Neurogene (NASDAQ:NGNE) Reaches New 12-Month High - Should You Buy?

Neurogene Inc. (NASDAQ:NGNE - Get Free Report)'s share price hit a new 52-week high on Monday . The stock traded as high as $74.49 and last traded at $70.30, with a volume of 43388 shares traded. The stock had previously closed at $68.21.

Wall Street Analyst Weigh In

Separately, HC Wainwright decreased their target price on 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. Based on data from MarketBeat, the company presently has an average rating of "Buy" and a consensus target price of $51.00.

Neurogene Price Performance

The company's 50-day simple moving average is $46.09 and its 200-day simple moving average is $39.76.

Neurogene (NASDAQ:NGNE - Get Free Report) last released 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 company had revenue of $0.93 million for the quarter. Equities analysts forecast that Neurogene Inc. will post -4.44 EPS for the current year.

Institutional Trading of Neurogene

Several large investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its stake in Neurogene by 906.5% in the first quarter. Vanguard Group Inc. now owns 507,483 shares of the company's stock valued at $25,831,000 after acquiring an additional 457,062 shares during the last quarter. Baker BROS. Advisors LP increased its holdings in Neurogene by 0.6% in 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 during the period. Driehaus Capital Management LLC increased its holdings 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 period. Jennison Associates LLC bought a new position in Neurogene in the 3rd quarter valued at about $3,300,000. Finally, Integral Health Asset Management LLC bought a new position in Neurogene in the 2nd quarter valued at about $2,547,000. 52.37% of the stock is owned by institutional investors.

Neurogene Company Profile

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.