Neurogene (NASDAQ:NGNE) Trading Down 5.8% - Here's What Happened

Key Points

• Neurogene shares fell 5.8% to about $32.68 in midday trading, with volume roughly 68% below the average session level.
• Analyst sentiment remains broadly positive, with a consensus “Moderate Buy” rating and an average price target of $83.67, despite Canaccord lowering its target to $166.
• The company missed quarterly earnings expectations, reporting an adjusted loss of $1.53 per share versus the forecasted $1.42 loss; analysts expect a full-year loss of $5.62 per share.

Neurogene Inc. (NASDAQ:NGNE - Get Free Report) was down 5.8% on Thursday . The company traded as low as $32.75 and last traded at $32.6750. Approximately 60,541 shares changed hands during mid-day trading, a decline of 68% from the average session volume of 188,715 shares. The stock had previously closed at $34.67.

Analysts Set New Price Targets

A number of research firms recently commented on NGNE. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Neurogene in a research report 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. Rodman & Renshaw started coverage on Neurogene in a research report on Wednesday, June 3rd. They set a "buy" rating and a $70.00 target price on the stock. UBS Group set a $70.00 target price on shares of Neurogene in a research report on Wednesday, June 3rd. Finally, Guggenheim lifted their price objective on Neurogene from $69.00 to $81.00 and gave the company a "buy" rating in a report on Wednesday, August 12th. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $83.67.

Neurogene Price Performance

The company has a market cap of $654.53 million, a PE ratio of -6.50 and a beta of 1.69. The firm's 50 day moving average is $36.75 and its 200 day moving average is $30.09.

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, analysts anticipate that Neurogene Inc. will post -5.62 EPS for the current year.

Insider Buying and Selling at Neurogene

In other news, CFO Christine Cvijic sold 4,200 shares of the business'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 transaction, the chief financial officer owned 84,040 shares of the company's stock, valued at approximately $3,036,365.20. The trade was a 4.76% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 9,600 shares of company stock worth $339,932. 11.68% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Neurogene

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