Neurogene (NASDAQ:NGNE) Sees Unusually-High Trading Volume - Time to Buy?

Key Points

• Neurogene’s trading volume rose 60% to 313,469 shares, while the stock gained 1.3% to $33.27. Its 50-day moving average is $36.28, compared with a 200-day average of $30.31.
• Analyst sentiment is generally positive, with a “Moderate Buy” consensus and an average price target of $83.67, despite one sell rating. Recent targets range from $70 to $166.
• The clinical-stage biotech missed quarterly earnings expectations, reporting an adjusted loss of $1.53 per share versus the $1.42 consensus estimate. Insiders have sold shares recently, while institutional investors—including BlackRock and Trails Edge Capital—have established sizable positions.

Shares of Neurogene Inc. (NASDAQ:NGNE - Get Free Report) saw an uptick in trading volume on Tuesday . 313,469 shares were traded during mid-day trading, an increase of 60% from the previous session's volume of 195,756 shares.The stock last traded at $33.2650 and had previously closed at $32.57.

Analyst Ratings Changes

A number of research analysts have weighed in on NGNE shares. Guggenheim upped their target price on Neurogene from $69.00 to $81.00 and gave the stock a "buy" rating in a report on Wednesday, August 12th. Weiss Ratings restated a "sell (d-)" rating on shares of Neurogene in a report on Friday, July 17th. Canaccord Genuity Group cut their price target on Neurogene from $180.00 to $166.00 and set a "buy" rating for the company in a research note on Wednesday, August 12th. UBS Group set a $70.00 price objective on Neurogene in a research note on Wednesday, June 3rd. Finally, Rodman & Renshaw began coverage on shares of Neurogene in a research note on Wednesday, June 3rd. They set a "buy" rating and a $70.00 target price on the stock. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $83.67.

Neurogene Stock Up 1.3%

The business's fifty day moving average is $36.28 and its two-hundred day moving average is $30.31. The stock has a market capitalization of $660.15 million, a PE ratio of -6.58 and a beta of 1.69.

Neurogene (NASDAQ:NGNE - Get Free Report) last announced its quarterly earnings results on Tuesday, August 11th. The company reported ($1.53) EPS for the quarter, missing analysts' consensus estimates of ($1.42) by ($0.11). Sell-side analysts expect that Neurogene Inc. will post -5.62 EPS for the current fiscal year.

Insider Activity

In related news, CFO Christine Cvijic sold 4,200 shares of Neurogene stock in a transaction dated Tuesday, July 7th. The shares were sold at an average price of $36.13, for a total transaction of $151,746.00. Following the completion of the transaction, the chief financial officer directly owned 84,040 shares of the company's stock, valued at approximately $3,036,365.20. The trade was a 4.76% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 9,600 shares of company stock valued at $339,932. 11.68% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Neurogene

Hedge funds have recently bought and sold shares of the business. BlackRock Inc. bought a new position in shares of Neurogene in the second quarter worth about $33,274,000. Trails Edge Capital Partners LP bought a new stake in Neurogene during the 2nd quarter valued at $22,483,133. Moore Capital Management LP purchased a new position in Neurogene in the second quarter valued at about $4,454,000. Deutsche Bank AG purchased a new position in shares of Neurogene in the 2nd quarter worth approximately $3,354,000. Finally, Renaissance Technologies LLC increased its position in shares of Neurogene by 210.0% during the first quarter. Renaissance Technologies LLC now owns 43,400 shares of the company's stock worth $875,000 after purchasing an additional 29,400 shares in the last quarter. Institutional investors own 52.37% of the company's stock.

About Neurogene

Neurogene Inc NASDAQ: NGNE is a clinical-stage biotechnology company focused on developing genetic medicines for patients with rare neurological diseases. The company's research programs are designed to address disorders caused by genetic mutations for which existing treatment options are limited.

Neurogene is developing an investigational gene therapy platform known as EXACT, which is intended to help regulate therapeutic gene expression and support the delivery of genetic medicines.

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