Neurogene (NASDAQ:NGNE) Posts Quarterly Earnings Results, Beats Expectations By $0.10 EPS

Key Points

• Neurogene reported a quarterly earnings per share (EPS) of ($1.05), beating estimates by $0.10.
• Despite the earnings beat, Neurogene's stock price fell 4.1% after trading hours, closing at $20.35.
• Analysts have expressed mixed opinions on Neurogene's stock, with ratings ranging from "hold" to "buy", and a consensus price target of $46.17.

Neurogene (NASDAQ:NGNE - Get Free Report) issued its quarterly earnings data on Monday. The company reported ($1.05) EPS for the quarter, topping the consensus estimate of ($1.15) by $0.10, Zacks reports.

Neurogene Stock Up 0.5%

Shares of NASDAQ:NGNE traded up $0.10 during midday trading on Friday, reaching $20.30. The company had a trading volume of 8,972 shares, compared to its average volume of 229,585. Neurogene has a 1-year low of $6.88 and a 1-year high of $74.49. The stock has a market cap of $289.62 million, a PE ratio of -4.71 and a beta of 1.69. The business's 50 day moving average price is $20.36 and its 200 day moving average price is $17.24.

Analyst Ratings Changes

Several analysts recently commented on NGNE shares. Robert W. Baird downgraded Neurogene from an "outperform" rating to a "neutral" rating and dropped their price objective for the stock from $38.00 to $24.00 in a research note on Friday, May 16th. Baird R W downgraded Neurogene from a "strong-buy" rating to a "hold" rating in a research note on Friday, May 16th. HC Wainwright dropped their price target on Neurogene from $50.00 to $45.00 and set a "buy" rating on the stock in a research note on Tuesday, May 13th. BMO Capital Markets reissued an "outperform" rating and issued a $26.00 price target (up previously from $22.00) on shares of Neurogene in a research note on Thursday, June 12th. Finally, Craig Hallum started coverage on Neurogene in a research note on Tuesday, June 17th. They issued a "buy" rating and a $50.00 price target on the stock. Two analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $46.17.

Hedge Funds Weigh In On Neurogene

An institutional investor recently raised its position in Neurogene stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Neurogene Inc. (NASDAQ:NGNE - Free Report) by 17.9% in the first quarter, according to its most recent disclosure with the SEC. The firm owned 6,983 shares of the company's stock after purchasing an additional 1,059 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.'s holdings in Neurogene were worth $82,000 as of its most recent filing with the SEC. 52.37% of the stock is owned by institutional investors and hedge funds.

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.