Neurogene (NASDAQ:NGNE) Shares Gap Up - Still a Buy?

Key Points

• Neurogene shares opened sharply higher, rising from a previous close of $23.54 to $26.99 before trading at $26.41.
• Analyst sentiment is broadly positive, with an average “Buy” rating and an average price target of $80.29; targets range from $60 to $166, though Weiss Ratings maintains a sell rating.
• The clinical-stage biotech reported a quarterly loss of $1.53 per share, worse than the $1.42 consensus estimate, while institutional investors own 52.37% of the company.

Shares of Neurogene Inc. (NASDAQ:NGNE - Get Free Report) gapped up prior to trading on Wednesday. The stock had previously closed at $23.54, but opened at $26.99. Neurogene shares last traded at $26.41, with a volume of 6,218 shares.

Analysts Set New Price Targets

Several research firms have weighed in on NGNE. William Blair raised Neurogene to a "strong-buy" rating in a research report on Wednesday, September 23rd. JPMorgan Chase & Co. initiated coverage on shares of Neurogene in a report on Thursday, October 8th. They issued an "overweight" rating and a $60.00 target price for the company. Canaccord Genuity Group decreased their price objective on shares of Neurogene from $180.00 to $166.00 and set a "buy" rating for the company in a report on Wednesday, August 12th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Neurogene in a research report on Thursday, October 15th. Finally, Guggenheim boosted their price target on Neurogene from $69.00 to $81.00 and gave the stock a "buy" rating in a research note on Wednesday, August 12th. Two equities research analysts have rated the stock with a Strong Buy rating, five have given a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of "Buy" and an average price target of $80.29.

Neurogene Stock Performance

The firm has a fifty day moving average price of $31.26 and a two-hundred day moving average price of $27.56. The stock has a market capitalization of $556.91 million, a P/E ratio of -5.54 and a beta of 1.70.

Neurogene (NASDAQ:NGNE - Get Free Report) last released its quarterly earnings results on Tuesday, August 11th. The company reported ($1.53) EPS for the quarter, missing the consensus estimate of ($1.42) by ($0.11). On average, research analysts anticipate that Neurogene Inc. will post -5.88 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Neurogene

A number of institutional investors have recently bought and sold shares of NGNE. Bank of New York Mellon Corp bought a new stake in shares of Neurogene during the 2nd quarter valued at $904,000. BlackRock Inc. purchased a new position in shares of Neurogene in the second quarter worth $33,274,000. Renaissance Technologies LLC increased its position in Neurogene by 210.0% in 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 during the last quarter. Wellington Management Group LLP purchased a new stake in Neurogene during the second quarter valued at $987,000. Finally, Deutsche Bank AG bought a new position in Neurogene during the second quarter valued at $3,354,000. 52.37% of the stock is owned by institutional investors.

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 designs gene therapies intended to address the underlying genetic causes of disorders for which treatment options are limited or unavailable.

Neurogene's lead program is NGN-401, an investigational gene therapy being developed for Rett syndrome, a rare neurodevelopmental disorder. The company is also advancing NGN-101 for CLN5 Batten disease, a form of neuronal ceroid lipofuscinosis.

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