Neurogene (NASDAQ:NGNE) Shares Gap Up - Here's Why

Key Points

• Neurogene shares gapped higher, opening at $28.00 versus a prior close of $25.87, before trading near $27.01.
• Analyst sentiment remains broadly positive: the stock has an average “Buy” rating and a consensus price target of $80.29, despite some firms lowering their targets.
• The clinical-stage biotech missed its latest quarterly EPS estimate, reporting a loss of $1.53 per share versus the expected $1.42 loss; institutional investors own 52.37% of its shares.

Neurogene Inc. (NASDAQ:NGNE - Get Free Report)'s share price gapped up before the market opened on Thursday. The stock had previously closed at $25.87, but opened at $28.00. Neurogene shares last traded at $27.01, with a volume of 30,993 shares trading hands.

Analyst Upgrades and Downgrades

NGNE has been the topic of several recent research reports. Guggenheim upped their price objective on Neurogene from $69.00 to $81.00 and gave the stock a "buy" rating in a report on Wednesday, August 12th. JPMorgan Chase & Co. began coverage on shares of Neurogene in a report on Thursday. They issued an "overweight" rating and a $60.00 target price for the company. Canaccord Genuity Group decreased their price target on shares of Neurogene from $180.00 to $166.00 and set a "buy" rating on the stock in a research note on Wednesday, August 12th. HC Wainwright decreased their price target on shares of Neurogene from $70.00 to $65.00 and set a "buy" rating on the stock in a research note on Wednesday, August 12th. Finally, William Blair upgraded shares of Neurogene to a "strong-buy" rating in a research report on Wednesday, September 23rd. Two equities research analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of "Buy" and a consensus price target of $80.29.

Neurogene Stock Performance

The stock has a market cap of $544.37 million, a PE ratio of -5.41 and a beta of 1.70. The stock has a fifty day moving average price of $34.36 and a 200 day moving average price of $30.85.

Neurogene (NASDAQ:NGNE - Get Free Report) last issued its quarterly earnings results on Tuesday, August 11th. The company reported ($1.53) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($1.42) by ($0.11). As a group, equities analysts anticipate that Neurogene Inc. will post -5.8 earnings per share for the current fiscal year.

Institutional Trading of Neurogene

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Pale Fire Capital SE purchased a new position in shares of Neurogene during the second quarter valued at approximately $298,000. Moore Capital Management LP bought a new position in shares of Neurogene during the second quarter valued at approximately $4,454,000. Wellington Management Group LLP purchased a new stake in shares of Neurogene in the second quarter worth approximately $987,000. Seven Fleet Capital Management LP bought a new stake in shares of Neurogene during the 2nd quarter worth approximately $694,000. Finally, Bank of America Corp DE bought a new stake in shares of Neurogene during the 2nd quarter worth approximately $350,000. 52.37% of the stock is owned by hedge funds and other institutional investors.

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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