Neurogene (NASDAQ:NGNE) Stock Price Down 4.7%

Neurogene Inc. (NASDAQ:NGNE) shares dropped 4.7% on Thursday . The company traded as low as $39.94 and last traded at $39.94. Approximately 12,596 shares were traded during mid-day trading, a decline of 89% from the average daily volume of 117,970 shares. The stock had previously closed at $41.93.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on NGNE. BMO Capital Markets initiated coverage on Neurogene in a research note on Thursday, June 27th. They issued an “outperform” rating and a $65.00 price target for the company. HC Wainwright decreased their price target on Neurogene from $51.00 to $49.00 and set a “buy” rating on the stock in a report on Monday, August 12th. Baird R W raised Neurogene to a “strong-buy” rating in a research note on Tuesday, June 11th. Finally, Robert W. Baird started coverage on shares of Neurogene in a research report on Tuesday, June 11th. They issued an “outperform” rating and a $54.00 price target for the company. Eight analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $51.00.

Neurogene Stock Down 7.3 %

The company has a fifty day simple moving average of $38.29 and a two-hundred day simple moving average of $37.59.

Neurogene (NASDAQ:NGNE) last released its quarterly earnings results on Friday, August 9th. The company reported ($1.09) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.02) by ($0.07). The firm had revenue of $0.93 million during the quarter. Equities research analysts anticipate that Neurogene Inc. will post -4.47 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Neurogene

A number of institutional investors have recently modified their holdings of the stock. Great Point Partners LLC bought a new position in Neurogene during the 4th quarter worth about $19,268,000. Avidity Partners Management LP acquired a new position in shares of Neurogene in the fourth quarter valued at approximately $9,036,000. Vanguard Group Inc. raised its holdings in Neurogene by 906.5% during the 1st quarter. Vanguard Group Inc. now owns 507,483 shares of the company’s stock worth $25,831,000 after purchasing an additional 457,062 shares during the last quarter. Integral Health Asset Management LLC bought a new stake in Neurogene in the second quarter worth approximately $2,547,000. Finally, Driehaus Capital Management LLC increased its position in shares of Neurogene by 123.8% during the second quarter. Driehaus Capital Management LLC now owns 102,187 shares of the company’s stock worth $3,719,000 after acquiring an additional 56,533 shares in the last quarter. 52.37% of the stock is owned by institutional investors.

About Neurogene

Neurogene Inc, a biotechnology company, develops genetic medicines for rare neurological diseases. The company's product candidates include NGN-401 which is packaged in an adeno-associated virus 9 that is in Phase 1/2 clinical trial for the treatment of Rett syndrome; and NGN-101, a conventional gene therapy candidate that is in Phase 1/2 clinical trial to treat CLN5 Batten disease.