Neurogene (NASDAQ:NGNE) Shares Down 8.3% – What’s Next?

Shares of Neurogene Inc. (NASDAQ:NGNE) fell 8.3% during trading on Wednesday. The stock traded as low as $31.00 and last traded at $30.81. 23,758 shares traded hands during trading, a decline of 88% from the average session volume of 201,478 shares. The stock had previously closed at $33.60.

Wall Street Analysts Forecast Growth

NGNE has been the topic of a number of research reports. Weiss Ratings restated a “sell (d-)” rating on shares of Neurogene in a report on Friday, July 17th. Rodman & Renshaw assumed coverage on shares of Neurogene in a report on Wednesday, June 3rd. They issued a “buy” rating and a $70.00 price target for the company. Canaccord Genuity Group dropped their price target on Neurogene from $180.00 to $166.00 and set a “buy” rating for the company in a research report on Wednesday, August 12th. Guggenheim boosted their price objective on Neurogene from $69.00 to $81.00 and gave the stock a “buy” rating in a research note on Wednesday, August 12th. Finally, UBS Group set a $70.00 price objective on Neurogene in a research report on Wednesday, June 3rd. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has issued a Sell rating to the company. According to MarketBeat.com, Neurogene presently has a consensus rating of “Moderate Buy” and a consensus price target of $83.67.

Neurogene Price Performance

The firm has a market cap of $625.31 million, a P/E ratio of -6.21 and a beta of 1.69. The stock’s 50-day simple moving average is $35.89 and its two-hundred day simple moving average is $30.51.

Neurogene (NASDAQ:NGNE) last released its earnings results 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). As a group, sell-side analysts expect that Neurogene Inc. will post -5.62 earnings per share for the current year.

Insider Activity

In other Neurogene news, CFO Christine Cvijic sold 4,200 shares of the business’s stock in a transaction that occurred on Tuesday, July 7th. The stock was sold at an average price of $36.13, for a total transaction of $151,746.00. Following the completion of 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 9,600 shares of company stock worth $339,932 in the last ninety days. 11.68% of the stock is owned by insiders.

Institutional Investors Weigh In On Neurogene

Several hedge funds and other institutional investors have recently modified their holdings of the business. Pale Fire Capital SE purchased a new position in Neurogene during the 2nd quarter valued at $298,000. Moore Capital Management LP purchased a new stake in Neurogene in the second quarter worth $4,454,000. Wellington Management Group LLP bought a new stake in shares of Neurogene during the second quarter worth $987,000. Seven Fleet Capital Management LP bought a new stake in shares of Neurogene during the second quarter worth $694,000. Finally, Bank of America Corp DE purchased a new stake in shares of Neurogene during the second quarter valued at $350,000. 52.37% of the stock is currently owned by hedge funds and other institutional investors.

Neurogene Company Profile

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.