Neurogene (NASDAQ:NGNE) Trading Down 3.7% - Here's What Happened

Neurogene Inc. (NASDAQ:NGNE - Get Free Report)'s share price was down 3.7% during trading on Monday . The stock traded as low as $46.58 and last traded at $46.58. Approximately 64,795 shares traded hands during mid-day trading, a decline of 46% from the average daily volume of 119,657 shares. The stock had previously closed at $48.37.

Wall Street Analyst Weigh In

Separately, HC Wainwright cut their target price 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 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 stock has an average rating of "Buy" and an average price target of $51.00.

Neurogene Stock Performance

The business has a 50-day moving average price of $42.11 and a 200-day moving average price of $38.22.

Neurogene (NASDAQ:NGNE - Get Free Report) last posted 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. As a group, analysts expect that Neurogene Inc. will post -4.47 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Neurogene

Hedge funds and other institutional investors have recently made changes to their positions in the company. Driehaus Capital Management LLC raised 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 purchasing an additional 56,533 shares during the last quarter. Bank of New York Mellon Corp acquired a new stake in shares of Neurogene in the second quarter valued at about $1,107,000. Vanguard Group Inc. lifted its stake in shares of Neurogene by 906.5% in 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 in the last quarter. Marshall Wace LLP boosted its position in Neurogene by 37.2% during the second 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. Finally, Integral Health Asset Management LLC purchased a new stake in Neurogene during the 2nd quarter valued at about $2,547,000. Hedge funds and other 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.

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