Neurogene (NASDAQ:NGNE) Stock Rating Lowered by Wall Street Zen

Key Points

• Wall Street Zen downgraded Neurogene from “sell” to “strong sell,” despite the broader analyst consensus remaining “Buy” with an average price target of $80.29.
• Neurogene shares opened at $26.40, well below their 50-day moving average of $34.09, while the company reported a quarterly loss of $1.53 per share, missing estimates by $0.11.
• Institutional investors own 52.37% of the stock, with BlackRock and several other firms establishing new positions during the second quarter.

Neurogene (NASDAQ:NGNE - Get Free Report) was downgraded by Wall Street Zen from a "sell" rating to a "strong sell" rating in a research note issued on Saturday, Wall Street Zen reports.

A number of other research analysts also recently commented on the stock. HC Wainwright reduced their price objective on shares of Neurogene from $70.00 to $65.00 and set a "buy" rating on the stock in a research note on Wednesday, August 12th. Guggenheim boosted their target price on shares of Neurogene from $69.00 to $81.00 and gave the stock a "buy" rating in a research report on Wednesday, August 12th. William Blair upgraded shares of Neurogene to a "strong-buy" rating in a research note on Wednesday, September 23rd. JPMorgan Chase & Co. assumed coverage on shares of Neurogene in a research report on Thursday. They set an "overweight" rating and a $60.00 price target on the stock. Finally, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Neurogene in a research report on Friday, July 17th. Two analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Buy" and an average target price of $80.29.

Neurogene Stock Down 0.4%

Shares of NGNE opened at $26.40 on Friday. The business's 50 day moving average is $34.09 and its two-hundred day moving average is $30.87. Neurogene has a 52-week low of $15.93 and a 52-week high of $43.66. The firm has a market cap of $528.29 million, a price-to-earnings ratio of -5.25 and a beta of 1.70.

Neurogene (NASDAQ:NGNE - Get Free Report) last released its earnings results on Tuesday, August 11th. The company reported ($1.53) EPS for the quarter, missing the consensus estimate of ($1.42) by ($0.11). On average, equities analysts expect that Neurogene will post -5.80 earnings per share for the current fiscal year.

Institutional Trading of Neurogene

Institutional investors and hedge funds have recently modified their holdings of the business. BlackRock Inc. bought a new stake in shares of Neurogene during the 2nd quarter valued at about $33,274,000. Trails Edge Capital Partners LP acquired a new stake in Neurogene during the second quarter worth about $22,483,133. Moore Capital Management LP bought a new position in Neurogene in the second quarter worth about $4,454,000. Deutsche Bank AG bought a new position in Neurogene in the second quarter worth about $3,354,000. Finally, Wellington Management Group LLP acquired a new position in Neurogene in the second quarter valued at approximately $987,000. 52.37% of the stock is owned by institutional investors and hedge funds.

Neurogene Company Profile

Neurogene Inc is a clinical-stage biotechnology company focused on developing genetic medicines for patients with rare and devastating neurological diseases. The company's work centers on gene therapies designed to address severe neurodevelopmental and neurodegenerative disorders for which treatment options are limited.

Neurogene's pipeline includes NGN-401, an investigational gene therapy being developed for Rett syndrome, and NGN-101, an investigational therapy targeting CLN5 disease, a form of neuronal ceroid lipofuscinosis also known as Batten disease.

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