Short Interest in Neurogene Inc. (NASDAQ:NGNE) Decreases By 50.8%

Neurogene Inc. (NASDAQ:NGNE - Get Free Report) saw a significant drop in short interest in the month of October. As of October 15th, there was short interest totalling 934,600 shares, a drop of 50.8% from the September 30th total of 1,900,000 shares. Based on an average daily volume of 113,300 shares, the days-to-cover ratio is presently 8.2 days. Currently, 9.1% of the shares of the company are short sold.

Neurogene Trading Up 0.4 %

NGNE traded up $0.17 during trading on Friday, reaching $48.37. The company had a trading volume of 80,712 shares, compared to its average volume of 119,922. Neurogene has a 12-month low of $12.49 and a 12-month high of $55.21. The firm's 50-day simple moving average is $42.11 and its 200 day simple moving average is $38.24.

Neurogene (NASDAQ:NGNE - Get Free Report) last issued its quarterly earnings results on Friday, August 9th. The company reported ($1.09) earnings per share for the quarter, missing analysts' consensus estimates of ($1.02) by ($0.07). The firm had revenue of $0.93 million during the quarter. Analysts expect that Neurogene will post -4.47 earnings per share for the current year.

Analyst Ratings Changes

Separately, HC Wainwright cut their target price on Neurogene from $51.00 to $49.00 and set a "buy" rating for the company in a research report on Monday, August 12th. Eight equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Buy" and an average target price of $51.00.

Institutional Investors Weigh In On Neurogene

A number of institutional investors have recently modified their holdings of NGNE. Vanguard Group Inc. increased its position in Neurogene by 906.5% during the first quarter. Vanguard Group Inc. now owns 507,483 shares of the company's stock worth $25,831,000 after buying an additional 457,062 shares during the last quarter. Baker BROS. Advisors LP boosted its holdings 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 worth $23,211,000 after buying an additional 2,499 shares during the period. Driehaus Capital Management LLC grew its stake in Neurogene by 123.8% in the 2nd quarter. Driehaus Capital Management LLC now owns 102,187 shares of the company's stock valued at $3,719,000 after buying an additional 56,533 shares during the last quarter. Integral Health Asset Management LLC bought a new position in Neurogene in the 2nd quarter worth $2,547,000. Finally, Marshall Wace LLP lifted its position in Neurogene by 37.2% during the 2nd quarter. Marshall Wace LLP now owns 41,447 shares of the company's stock worth $1,508,000 after acquiring an additional 11,229 shares during the last quarter. Institutional investors and hedge funds 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.