Neurogene (NASDAQ:NGNE) Shares Down 5.8% – Time to Sell?

Neurogene Inc. (NASDAQ:NGNE) shares fell 5.8% during mid-day trading on Thursday . The company traded as low as $32.75 and last traded at $32.6750. 60,541 shares changed hands during mid-day trading, a decline of 68% from the average session volume of 188,715 shares. The stock had previously closed at $34.67.

Analysts Set New Price Targets

NGNE has been the subject of a number of research reports. Canaccord Genuity Group reduced 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. Rodman & Renshaw started coverage on Neurogene in a report on Wednesday, June 3rd. They issued a “buy” rating and a $70.00 target price for the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Neurogene in a research note on Friday, July 17th. HC Wainwright reduced their price target on Neurogene from $70.00 to $65.00 and set a “buy” rating on the stock in a report on Wednesday, August 12th. Finally, UBS Group set a $70.00 price objective on shares of Neurogene in a report on Wednesday, June 3rd. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $83.67.

Neurogene Price Performance

The firm’s fifty day moving average is $36.75 and its 200-day moving average is $30.09. The stock has a market capitalization of $654.53 million, a price-to-earnings ratio of -6.50 and a beta of 1.69.

Neurogene (NASDAQ:NGNE) last announced its quarterly earnings data on Tuesday, August 11th. The company reported ($1.53) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.42) by ($0.11). On average, sell-side analysts expect that Neurogene Inc. will post -5.62 EPS for the current year.

Insiders Place Their Bets

In other Neurogene news, CFO Christine Cvijic sold 4,200 shares of Neurogene stock in a transaction dated 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 $3,036,365.20. The trade was a 4.76% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 9,600 shares of company stock valued at $339,932. 11.68% of the stock is owned by insiders.

Institutional Investors Weigh In On Neurogene

Several institutional investors have recently made changes to their positions in the stock. State of Wyoming purchased a new stake in Neurogene in the second quarter worth $31,000. Legal & General Group Plc bought a new position in Neurogene during the second quarter valued at approximately $35,000. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in shares of Neurogene during the 2nd quarter worth about $192,000. ADAR1 Capital Management LLC bought a new stake in shares of Neurogene in the 2nd quarter valued at about $245,000. Finally, Pale Fire Capital SE purchased a new stake in Neurogene in the second quarter valued at about $298,000. Hedge funds and other institutional investors own 52.37% of the company’s stock.

About Neurogene

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.