Neurogene (NASDAQ:NGNE) Trading Down 8.3% - Here's Why

Key Points

• Neurogene shares fell 8.3% to $30.81, with trading volume down 88% from the average session. The stock has a market capitalization of approximately $613 million.
• Analyst sentiment remains a “Moderate Buy,” with an average price target of $83.67, despite mixed revisions and one “Sell” rating. Recent targets range from $65 to $166.
• The company reported a quarterly loss of $1.53 per share, missing estimates by $0.11, while its CFO sold 4,200 shares under a pre-arranged trading plan; insiders have sold 9,600 shares over the last quarter.

Neurogene Inc. (NASDAQ:NGNE - Get Free Report) fell 8.3% during trading on Wednesday . The company traded as low as $31.00 and last traded at $30.81. Approximately 23,758 shares were traded during mid-day trading, a decline of 88% from the average session volume of 201,478 shares. The stock had previously closed at $33.60.

Analyst Ratings Changes

Several equities analysts have recently issued reports on NGNE shares. Weiss Ratings restated a "sell (d-)" rating on shares of Neurogene in a research report on Friday, July 17th. Rodman & Renshaw began coverage on shares of Neurogene in a research note on Wednesday, June 3rd. They set a "buy" rating and a $70.00 price objective on the stock. HC Wainwright decreased their price objective on shares of Neurogene from $70.00 to $65.00 and set a "buy" rating for the company in a report on Wednesday, August 12th. Guggenheim upped their target price 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. Finally, Canaccord Genuity Group cut their target price on shares of Neurogene from $180.00 to $166.00 and set a "buy" rating on the stock in a report on Wednesday, August 12th. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $83.67.

Neurogene Trading Down 8.8%

The company has a fifty day moving average price of $36.17 and a two-hundred day moving average price of $30.38. The firm has a market cap of $613.11 million, a P/E ratio of -6.09 and a beta of 1.69.

Neurogene (NASDAQ:NGNE - Get Free Report) last announced its 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). As a group, sell-side analysts expect that Neurogene Inc. will post -5.62 EPS for the current year.

Insider Buying and Selling

In related news, CFO Christine Cvijic sold 4,200 shares of the company's stock in a transaction on Tuesday, July 7th. The shares were sold at an average price of $36.13, for a total value of $151,746.00. Following the completion of the transaction, the chief financial officer directly owned 84,040 shares of the company's stock, valued at approximately $3,036,365.20. This represents a 4.76% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 9,600 shares of company stock valued at $339,932. Insiders own 11.68% of the company's stock.

Institutional Trading of Neurogene

A number of institutional investors have recently modified their holdings of the company. State of Wyoming acquired a new stake in shares of Neurogene in the second quarter valued at about $31,000. Legal & General Group Plc acquired a new position in Neurogene during the second quarter valued at approximately $35,000. Bank of New York Mellon Corp grew its stake in Neurogene by 12.8% in the first 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. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in Neurogene in the second quarter valued at approximately $192,000. Finally, ADAR1 Capital Management LLC acquired a new position in shares of Neurogene during the 2nd quarter worth approximately $245,000. 52.37% of the stock is currently owned by institutional investors.

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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