Neurogene (NASDAQ:NGNE) Shares Up 10.4% – Here’s What Happened

Neurogene Inc. (NASDAQ:NGNE) rose 10.4% on Tuesday. The stock traded as high as $25.79 and last traded at $25.9990. 224,314 shares were traded during trading, an increase of 4% from the average daily volume of 214,787 shares. The stock had previously closed at $23.54.

Analysts Set New Price Targets

Several research firms have commented on NGNE. Canaccord Genuity Group dropped their target price on Neurogene from $180.00 to $166.00 and set a “buy” rating for the company in a research report on Wednesday, August 12th. JPMorgan Chase & Co. started coverage on Neurogene in a report on Thursday, October 8th. They set an “overweight” rating and a $60.00 price target on the stock. Guggenheim raised their price objective on shares of Neurogene from $69.00 to $81.00 and gave the company 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. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Neurogene in a research report on Thursday, October 15th. Two 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 stock. According to MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $80.29.

Neurogene Stock Performance

The stock has a market capitalization of $583.72 million, a price-to-earnings ratio of -5.80 and a beta of 1.70. The company has a fifty day simple moving average of $31.16 and a 200 day simple moving average of $27.62.

Neurogene (NASDAQ:NGNE) last released its quarterly earnings results 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, equities analysts predict that Neurogene Inc. will post -5.88 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of NGNE. State of Wyoming bought a new position in shares of Neurogene in the 2nd quarter worth about $31,000. Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of Neurogene during the 3rd quarter valued at about $28,000. Legal & General Group Plc bought a new stake in shares of Neurogene during the 2nd quarter valued at about $35,000. China Universal Asset Management Co. Ltd. grew its stake in Neurogene by 45.2% during the third quarter. China Universal Asset Management Co. Ltd. now owns 3,651 shares of the company’s stock worth $104,000 after purchasing an additional 1,136 shares during the period. Finally, Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in Neurogene during the second quarter worth approximately $192,000. Institutional investors and hedge funds 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 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.