Neurogene (NASDAQ:NGNE) Sees Unusually-High Trading Volume – Here’s Why

Neurogene Inc. (NASDAQ:NGNE) shares saw an uptick in trading volume on Tuesday . 313,469 shares were traded during trading, an increase of 60% from the previous session’s volume of 195,756 shares.The stock last traded at $33.2650 and had previously closed at $32.57.

Analysts Set New Price Targets

Several analysts have recently commented on NGNE shares. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Neurogene in a report on Friday, July 17th. Canaccord Genuity Group decreased their target price on Neurogene from $180.00 to $166.00 and set a “buy” rating on the stock in a research report on Wednesday, August 12th. HC Wainwright lowered their price objective on Neurogene from $70.00 to $65.00 and set a “buy” rating on the stock in a report on Wednesday, August 12th. Guggenheim increased their target price on shares of Neurogene from $69.00 to $81.00 and gave the company a “buy” rating in a research report on Wednesday, August 12th. Finally, UBS Group set a $70.00 price objective on Neurogene in a research report on Wednesday, June 3rd. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Neurogene currently has a consensus rating of “Moderate Buy” and an average price target of $83.67.

Neurogene Price Performance

The firm has a market capitalization of $660.15 million, a price-to-earnings ratio of -6.58 and a beta of 1.69. The stock has a 50 day moving average price of $36.28 and a two-hundred day moving average price of $30.31.

Neurogene (NASDAQ:NGNE) last issued 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). As a group, research analysts expect that Neurogene Inc. will post -5.62 earnings per share for the current fiscal year.

Insider Transactions at Neurogene

In other news, CFO Christine Cvijic sold 4,200 shares of Neurogene stock in a transaction dated Tuesday, July 7th. The stock was sold at an average price of $36.13, for a total value of $151,746.00. Following the completion of the transaction, the chief financial officer 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 sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 9,600 shares of company stock valued at $339,932. 11.68% of the stock is owned by company insiders.

Institutional Investors Weigh In On Neurogene

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

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’s research programs are designed to address disorders caused by genetic mutations for which existing treatment options are limited.

Neurogene is developing an investigational gene therapy platform known as EXACT, which is intended to help regulate therapeutic gene expression and support the delivery of genetic medicines.