Neurogene (NASDAQ:NGNE) Shares Gap Down - Time to Sell?

Key Points

• Neurogene shares gapped lower, opening at $32.59 versus a prior close of $34.62 and last trading near $33.18. The company has a market capitalization of about $512 million and trades below profitability, with a reported P/E ratio of -7.13.
• Analyst sentiment remains broadly positive: Neurogene has a consensus “Buy” rating and an average price target of $84.83, although targets and opinions vary widely, including a $180 target from Canaccord and a “sell” rating from Weiss Ratings.
• The biotech missed its latest quarterly EPS estimate, reporting a loss of $1.39 per share versus the expected $1.30 loss. Insiders sold 19,200 shares worth approximately $639,932 over the past three months, while institutional investors own 52.37% of the company.

Neurogene Inc. (NASDAQ:NGNE - Get Free Report)'s stock price gapped down prior to trading on Wednesday . The stock had previously closed at $34.62, but opened at $32.59. Neurogene shares last traded at $33.1840, with a volume of 5,144 shares trading hands.

Wall Street Analyst Weigh In

Several research firms have commented on NGNE. HC Wainwright reaffirmed a "buy" rating and set a $70.00 price objective on shares of Neurogene in a research note on Tuesday, June 9th. Guggenheim started coverage on Neurogene in a report on Tuesday, April 28th. They issued a "buy" rating and a $69.00 target price on the stock. Weiss Ratings restated a "sell (d-)" rating on shares of Neurogene in a research note on Friday, July 17th. Canaccord Genuity Group decreased their price target on Neurogene to $180.00 and set a "buy" rating for the company in a report on Monday, April 6th. Finally, UBS Group set a $70.00 price objective on shares of Neurogene in a research report on Wednesday, June 3rd. Two investment analysts have rated the stock with a Strong Buy rating, three have given a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Neurogene currently has a consensus rating of "Buy" and an average target price of $84.83.

Neurogene Trading Down 2.4%

The stock has a fifty day simple moving average of $32.07 and a two-hundred day simple moving average of $25.40. The company has a market cap of $512.16 million, a PE ratio of -7.13 and a beta of 1.68.

Neurogene (NASDAQ:NGNE - Get Free Report) last issued its earnings results on Tuesday, May 12th. The company reported ($1.39) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($1.30) by ($0.09). As a group, equities research analysts anticipate that Neurogene Inc. will post -5.63 EPS for the current fiscal year.

Insider Transactions at Neurogene

In other Neurogene news, CFO Christine Mikail Cvijic sold 9,600 shares of the stock in a transaction on Wednesday, May 6th. The stock was sold at an average price of $31.25, for a total value of $300,000.00. Following the completion of the transaction, the chief financial officer owned 93,640 shares in the company, valued at approximately $2,926,250. This represents a 9.30% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 19,200 shares of company stock valued at $639,932 in the last three months. Corporate insiders own 11.68% of the company's stock.

Hedge Funds Weigh In On Neurogene

A number of large investors have recently made changes to their positions in the stock. BNP Paribas Financial Markets boosted its holdings in Neurogene by 89.8% during the third quarter. BNP Paribas Financial Markets now owns 2,067 shares of the company's stock worth $36,000 after buying an additional 978 shares in the last quarter. ADAR1 Capital Management LLC lifted its position in shares of Neurogene by 3.4% during the 3rd quarter. ADAR1 Capital Management LLC now owns 30,633 shares of the company's stock valued at $531,000 after acquiring an additional 1,008 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Neurogene by 17.9% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 6,983 shares of the company's stock valued at $82,000 after acquiring an additional 1,059 shares during the period. Bank of New York Mellon Corp boosted its stake in shares of Neurogene by 12.8% during the 1st quarter. Bank of New York Mellon Corp now owns 26,043 shares of the company's stock worth $525,000 after acquiring an additional 2,950 shares in the last quarter. Finally, Daiwa Securities Group Inc. acquired a new stake in shares of Neurogene in the 4th quarter worth approximately $66,000. Hedge funds and other institutional investors own 52.37% of the company's stock.

About Neurogene

Neurogene, Inc is a clinical‐stage biotechnology company specializing in the development of gene therapies for rare neurological diseases. The company's lead platform employs adeno‐associated virus (AAV) vectors designed to deliver functional copies of disease-causing genes directly to the central nervous system. Neurogene's pipeline focuses on inherited lysosomal storage disorders, including investigational programs for GM1 and GM2 gangliosidoses, with additional preclinical efforts targeting other monogenic neurodegenerative conditions.

Neurogene's proprietary AAV9‐based delivery system has been engineered to cross the blood-brain barrier, aiming to provide durable gene expression in affected tissues.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.