Neurogene (NASDAQ:NGNE) Stock Breaks Above Two Hundred Day Moving Average - Here's What Happened

Key Points

• Neurogene shares broke above their 200-day moving average, reaching $31.14 before closing at $30.42 on trading volume of 646,283 shares.
• Analyst sentiment is generally positive, with an average “Buy” rating and a consensus price target of $80.29; however, some firms maintain Sell or Strong Sell ratings.
• The company reported a quarterly loss of $1.53 per share, missing estimates, while institutional investors own 52.37% of Neurogene’s stock.

Neurogene Inc. (NASDAQ:NGNE - Get Free Report)'s share price crossed above its 200-day moving average during trading on Wednesday. The stock has a 200-day moving average of $27.62 and traded as high as $31.14. Neurogene shares last traded at $30.42, with a volume of 646,283 shares traded.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on NGNE shares. William Blair upgraded Neurogene to a "strong-buy" rating in a report on Wednesday, September 23rd. Guggenheim boosted their price target 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 research report on Thursday, October 15th. Wall Street Zen cut Neurogene from a "sell" rating to a "strong sell" rating in a research report on Saturday, October 10th. Finally, HC Wainwright restated a "buy" rating and issued a $65.00 target price on shares of Neurogene in a report on Wednesday. Two research analysts have rated the stock with a Strong Buy rating, five have given a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Neurogene has an average rating of "Buy" and a consensus target price of $80.29.

Neurogene Stock Performance

The firm has a market capitalization of $608.73 million, a PE ratio of -6.05 and a beta of 1.70. The company's fifty day moving average price is $31.16 and its two-hundred day moving average price is $27.62.

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

Institutional Trading of Neurogene

A number of institutional investors and hedge funds have recently bought and sold shares of the business. State of Wyoming acquired a new position in shares of Neurogene during the second quarter worth $31,000. Legal & General Group Plc purchased a new position in Neurogene in the second quarter valued at about $35,000. China Universal Asset Management Co. Ltd. grew its stake in Neurogene by 45.2% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 3,651 shares of the company's stock valued at $104,000 after purchasing an additional 1,136 shares in the last quarter. Bank of New York Mellon Corp grew its stake in Neurogene by 12.8% during the 1st quarter. Bank of New York Mellon Corp now owns 26,043 shares of the company's stock valued at $525,000 after purchasing an additional 2,950 shares in the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in Neurogene during the 2nd quarter worth approximately $192,000. Institutional investors and hedge funds 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 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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