Neurogene (NASDAQ:NGNE) Trading 14.4% Higher – Here’s What Happened

Neurogene Inc. (NASDAQ:NGNE)’s share price shot up 14.4% on Wednesday . The company traded as high as $33.00 and last traded at $33.0950. 252,027 shares changed hands during trading, an increase of 51% from the average session volume of 167,393 shares. The stock had previously closed at $28.94.

Analyst Upgrades and Downgrades

NGNE has been the topic of several analyst reports. Guggenheim initiated coverage on Neurogene in a report on Tuesday, April 28th. They set a “buy” rating and a $69.00 price target on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of Neurogene in a research note on Tuesday, April 21st. Lifesci Capital initiated coverage on shares of Neurogene in a research note on Monday, January 26th. They set an “outperform” rating and a $50.00 price target on the stock. HC Wainwright reissued a “buy” rating and set a $70.00 price objective on shares of Neurogene in a report on Tuesday, January 13th. Finally, Canaccord Genuity Group dropped their price objective on shares of Neurogene to $180.00 and set a “buy” rating for the company in a report on Monday, April 6th. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $67.00.

Neurogene Stock Up 12.7%

The stock has a fifty day moving average of $22.52 and a 200-day moving average of $22.07. The firm has a market capitalization of $509.29 million, a P/E ratio of -7.69 and a beta of 1.69.

Neurogene (NASDAQ:NGNE) last released its quarterly earnings results on Tuesday, March 24th. The company reported ($1.12) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.20) by $0.08. As a group, analysts forecast that Neurogene Inc. will post -5.35 EPS for the current fiscal year.

Insider Activity

In other Neurogene news, CFO Christine Mikail Cvijic sold 4,045 shares of the business’s stock in a transaction dated Friday, March 13th. The stock was sold at an average price of $20.81, for a total transaction of $84,176.45. Following the completion of the sale, the chief financial officer directly owned 105,798 shares of the company’s stock, valued at approximately $2,201,656.38. The trade was a 3.68% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Stuart Cobb sold 6,797 shares of the business’s stock in a transaction dated Friday, March 13th. The stock was sold at an average price of $20.81, for a total value of $141,445.57. Following the sale, the insider directly owned 30,497 shares of the company’s stock, valued at $634,642.57. This represents a 18.23% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders own 9.92% of the company’s stock.

Hedge Funds Weigh In On Neurogene

Institutional investors have recently modified their holdings of the stock. Bank of New York Mellon Corp grew its position in shares of Neurogene by 12.8% in the 1st quarter. Bank of New York Mellon Corp now owns 26,043 shares of the company’s stock valued at $525,000 after purchasing an additional 2,950 shares during the period. Virtus Investment Advisers LLC boosted its position in Neurogene by 128.0% during the 4th quarter. Virtus Investment Advisers LLC now owns 12,716 shares of the company’s stock worth $262,000 after acquiring an additional 7,138 shares during the last quarter. Logos Global Management LP acquired a new position in Neurogene during the 4th quarter worth approximately $4,017,000. Schonfeld Strategic Advisors LLC acquired a new position in Neurogene during the 4th quarter worth approximately $575,000. Finally, Trexquant Investment LP boosted its position in Neurogene by 9.7% during the 4th quarter. Trexquant Investment LP now owns 43,323 shares of the company’s stock worth $892,000 after acquiring an additional 3,840 shares during the last quarter. 52.37% of the stock is currently owned by institutional investors and hedge funds.

About Neurogene

Neurogene, Inc is a clinical‐stage biotechnology company specializing in the development of gene therapies for rare neurological diseases. The company’s lead platform employs adeno‐associated virus (AAV) vectors designed to deliver functional copies of disease-causing genes directly to the central nervous system. Neurogene’s pipeline focuses on inherited lysosomal storage disorders, including investigational programs for GM1 and GM2 gangliosidoses, with additional preclinical efforts targeting other monogenic neurodegenerative conditions.

Neurogene’s proprietary AAV9‐based delivery system has been engineered to cross the blood-brain barrier, aiming to provide durable gene expression in affected tissues.