Neurogene (NASDAQ:NGNE) Stock Price Down 3.7% – Here’s What Happened

Neurogene Inc. (NASDAQ:NGNE) traded down 3.7% during trading on Monday . The company traded as low as $46.58 and last traded at $46.58. 64,795 shares traded hands during mid-day trading, a decline of 46% from the average session volume of 119,657 shares. The stock had previously closed at $48.37.

Analysts Set New Price Targets

Separately, HC Wainwright reduced their price target on shares of Neurogene from $51.00 to $49.00 and set a “buy” rating for the company in a research 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 company’s stock. According to MarketBeat, the company currently has an average rating of “Buy” and an average target price of $51.00.

Neurogene Stock Performance

The stock’s 50 day moving average is $42.51 and its two-hundred day moving average is $38.31.

Neurogene (NASDAQ:NGNE) last issued its quarterly earnings results 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 during the quarter. Analysts forecast that Neurogene Inc. will post -4.47 earnings per share for the current year.

Hedge Funds Weigh In On Neurogene

A number of large investors have recently bought and sold shares of the company. SG Americas Securities LLC acquired a new position in shares of Neurogene during the first quarter worth about $120,000. Vanguard Group Inc. increased its position in Neurogene by 906.5% during the 1st quarter. Vanguard Group Inc. now owns 507,483 shares of the company’s stock worth $25,831,000 after purchasing an additional 457,062 shares during the period. Baker BROS. Advisors LP increased its position in Neurogene by 0.6% during the 1st quarter. Baker BROS. Advisors LP now owns 456,015 shares of the company’s stock worth $23,211,000 after purchasing an additional 2,499 shares during the period. Bank of New York Mellon Corp purchased a new position in shares of Neurogene during the 2nd quarter worth approximately $1,107,000. Finally, Rhumbline Advisers acquired a new stake in shares of Neurogene in the 2nd quarter valued at approximately $491,000. Hedge funds and other institutional investors own 52.37% of the company’s stock.

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.