Neurogene (NASDAQ:NGNE) Sees Large Volume Increase - Should You Buy?

Key Points

• Neurogene shares traded at $26.765 on unusually high attention, though midday volume of 109,919 shares was 46% below the prior session. The stock remains below its 50-day and 200-day moving averages of $34.09 and $30.95, respectively.
• Analyst sentiment is broadly positive, with a consensus “Buy” rating and an $80.29 price target. Recent targets range from $60 at JPMorgan to $166 at Canaccord, although Weiss Ratings and Wall Street Zen issued bearish ratings.
• The clinical-stage biotech missed quarterly earnings expectations, reporting a loss of $1.53 per share versus the estimated $1.42 loss. Neurogene is developing gene therapies for rare neurological diseases, including Rett syndrome and Batten disease, while institutional investors own 52.37% of its shares.

Shares of Neurogene Inc. (NASDAQ:NGNE - Get Free Report) saw unusually-high trading volume on Monday. Approximately 109,919 shares were traded during mid-day trading, a decline of 46% from the previous session's volume of 205,269 shares. The stock last traded at $26.7650 and had previously closed at $26.40.

Wall Street Analyst Weigh In

NGNE has been the subject of a number of research reports. Guggenheim upped their price objective on Neurogene from $69.00 to $81.00 and gave the company a "buy" rating in a research report on Wednesday, August 12th. Weiss Ratings reissued a "sell (d-)" rating on shares of Neurogene in a research report on Friday, July 17th. Canaccord Genuity Group dropped their target price on Neurogene from $180.00 to $166.00 and set a "buy" rating on the stock in a research report on Wednesday, August 12th. Wall Street Zen downgraded Neurogene from a "sell" rating to a "strong sell" rating in a research note on Saturday. Finally, JPMorgan Chase & Co. began coverage on shares of Neurogene in a research report on Thursday. They set an "overweight" rating and a $60.00 price target for the company. Two research analysts have rated the stock with a Strong Buy rating, five have given a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of "Buy" and a consensus price target of $80.29.

Neurogene Stock Performance

The business's 50-day moving average price is $34.09 and its 200-day moving average price is $30.95. The stock has a market cap of $514.66 million, a P/E ratio of -5.11 and a beta of 1.70.

Neurogene (NASDAQ:NGNE - Get Free Report) last posted its quarterly earnings data on Tuesday, August 11th. The company reported ($1.53) EPS for the quarter, missing the consensus estimate of ($1.42) by ($0.11). As a group, equities research analysts expect that Neurogene Inc. will post -5.88 earnings per share for the current year.

Institutional Trading of Neurogene

Several hedge funds have recently bought and sold shares of the stock. Pale Fire Capital SE purchased a new stake in Neurogene in the second quarter worth about $298,000. Moore Capital Management LP bought a new position in shares of Neurogene in the second quarter worth about $4,454,000. Wellington Management Group LLP bought a new position in shares of Neurogene in the second quarter worth about $987,000. Seven Fleet Capital Management LP purchased a new position in shares of Neurogene during the 2nd quarter valued at about $694,000. Finally, Bank of America Corp DE purchased a new position in shares of Neurogene during the 2nd quarter valued at about $350,000. Institutional investors own 52.37% of the company's stock.

About Neurogene

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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