Neurogene (NASDAQ:NGNE) Trading Down 8.3% – Should You Sell?

Neurogene Inc. (NASDAQ:NGNE) was down 8.3% during trading on Wednesday . The stock traded as low as $31.00 and last traded at $30.81. Approximately 23,758 shares traded hands during mid-day trading, a decline of 88% from the average session volume of 201,478 shares. The stock had previously closed at $33.60.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the stock. Rodman & Renshaw initiated coverage on shares of Neurogene in a report on Wednesday, June 3rd. They set a “buy” rating and a $70.00 target price on the stock. Canaccord Genuity Group cut their price target on shares of Neurogene from $180.00 to $166.00 and set a “buy” rating for the company in a research note on Wednesday, August 12th. Weiss Ratings reissued a “sell (d-)” rating on shares of Neurogene in a research report on Friday, July 17th. UBS Group set a $70.00 price objective on shares of Neurogene in a research note on Wednesday, June 3rd. Finally, HC Wainwright dropped their target price on shares of Neurogene from $70.00 to $65.00 and set a “buy” rating on the stock in a report on Wednesday, August 12th. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Neurogene currently has an average rating of “Moderate Buy” and a consensus target price of $83.67.

Neurogene Trading Down 8.8%

The firm has a market cap of $613.11 million, a price-to-earnings ratio of -6.09 and a beta of 1.69. The stock’s 50 day moving average is $36.17 and its 200 day moving average is $30.38.

Neurogene (NASDAQ:NGNE) last posted its quarterly earnings data 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). On average, equities research analysts predict that Neurogene Inc. will post -5.62 EPS for the current year.

Insider Activity

In related news, CFO Christine Cvijic sold 4,200 shares of the firm’s stock in a transaction on Tuesday, July 7th. The stock was sold at an average price of $36.13, for a total value of $151,746.00. Following the transaction, the chief financial officer owned 84,040 shares in the company, valued at approximately $3,036,365.20. This trade represents a 4.76% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 9,600 shares of company stock worth $339,932. Corporate insiders own 11.68% of the company’s stock.

Hedge Funds Weigh In On Neurogene

Hedge funds have recently bought and sold shares of the company. Pale Fire Capital SE acquired a new position in shares of Neurogene in the 2nd quarter valued at approximately $298,000. Moore Capital Management LP acquired a new stake in shares of Neurogene during the 2nd quarter worth approximately $4,454,000. Wellington Management Group LLP bought a new position in Neurogene in the second quarter valued at approximately $987,000. Seven Fleet Capital Management LP bought a new position in Neurogene in the second quarter valued at approximately $694,000. Finally, Bank of America Corp DE acquired a new position in Neurogene during the second quarter valued at approximately $350,000. 52.37% of the stock is owned by institutional investors.

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.