Neurogene (NASDAQ:NGNE) Trading Down 4.4% – Here’s Why

Neurogene Inc. (NASDAQ:NGNE)’s share price dropped 4.4% during trading on Tuesday . The stock traded as low as $49.69 and last traded at $50.35. Approximately 18,553 shares traded hands during mid-day trading, a decline of 84% from the average daily volume of 119,639 shares. The stock had previously closed at $52.66.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on NGNE. HC Wainwright dropped their price target on Neurogene from $51.00 to $49.00 and set a “buy” rating for the company in a report on Monday, August 12th. BMO Capital Markets began coverage on shares of Neurogene in a research report on Thursday, June 27th. They issued an “outperform” rating and a $65.00 target price for the company. Eight research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $51.00.

Neurogene Stock Down 2.8 %

The company has a fifty day simple moving average of $41.60 and a two-hundred day simple moving average of $38.12.

Neurogene (NASDAQ:NGNE) last posted its quarterly earnings results on Friday, August 9th. The company reported ($1.09) EPS for the quarter, missing analysts’ consensus estimates of ($1.02) by ($0.07). The company had revenue of $0.93 million during the quarter. Equities research analysts anticipate that Neurogene Inc. will post -4.47 earnings per share for the current fiscal year.

Institutional Trading of Neurogene

Large investors have recently made changes to their positions in the company. SG Americas Securities LLC acquired a new stake in shares of Neurogene in the 3rd quarter valued at $150,000. Driehaus Capital Management LLC raised its stake in Neurogene by 123.8% during the second quarter. Driehaus Capital Management LLC now owns 102,187 shares of the company’s stock worth $3,719,000 after acquiring an additional 56,533 shares in the last quarter. Marshall Wace LLP lifted its holdings in shares of Neurogene by 37.2% in the second quarter. Marshall Wace LLP now owns 41,447 shares of the company’s stock worth $1,508,000 after acquiring an additional 11,229 shares during the last quarter. Integral Health Asset Management LLC acquired a new stake in shares of Neurogene in the 2nd quarter valued at approximately $2,547,000. Finally, Avoro Capital Advisors LLC acquired a new stake in shares of Neurogene in the 2nd quarter valued at approximately $802,000. Institutional investors and hedge funds own 52.37% of the company’s stock.

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.