings per share for the quarter, missing the consensus estimate of ($1.42) by ($0.11). Equities analysts expect that Neurogene Inc. will post -5.62 earnings per share for the current year.

Insider Activity

In other news, CFO Christine Cvijic sold 4,200 shares of Neurogene stock in a transaction dated Tuesday, July 7th. The stock was sold at an average price of $36.13, for a total transaction of $151,746.00. Following the sale, the chief financial officer directly owned 84,040 shares of the company’s stock, valued at approximately $3,036,365.20. The trade was a 4.76% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 9,600 shares of company stock worth $339,932 over the last 90 days. 11.68% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Neurogene

A number of hedge funds have recently bought and sold shares of NGNE. State of Wyoming acquired a new position in shares of Neurogene in the 2nd quarter valued at approximately $31,000. Legal & General Group Plc acquired a new stake in shares of Neurogene during the second quarter worth approximately $35,000. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in shares of Neurogene during the second quarter worth approximately $192,000. ADAR1 Capital Management LLC bought a new stake in shares of Neurogene in the second quarter worth $245,000. Finally, Pale Fire Capital SE acquired a new stake in Neurogene in the second quarter valued at $298,000. Institutional investors and hedge funds own 52.37% of the company’s stock.

Neurogene Company Profile

Neurogene Inc (NASDAQ: NGNE) is a clinical-stage biotechnology company focused on developing genetic medicines for patients with rare neurological diseases. The company’s research programs are designed to address disorders caused by genetic mutations for which existing treatment options are limited.

Neurogene is developing an investigational gene therapy platform known as EXACT, which is intended to help regulate therapeutic gene expression and support the delivery of genetic medicines.