Neurogene (NASDAQ:NGNE) Trading Down 8.4% - Here's What Happened

Shares of Neurogene Inc. (NASDAQ:NGNE - Get Free Report) were down 8.4% during mid-day trading on Monday . The stock traded as low as $16.21 and last traded at $16.21. Approximately 169,978 shares changed hands during trading, a decline of 18% from the average daily volume of 208,218 shares. The stock had previously closed at $17.69.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on NGNE shares. Robert W. Baird upped their price objective on Neurogene from $54.00 to $72.00 and gave the company an "outperform" rating in a report on Tuesday, November 12th. HC Wainwright reiterated a "buy" rating and issued a $55.00 target price on shares of Neurogene in a report on Monday, November 25th. Leerink Partners raised their target price on shares of Neurogene from $45.00 to $72.00 and gave the stock an "outperform" rating in a report on Tuesday, November 12th. Stifel Nicolaus upped their price target on Neurogene from $44.00 to $60.00 and gave the company a "buy" rating in a report on Tuesday, November 12th. Finally, BMO Capital Markets cut their price objective on Neurogene from $60.00 to $45.00 and set an "outperform" rating for the company in a research report on Wednesday, November 20th. Seven 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.com, Neurogene currently has a consensus rating of "Buy" and a consensus target price of $60.83.

Neurogene Stock Performance

The firm's 50-day simple moving average is $18.46 and its two-hundred day simple moving average is $30.99.

Remove Ads

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. Charles Schwab Investment Management Inc. grew its stake in Neurogene by 2.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 30,317 shares of the company's stock valued at $1,272,000 after acquiring an additional 741 shares in the last quarter. Virtus ETF Advisers LLC boosted its holdings in shares of Neurogene by 45.1% during the fourth quarter. Virtus ETF Advisers LLC now owns 3,183 shares of the company's stock worth $73,000 after purchasing an additional 989 shares during the period. Rhumbline Advisers grew its position in Neurogene by 9.2% during the fourth quarter. Rhumbline Advisers now owns 15,704 shares of the company's stock valued at $359,000 after purchasing an additional 1,326 shares in the last quarter. Wells Fargo & Company MN increased its stake in Neurogene by 34.5% in the 4th quarter. Wells Fargo & Company MN now owns 5,444 shares of the company's stock valued at $124,000 after buying an additional 1,397 shares during the period. Finally, BNP Paribas Financial Markets lifted its position in Neurogene by 192.8% in the 3rd quarter. BNP Paribas Financial Markets now owns 2,170 shares of the company's stock worth $91,000 after buying an additional 1,429 shares in the last quarter. 52.37% of the stock is owned by institutional investors and hedge funds.

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.