Neurogene (NASDAQ:NGNE) Stock Price Down 7.8% on Disappointing Earnings

Neurogene Inc. (NASDAQ:NGNE) shares fell 7.8% during mid-day trading on Tuesday following a weaker than expected earnings announcement. The stock traded as low as $34.13 and last traded at $33.7120. 14,902 shares changed hands during mid-day trading, a decline of 92% from the average session volume of 183,143 shares. The stock had previously closed at $36.55.

The company reported ($1.53) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.42) by ($0.11).

Analyst Upgrades and Downgrades

A number of research firms have issued reports on NGNE. UBS Group set a $70.00 target price on Neurogene in a research report on Wednesday, June 3rd. HC Wainwright reissued a “buy” rating and set a $70.00 price objective on shares of Neurogene in a report on Tuesday, June 9th. Guggenheim started coverage on Neurogene in a research report on Tuesday, April 28th. They set a “buy” rating and a $69.00 price target on the stock. Rodman & Renshaw assumed coverage on shares of Neurogene in a report on Wednesday, June 3rd. They set a “buy” rating and a $70.00 target price on the stock. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Neurogene in a report on Friday, July 17th. Two research analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has issued a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $84.83.

Insider Buying and Selling

In other Neurogene news, CFO Christine Mikail Cvijic sold 4,200 shares of the firm’s stock in a transaction dated Tuesday, July 7th. The shares were sold at an average price of $36.13, for a total transaction of $151,746.00. Following the completion of the sale, the chief financial officer directly owned 84,040 shares in the company, valued at approximately $3,036,365.20. This trade represents a 4.76% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 9,600 shares of company stock worth $339,932. Corporate insiders own 11.68% of the company’s stock.

Hedge Funds Weigh In On Neurogene

A number of hedge funds have recently bought and sold shares of the business. BNP Paribas Financial Markets grew its holdings in shares of Neurogene by 89.8% in the third quarter. BNP Paribas Financial Markets now owns 2,067 shares of the company’s stock worth $36,000 after acquiring an additional 978 shares during the period. State of Wyoming bought a new position in Neurogene in the 2nd quarter worth $31,000. ADAR1 Capital Management LLC grew 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 worth $531,000 after purchasing an additional 1,008 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of Neurogene by 17.9% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 6,983 shares of the company’s stock valued at $82,000 after buying an additional 1,059 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its holdings in Neurogene by 12.8% in the 1st quarter. Bank of New York Mellon Corp now owns 26,043 shares of the company’s stock valued at $525,000 after acquiring an additional 2,950 shares during the last quarter. Hedge funds and other institutional investors own 52.37% of the company’s stock.

Neurogene Price Performance

The company has a market capitalization of $518.62 million, a PE ratio of -7.21 and a beta of 1.70. The business has a 50-day moving average of $33.34 and a 200 day moving average of $26.46.

Neurogene Company Profile

Neurogene, Inc is a clinical‐stage biotechnology company specializing in the development of gene therapies for rare neurological diseases. The company’s lead platform employs adeno‐associated virus (AAV) vectors designed to deliver functional copies of disease-causing genes directly to the central nervous system. Neurogene’s pipeline focuses on inherited lysosomal storage disorders, including investigational programs for GM1 and GM2 gangliosidoses, with additional preclinical efforts targeting other monogenic neurodegenerative conditions.

Neurogene’s proprietary AAV9‐based delivery system has been engineered to cross the blood-brain barrier, aiming to provide durable gene expression in affected tissues.