Neurogene Inc. (NASDAQ:NGNE – Get Free Report) shares gapped up prior to trading on Wednesday. The stock had previously closed at $23.54, but opened at $26.99. Neurogene shares last traded at $26.41, with a volume of 6,218 shares changing hands.
Wall Street Analyst Weigh In
Several research firms have recently issued reports on NGNE. William Blair raised Neurogene to a “strong-buy” rating in a research note on Wednesday, September 23rd. Wall Street Zen cut shares of Neurogene from a “sell” rating to a “strong sell” rating in a research note on Saturday, October 10th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Neurogene in a report on Thursday, October 15th. JPMorgan Chase & Co. started coverage on shares of Neurogene in a report on Thursday, October 8th. They issued an “overweight” rating and a $60.00 price target on the stock. Finally, HC Wainwright reissued a “buy” rating and issued a $65.00 target price on shares of Neurogene in a research note on Wednesday. Two research analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price of $80.29.
Neurogene Trading Down 5.3%
The business has a fifty day moving average price of $30.94 and a two-hundred day moving average price of $27.67.
Neurogene (NASDAQ:NGNE – Get Free Report) last released its quarterly earnings data 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, analysts expect that Neurogene Inc. will post -5.88 EPS for the current fiscal year.
Hedge Funds Weigh In On Neurogene
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. bought a new position in Neurogene during the second quarter worth about $33,274,000. Trails Edge Capital Partners LP bought a new stake in Neurogene in the 2nd quarter valued at $22,483,133. Moore Capital Management LP acquired a new stake in Neurogene during the 2nd quarter valued at $4,454,000. Deutsche Bank AG acquired a new stake in Neurogene during the 2nd quarter valued at $3,354,000. Finally, Wellington Management Group LLP acquired a new position in shares of Neurogene in the second quarter valued at $987,000. Institutional investors own 52.37% of the company’s stock.
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 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.
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