Neurogene (NASDAQ:NGNE) Sees Large Volume Increase

Neurogene Inc. (NASDAQ:NGNE) saw an uptick in trading volume on Tuesday . 95,810 shares traded hands during mid-day trading, a decline of 19% from the previous session’s volume of 118,219 shares.The stock last traded at $40.26 and had previously closed at $41.96.

Analysts Set New Price Targets

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

Neurogene Stock Performance

The company’s 50 day simple moving average is $38.18 and its 200-day simple moving average is $37.70.

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

Hedge Funds Weigh In On Neurogene

Institutional investors have recently made changes to their positions in the business. Quest Partners LLC bought a new stake in Neurogene during the 2nd quarter worth approximately $55,000. SG Americas Securities LLC bought a new stake in shares of Neurogene during the 1st quarter valued at $120,000. Baker BROS. Advisors LP lifted its stake in shares of Neurogene by 0.6% during the 1st quarter. Baker BROS. Advisors LP now owns 456,015 shares of the company’s stock valued at $23,211,000 after buying an additional 2,499 shares in the last quarter. Privium Fund Management UK Ltd bought a new position in Neurogene in the 1st quarter worth $274,000. Finally, Marshall Wace LLP increased its stake in Neurogene by 37.2% in the 2nd quarter. Marshall Wace LLP now owns 41,447 shares of the company’s stock worth $1,508,000 after buying an additional 11,229 shares in the last quarter. Institutional investors own 52.37% of the company’s stock.

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.