Neurogene (NASDAQ:NGNE) Stock Price Down 2.7%

Neurogene Inc. (NASDAQ:NGNE) dropped 2.7% on Tuesday . The company traded as low as $41.62 and last traded at $41.62. Approximately 15,044 shares were traded during trading, a decline of 87% from the average daily volume of 117,228 shares. The stock had previously closed at $42.76.

Analyst Upgrades and Downgrades

NGNE has been the topic of a number of research analyst reports. BMO Capital Markets assumed coverage on shares of Neurogene in a research report on Thursday, June 27th. They set an “outperform” rating and a $65.00 price target on the stock. HC Wainwright cut their target price on Neurogene from $51.00 to $49.00 and set a “buy” rating on the stock in a research report on Monday, August 12th. Baird R W upgraded Neurogene to a “strong-buy” rating in a report on Tuesday, June 11th. Finally, Robert W. Baird initiated coverage on Neurogene in a report on Tuesday, June 11th. They set an “outperform” rating and a $54.00 price target on the stock. Eight equities research 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.com, the company currently has a consensus rating of “Buy” and a consensus target price of $51.00.

Neurogene Trading Down 5.6 %

The company has a fifty day moving average of $38.51 and a 200-day moving average of $37.40.

Neurogene (NASDAQ:NGNE) last announced its earnings results on Friday, August 9th. The company reported ($1.09) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.02) by ($0.07). The firm had revenue of $0.93 million during the quarter. On average, analysts forecast that Neurogene Inc. will post -4.47 EPS for the current fiscal year.

Institutional Trading of Neurogene

Large investors have recently added to or reduced their stakes in the stock. Quest Partners LLC purchased a new position in Neurogene in the second quarter valued at about $55,000. SG Americas Securities LLC bought a new stake in shares of Neurogene during the 1st quarter valued at $120,000. Privium Fund Management UK Ltd purchased a new stake in Neurogene during the 1st quarter worth about $274,000. Rhumbline Advisers bought a new position in Neurogene in the 2nd quarter worth about $491,000. Finally, Avoro Capital Advisors LLC bought a new position in Neurogene in the 2nd quarter worth about $802,000. 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.