Shares of Neurogene Inc. (NASDAQ:NGNE - Get Free Report) dropped 4.4% during trading on Tuesday . The stock traded as low as $49.69 and last traded at $50.35. Approximately 18,553 shares changed hands during mid-day trading, a decline of 84% from the average daily volume of 119,639 shares. The stock had previously closed at $52.66.
Analyst Upgrades and Downgrades
NGNE has been the subject of a number of analyst reports. BMO Capital Markets started coverage on shares of Neurogene in a report on Thursday, June 27th. They issued an "outperform" rating and a $65.00 price target for the company. HC Wainwright lowered their price target on shares of Neurogene from $51.00 to $49.00 and set a "buy" rating for the company in a report on Monday, August 12th. Eight research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company has an average rating of "Buy" and an average price target of $51.00.
Read Our Latest Stock Report on Neurogene
Neurogene Price Performance
The company's 50 day simple moving average is $41.30 and its 200-day simple moving average is $38.05.
Neurogene (NASDAQ:NGNE - Get Free Report) last announced its quarterly earnings data 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 business had revenue of $0.93 million for the quarter. On average, equities analysts forecast that Neurogene Inc. will post -4.47 EPS for the current year.
Hedge Funds Weigh In On Neurogene
A number of institutional investors have recently modified their holdings of the stock. SG Americas Securities LLC purchased a new position in Neurogene during the first quarter valued at approximately $120,000. Vanguard Group Inc. increased its holdings in Neurogene by 906.5% during the first quarter. Vanguard Group Inc. now owns 507,483 shares of the company's stock valued at $25,831,000 after buying an additional 457,062 shares during the period. Baker BROS. Advisors LP increased its holdings in Neurogene by 0.6% during the first 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 during the period. Bank of New York Mellon Corp purchased a new position in Neurogene during the second quarter valued at approximately $1,107,000. Finally, Rhumbline Advisers purchased a new position in Neurogene during the second quarter valued at approximately $491,000. 52.37% of the stock is owned by hedge funds and other institutional investors.
About Neurogene
(
Get Free Report)
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.
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