Neurogene (NASDAQ:NGNE) Stock Price Down 5.3% – Here’s Why

Neurogene Inc. (NASDAQ:NGNE) shares were down 5.3% during trading on Monday . The stock traded as low as $33.37 and last traded at $33.4650. 86,774 shares changed hands during trading, a decline of 50% from the average session volume of 173,875 shares. The stock had previously closed at $35.34.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the company. Weiss Ratings restated a “sell (d-)” rating on shares of Neurogene in a research note on Tuesday, April 21st. Canaccord Genuity Group lowered their price target on Neurogene to $180.00 and set a “buy” rating for the company in a report on Monday, April 6th. HC Wainwright restated a “buy” rating and set a $70.00 price objective on shares of Neurogene in a report on Tuesday, June 9th. Guggenheim initiated coverage on shares of Neurogene in a research report on Tuesday, April 28th. They issued a “buy” rating and a $69.00 price objective for the company. Finally, Rodman & Renshaw initiated coverage on shares of Neurogene in a research note on Wednesday, June 3rd. They issued a “buy” rating and a $70.00 target price for the company. Two research analysts have rated the stock with a Strong Buy rating, three have given a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Neurogene presently has a consensus rating of “Buy” and a consensus target price of $84.83.

Neurogene Trading Up 3.6%

The stock has a 50-day simple moving average of $29.70 and a 200 day simple moving average of $23.57. The company has a market cap of $602.15 million, a price-to-earnings ratio of -8.33 and a beta of 1.68.

Neurogene (NASDAQ:NGNE) last announced its quarterly earnings data on Tuesday, May 12th. The company reported ($1.39) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.30) by ($0.09). As a group, research analysts forecast that Neurogene Inc. will post -5.63 EPS for the current fiscal year.

Insider Transactions at Neurogene

In other Neurogene news, CFO Christine Mikail Cvijic sold 9,600 shares of the company’s stock in a transaction that occurred on Wednesday, May 6th. The stock was sold at an average price of $31.25, for a total value of $300,000.00. Following the sale, the chief financial officer owned 93,640 shares in the company, valued at approximately $2,926,250. This represents a 9.30% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 19,200 shares of company stock valued at $639,932 over the last three months. Insiders own 11.68% of the company’s stock.

Institutional Trading of Neurogene

A number of hedge funds have recently added to or reduced their stakes in the company. Renaissance Technologies LLC raised 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 acquiring an additional 29,400 shares during the period. Bank of New York Mellon Corp increased its stake 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 in the last quarter. Virtus Investment Advisers LLC increased its stake in shares of Neurogene by 128.0% in the 4th quarter. Virtus Investment Advisers LLC now owns 12,716 shares of the company’s stock valued at $262,000 after purchasing an additional 7,138 shares in the last quarter. Logos Global Management LP acquired a new position in Neurogene in the 4th quarter worth about $4,017,000. Finally, Schonfeld Strategic Advisors LLC acquired a new position in Neurogene in the 4th quarter worth about $575,000. 52.37% of the stock is owned by hedge funds and other institutional investors.

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.