Neurogene (NASDAQ:NGNE) Shares Up 5.5% – Here’s Why

Neurogene Inc. (NASDAQ:NGNE) was up 5.5% during trading on Tuesday. The company traded as high as $24.96 and last traded at $25.51. 7,035 shares were traded during trading, a decline of 97% from the average session volume of 212,810 shares. The stock had previously closed at $24.17.

Wall Street Analyst Weigh In

NGNE has been the topic of several research analyst reports. JPMorgan Chase & Co. began coverage on Neurogene in a research note on Thursday, October 8th. They set an “overweight” rating and a $60.00 target price on the stock. Guggenheim increased their price target on shares of Neurogene from $69.00 to $81.00 and gave the stock a “buy” rating in a research report on Wednesday, August 12th. Weiss Ratings reissued a “sell (d-)” rating on shares of Neurogene in a research report on Thursday. Canaccord Genuity Group decreased their price target on shares of Neurogene from $180.00 to $166.00 and set a “buy” rating for the company in a report on Wednesday, August 12th. Finally, William Blair upgraded shares of Neurogene to a “strong-buy” rating in a report on Wednesday, September 23rd. Two equities research analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat, Neurogene presently has an average rating of “Buy” and an average price target of $80.29.

Neurogene Price Performance

The stock has a market cap of $511.26 million, a price-to-earnings ratio of -5.08 and a beta of 1.70. The business has a fifty day moving average of $32.66 and a 200 day moving average of $31.06.

Neurogene (NASDAQ:NGNE) last posted its 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, analysts expect that Neurogene Inc. will post -5.88 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of NGNE. Bank of New York Mellon Corp acquired a new position in Neurogene during the second quarter worth $904,000. BlackRock Inc. acquired a new stake in shares of Neurogene in the second quarter worth about $33,274,000. Renaissance Technologies LLC lifted its position in shares of Neurogene by 210.0% in the first quarter. Renaissance Technologies LLC now owns 43,400 shares of the company’s stock worth $875,000 after buying an additional 29,400 shares during the last quarter. Wellington Management Group LLP acquired a new stake in shares of Neurogene in the second quarter worth about $987,000. Finally, Deutsche Bank AG bought a new stake in shares of Neurogene during the 2nd quarter worth about $3,354,000. Institutional investors own 52.37% of the company’s stock.

Neurogene Company Profile

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.