Neurogene (NASDAQ:NGNE) Reaches New 52-Week High – Still a Buy?

Shares of Neurogene Inc. (NASDAQ:NGNE) reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $58.00 and last traded at $57.99, with a volume of 23848 shares changing hands. The stock had previously closed at $46.07.

Analyst Ratings Changes

Separately, HC Wainwright decreased their price target on Neurogene from $51.00 to $49.00 and set a “buy” rating for the company in a report on Monday, August 12th. Eight analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Neurogene currently has an average rating of “Buy” and an average target price of $51.00.

Neurogene Trading Up 38.9 %

The company has a fifty day moving average price of $43.09 and a 200 day moving average price of $38.50.

Neurogene (NASDAQ:NGNE) last released its quarterly earnings data on Friday, August 9th. The company reported ($1.09) earnings per share for the quarter, missing the consensus estimate of ($1.02) by ($0.07). The business had revenue of $0.93 million for the quarter. On average, sell-side analysts expect that Neurogene Inc. will post -4.47 EPS for the current year.

Institutional Trading of Neurogene

Institutional investors and hedge funds have recently modified their holdings of the stock. Quest Partners LLC purchased a new position in Neurogene during the second quarter worth about $55,000. SG Americas Securities LLC bought a new position in shares of Neurogene during the 1st quarter worth approximately $120,000. Rhumbline Advisers purchased a new position in shares of Neurogene in the 2nd quarter worth approximately $491,000. Avoro Capital Advisors LLC bought a new position in shares of Neurogene in the second quarter valued at approximately $802,000. Finally, Bank of New York Mellon Corp purchased a new stake in shares of Neurogene during the second quarter valued at approximately $1,107,000. 52.37% of the stock is owned by hedge funds and other institutional investors.

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.