Neurogene (NASDAQ:NGNE) Shares Gap Down – Here’s Why

Neurogene Inc. (NASDAQ:NGNE) gapped down prior to trading on Friday . The stock had previously closed at $39.45, but opened at $35.49. Neurogene shares last traded at $35.6340, with a volume of 38,865 shares trading hands.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the company. Guggenheim started coverage on Neurogene in a research note on Tuesday, April 28th. They set a “buy” rating and a $69.00 target price for the company. HC Wainwright reaffirmed a “buy” rating and issued a $70.00 price target on shares of Neurogene in a research report on Tuesday, June 9th. Rodman & Renshaw initiated coverage on Neurogene in a research report on Wednesday, June 3rd. They issued a “buy” rating and a $70.00 price target on the stock. UBS Group set a $70.00 price objective on Neurogene in a research note on Wednesday, June 3rd. Finally, Canaccord Genuity Group lowered their price objective on Neurogene to $180.00 and set a “buy” rating for the company in a research report on Monday, April 6th. Two equities research analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Buy” and an average price target of $84.83.

Neurogene Trading Down 1.7%

The stock’s fifty day moving average price is $31.19 and its two-hundred day moving average price is $24.51. The firm has a market capitalization of $567.06 million, a price-to-earnings ratio of -7.84 and a beta of 1.68.

Neurogene (NASDAQ:NGNE) last issued its earnings results on Tuesday, May 12th. The company reported ($1.39) EPS for the quarter, missing analysts’ consensus estimates of ($1.30) by ($0.09). Analysts anticipate that Neurogene Inc. will post -5.63 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Christine Mikail Cvijic sold 4,200 shares of the company’s stock in a transaction dated 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 directly owned 84,040 shares of the company’s stock, valued at approximately $3,036,365.20. This represents a 4.76% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 19,200 shares of company stock valued at $639,932 in the last 90 days. 11.68% of the stock is owned by company insiders.

Institutional Investors Weigh In On Neurogene

Several hedge funds and other institutional investors have recently made changes to their positions in NGNE. BNP Paribas Financial Markets lifted its stake in Neurogene by 89.8% during the third quarter. BNP Paribas Financial Markets now owns 2,067 shares of the company’s stock worth $36,000 after purchasing an additional 978 shares during the last quarter. ADAR1 Capital Management LLC boosted its holdings in Neurogene by 3.4% in the third quarter. ADAR1 Capital Management LLC now owns 30,633 shares of the company’s stock valued at $531,000 after purchasing an additional 1,008 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in Neurogene by 17.9% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 6,983 shares of the company’s stock valued at $82,000 after purchasing an additional 1,059 shares during the last quarter. Bank of New York Mellon Corp increased its stake in Neurogene by 12.8% in the first quarter. Bank of New York Mellon Corp now owns 26,043 shares of the company’s stock valued at $525,000 after purchasing an additional 2,950 shares during the last quarter. Finally, Daiwa Securities Group Inc. acquired a new stake in Neurogene during the fourth quarter worth approximately $66,000. Institutional investors and hedge funds own 52.37% of the company’s stock.

About Neurogene

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.