Neurogene (NASDAQ:NGNE) Issues Quarterly Earnings Results

Neurogene (NASDAQ:NGNE) posted its quarterly earnings results on Thursday. The company reported ($0.99) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.26) by $0.27, Zacks reports.

Neurogene Price Performance

Shares of NASDAQ NGNE traded down $3.72 during midday trading on Friday, reaching $22.77. 339,019 shares of the stock traded hands, compared to its average volume of 224,169. The company’s 50 day moving average is $25.27 and its 200 day moving average is $21.36. Neurogene has a one year low of $6.88 and a one year high of $39.20. The stock has a market capitalization of $324.97 million, a PE ratio of -5.28 and a beta of 1.64.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on NGNE. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Neurogene in a report on Wednesday, October 8th. HC Wainwright boosted their price objective on Neurogene from $65.00 to $70.00 and gave the company a “buy” rating in a research report on Thursday. Four research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Neurogene currently has an average rating of “Hold” and an average target price of $42.50.

Institutional Trading of Neurogene

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Balyasny Asset Management L.P. bought a new stake in Neurogene in the third quarter worth $12,114,000. Bank of America Corp DE raised its position in Neurogene by 81.6% in the 2nd quarter. Bank of America Corp DE now owns 95,401 shares of the company’s stock worth $1,426,000 after purchasing an additional 42,880 shares during the period. Bridgeway Capital Management LLC bought a new stake in Neurogene in the third quarter worth about $187,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in Neurogene by 17.9% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 6,983 shares of the company’s stock worth $82,000 after purchasing an additional 1,059 shares during the last quarter. Finally, ADAR1 Capital Management LLC boosted its position in shares of Neurogene by 3.4% during the third quarter. ADAR1 Capital Management LLC now owns 30,633 shares of the company’s stock valued at $531,000 after buying an additional 1,008 shares during the period. Hedge funds and other institutional investors own 52.37% of the company’s stock.

Neurogene Company Profile

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.