Neurogene (NASDAQ:NGNE) Shares Up 5.5% – Should You Buy?

Neurogene Inc. (NASDAQ:NGNE) shares shot up 5.5% during trading on Tuesday. The company traded as high as $24.96 and last traded at $25.51. 7,035 shares changed hands during mid-day trading, a decline of 97% from the average daily volume of 212,810 shares. The stock had previously closed at $24.17.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on NGNE. JPMorgan Chase & Co. started coverage on Neurogene in a research note on Thursday, October 8th. They set an “overweight” rating and a $60.00 target price for the company. Guggenheim lifted their target price on Neurogene from $69.00 to $81.00 and gave the stock a “buy” rating in a report on Wednesday, August 12th. William Blair upgraded shares of Neurogene to a “strong-buy” rating in a research report on Wednesday, September 23rd. HC Wainwright dropped their price target on shares of Neurogene from $70.00 to $65.00 and set a “buy” rating on the stock in a research report on Wednesday, August 12th. Finally, Wall Street Zen downgraded shares of Neurogene from a “sell” rating to a “strong sell” rating in a report on Saturday, October 10th. Two equities research analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $80.29.

Neurogene Stock Up 2.7%

The stock has a market cap of $521.89 million, a price-to-earnings ratio of -5.18 and a beta of 1.70. The company’s 50-day simple moving average is $32.23 and its 200-day simple moving average is $31.12.

Neurogene (NASDAQ:NGNE) last announced its quarterly earnings data on Tuesday, August 11th. The company reported ($1.53) EPS for the quarter, missing analysts’ consensus estimates of ($1.42) by ($0.11). As a group, analysts expect that Neurogene Inc. will post -5.88 EPS for the current fiscal year.

Institutional Investors Weigh In On Neurogene

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

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 designs gene therapies intended to address the underlying genetic causes of disorders for which treatment options are limited or unavailable.

Neurogene’s lead program is NGN-401, an investigational gene therapy being developed for Rett syndrome, a rare neurodevelopmental disorder. The company is also advancing NGN-101 for CLN5 Batten disease, a form of neuronal ceroid lipofuscinosis.