Neurogene (NASDAQ:NGNE) Shares Down 5.2% - What's Next?

Key Points

• Neurogene shares fell 5.2% to about $26.37 in thin trading, with volume down 93% from the average. The stock remains below its 50-day moving average and has a market capitalization of roughly $517 million.
• Analyst sentiment remains broadly positive, with a consensus “Buy” rating and an average price target of $83.67, despite several target reductions and one “Sell” rating.
• The company reported a quarterly EPS loss of $1.53, missing expectations of a $1.42 loss, while CFO Christine Cvijic sold 4,200 shares under a pre-arranged trading plan. Institutional ownership stands at 52.37%, bolstered by new stakes from BlackRock and other funds.

Neurogene Inc. (NASDAQ:NGNE - Get Free Report) traded down 5.2% on Friday. The company traded as low as $26.01 and last traded at $26.3650. 14,453 shares traded hands during trading, a decline of 93% from the average daily volume of 203,174 shares. The stock had previously closed at $27.82.

Analyst Ratings Changes

A number of research firms recently commented on NGNE. Weiss Ratings reiterated a "sell (d-)" rating on shares of Neurogene in a research note on Friday, July 17th. Canaccord Genuity Group dropped their price target on Neurogene from $180.00 to $166.00 and set a "buy" rating on the stock in a research report on Wednesday, August 12th. William Blair upgraded shares of Neurogene to a "strong-buy" rating in a research report on Wednesday, September 23rd. Guggenheim increased their price objective on shares of Neurogene from $69.00 to $81.00 and gave the stock a "buy" rating in a report on Wednesday, August 12th. Finally, HC Wainwright cut their price objective on shares of Neurogene from $70.00 to $65.00 and set a "buy" rating on the stock in a research report on Wednesday, August 12th. Two equities research analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Buy" and an average price target of $83.67.

Neurogene Stock Down 2.7%

The company's 50-day simple moving average is $35.02 and its 200-day simple moving average is $30.69. The stock has a market cap of $517.06 million, a price-to-earnings ratio of -5.14 and a beta of 1.71.

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 analysts' consensus estimates of ($1.42) by ($0.11). As a group, analysts expect that Neurogene Inc. will post -5.62 EPS for the current fiscal year.

Insider Buying and Selling

In other Neurogene news, CFO Christine Cvijic sold 4,200 shares of the company's 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 sale, the chief financial officer directly owned 84,040 shares in the company, valued at $3,036,365.20. This represents a 4.76% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 11.68% of the stock is owned by company insiders.

Institutional Trading of Neurogene

Hedge funds have recently modified their holdings of the company. BlackRock Inc. bought a new stake in shares of Neurogene during the second quarter worth $33,274,000. Trails Edge Capital Partners LP acquired a new stake in Neurogene in the 2nd quarter valued at $22,483,133. Moore Capital Management LP bought a new stake in Neurogene during the second quarter worth $4,454,000. Deutsche Bank AG acquired a new stake in Neurogene during the 2nd quarter worth approximately $3,354,000. Finally, Renaissance Technologies LLC increased its stake in Neurogene by 210.0% during the 1st quarter. Renaissance Technologies LLC now owns 43,400 shares of the company's stock worth $875,000 after acquiring an additional 29,400 shares during the period. Institutional investors own 52.37% of the company's stock.

Neurogene Company Profile

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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