Neurogene (NASDAQ:NGNE) Stock Jumps 10.4% - What's Next?

Key Points

• Neurogene shares rose 10.4% to about $26, with trading volume slightly above the average session level.
• Analysts maintain a consensus “Buy” rating and an average price target of $80.29, despite mixed target revisions and one “Sell” rating.
• The clinical-stage biotech reported a quarterly loss of $1.53 per share, missing estimates, while institutional investors and hedge funds own 52.37% of the stock.

Shares of Neurogene Inc. (NASDAQ:NGNE - Get Free Report) rose 10.4% during trading on Tuesday. The company traded as high as $25.79 and last traded at $25.9990. Approximately 224,314 shares were traded during trading, an increase of 4% from the average session volume of 214,787 shares. The stock had previously closed at $23.54.

Analysts Set New Price Targets

Several research firms have recently weighed in on NGNE. Guggenheim increased their price target on shares of Neurogene from $69.00 to $81.00 and gave the company a "buy" rating in a research note on Wednesday, August 12th. Canaccord Genuity Group cut their price target 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. HC Wainwright reduced their price target 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. William Blair upgraded Neurogene to a "strong-buy" rating in a report on Wednesday, September 23rd. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of Neurogene in a research report on Thursday, October 15th. Two equities research analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus target price of $80.29.

Neurogene Trading Up 11.0%

The stock has a market capitalization of $523.04 million, a PE ratio of -5.19 and a beta of 1.70. The firm's fifty day moving average is $31.71 and its 200-day moving average is $27.49.

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

Hedge Funds Weigh In On Neurogene

Large investors have recently made changes to their positions in the stock. Bank of New York Mellon Corp acquired a new stake in Neurogene in the 2nd quarter valued at approximately $904,000. BlackRock Inc. purchased a new stake in Neurogene in the second quarter valued at approximately $33,274,000. Renaissance Technologies LLC lifted its stake in 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. Wellington Management Group LLP acquired a new position in Neurogene during the second quarter worth $987,000. Finally, Deutsche Bank AG acquired a new position in Neurogene during the second quarter worth $3,354,000. 52.37% of the stock is currently owned by institutional investors and hedge funds.

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 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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