Neurogene (NASDAQ:NGNE) Sees Strong Trading Volume – Should You Buy?

Shares of Neurogene Inc. (NASDAQ:NGNE) saw an uptick in trading volume on Tuesday . 131,589 shares traded hands during mid-day trading, an increase of 7% from the previous session’s volume of 122,926 shares.The stock last traded at $56.17 and had previously closed at $66.00.

Analyst Ratings Changes

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

Neurogene Price Performance

The company has a 50 day moving average price of $44.81 and a 200 day moving average price of $39.16.

Neurogene (NASDAQ:NGNE) last released its earnings results on Friday, August 9th. The company reported ($1.09) 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 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Neurogene

Institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. grew its stake in Neurogene by 906.5% in the first quarter. Vanguard Group Inc. now owns 507,483 shares of the company’s stock valued at $25,831,000 after acquiring an additional 457,062 shares during the period. Baker BROS. Advisors LP grew its stake in Neurogene by 0.6% in the first quarter. Baker BROS. Advisors LP now owns 456,015 shares of the company’s stock valued at $23,211,000 after acquiring an additional 2,499 shares during the period. Driehaus Capital Management LLC grew its stake in Neurogene by 123.8% in the second quarter. Driehaus Capital Management LLC now owns 102,187 shares of the company’s stock valued at $3,719,000 after acquiring an additional 56,533 shares during the period. Integral Health Asset Management LLC acquired a new position in Neurogene in the second quarter valued at about $2,547,000. Finally, Marshall Wace LLP grew its stake in Neurogene by 37.2% in the second quarter. Marshall Wace LLP now owns 41,447 shares of the company’s stock valued at $1,508,000 after acquiring an additional 11,229 shares during the period. 52.37% of the stock is owned by institutional investors and hedge funds.

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.