Neurogene (NASDAQ:NGNE) Sees Large Volume Increase – Time to Buy?

Shares of Neurogene Inc. (NASDAQ:NGNE) saw unusually-high trading volume on Monday. Approximately 109,919 shares changed hands during mid-day trading, a decline of 46% from the previous session’s volume of 205,269 shares. The stock last traded at $26.7650 and had previously closed at $26.40.

Analysts Set New Price Targets

Several research analysts have recently weighed in on NGNE shares. 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. HC Wainwright lowered their target price on shares of Neurogene from $70.00 to $65.00 and set a “buy” rating on the stock in a report on Wednesday, August 12th. Wall Street Zen downgraded Neurogene from a “sell” rating to a “strong sell” rating in a research note on Saturday. JPMorgan Chase & Co. assumed coverage on shares of Neurogene in a report on Thursday, October 8th. They issued an “overweight” rating and a $60.00 price objective on the stock. Finally, Guggenheim increased their price target on shares of Neurogene from $69.00 to $81.00 and gave the company a “buy” rating in a report on Wednesday, August 12th. Two investment analysts have rated the stock with a Strong Buy rating, five have given a Buy rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Buy” and a consensus price target of $80.29.

Neurogene Stock Performance

The firm has a 50 day simple moving average of $33.67 and a two-hundred day simple moving average of $30.97.

Neurogene (NASDAQ:NGNE) last announced its quarterly 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). On average, equities analysts anticipate that Neurogene Inc. will post -5.88 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Bank of New York Mellon Corp purchased a new stake in Neurogene in the 2nd quarter valued at $904,000. BlackRock Inc. bought a new position in shares of Neurogene during the 2nd quarter worth $33,274,000. Renaissance Technologies LLC raised its position in shares of Neurogene by 210.0% in the first quarter. Renaissance Technologies LLC now owns 43,400 shares of the company’s stock valued at $875,000 after purchasing an additional 29,400 shares during the period. Wellington Management Group LLP purchased a new position in shares of Neurogene in the second quarter valued at $987,000. Finally, Deutsche Bank AG purchased a new position in Neurogene during the 2nd quarter valued at about $3,354,000. Institutional investors and hedge funds own 52.37% of the company’s stock.

About Neurogene

Neurogene Inc is a clinical-stage biotechnology company focused on developing genetic medicines for patients with rare and devastating neurological diseases. The company’s work centers on gene therapies designed to address severe neurodevelopmental and neurodegenerative disorders for which treatment options are limited.

Neurogene’s pipeline includes NGN-401, an investigational gene therapy being developed for Rett syndrome, and NGN-101, an investigational therapy targeting CLN5 disease, a form of neuronal ceroid lipofuscinosis also known as Batten disease.