Neurogene Inc. (NASDAQ:NGNE – Get Free Report) shares fell 4.4% during trading on Tuesday . The stock traded as low as $49.69 and last traded at $50.35. 18,553 shares changed hands during mid-day trading, a decline of 84% from the average session volume of 119,639 shares. The stock had previously closed at $52.66.
Analysts Set New Price Targets
A number of research analysts recently weighed in on NGNE shares. BMO Capital Markets initiated coverage on Neurogene in a report on Thursday, June 27th. They set an “outperform” rating and a $65.00 price objective on the stock. HC Wainwright reduced their price objective on shares of Neurogene from $51.00 to $49.00 and set a “buy” rating for the company in a research note on Monday, August 12th. Eight investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and an average price target of $51.00.
Read Our Latest Analysis on NGNE
Neurogene Price Performance
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 firm had revenue of $0.93 million during the quarter. Sell-side analysts predict that Neurogene Inc. will post -4.47 EPS for the current fiscal year.
Institutional Inflows and Outflows
Hedge funds and other institutional investors have recently modified their holdings of the stock. Quest Partners LLC acquired a new position in Neurogene in the 2nd quarter worth $55,000. SG Americas Securities LLC purchased a new position in Neurogene in the first quarter valued at about $120,000. Rhumbline Advisers acquired a new stake in Neurogene during the 2nd quarter valued at approximately $491,000. Avoro Capital Advisors LLC purchased a new stake in Neurogene during the 2nd quarter worth approximately $802,000. Finally, Bank of New York Mellon Corp purchased a new stake in Neurogene during the 2nd quarter worth approximately $1,107,000. 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.
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