Neurogene (NASDAQ:NGNE) Issues Quarterly Earnings Results, Beats Estimates 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) posted its quarterly earnings data on Monday. The company reported ($1.05) EPS for the quarter, beating the consensus estimate of ($1.15) by $0.10, Zacks reports.

Neurogene Stock Down 4.1%

Shares of NGNE stock traded down $0.87 during trading hours on Monday, reaching $20.35. 133,277 shares of the company's stock were exchanged, compared to its average volume of 115,563. The business has a fifty day moving average price of $20.46 and a 200-day moving average price of $17.17. Neurogene has a fifty-two week low of $6.88 and a fifty-two week high of $74.49. The stock has a market capitalization of $290.19 million, a P/E ratio of -4.68 and a beta of 1.69.

Analyst Ratings Changes

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

Insider Activity at Neurogene

In other Neurogene news, insider Stuart Cobb sold 6,797 shares of the firm's stock in a transaction that occurred on Wednesday, May 14th. The stock was sold at an average price of $15.15, for a total value of $102,974.55. Following the completion of the sale, the insider owned 20,794 shares in the company, valued at approximately $315,029.10. This trade represents a 24.63% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 9.92% of the company's stock.

Hedge Funds Weigh In On Neurogene

A hedge fund recently raised its stake in Neurogene stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Neurogene Inc. (NASDAQ:NGNE - Free Report) by 17.9% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 6,983 shares of the company's stock after buying an additional 1,059 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.'s holdings in Neurogene were worth $82,000 at the end of the most recent reporting period. Hedge funds and other institutional investors own 52.37% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.