Neurogene (NASDAQ:NGNE) Shares Gap Down – What’s Next?

Neurogene Inc. (NASDAQ:NGNE)’s share price gapped down prior to trading on Wednesday . The stock had previously closed at $34.62, but opened at $32.59. Neurogene shares last traded at $33.1840, with a volume of 5,144 shares changing hands.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on NGNE shares. Rodman & Renshaw initiated coverage on Neurogene in a research note on Wednesday, June 3rd. They set a “buy” rating and a $70.00 price target for the company. HC Wainwright restated a “buy” rating and set a $70.00 target price on shares of Neurogene in a research report on Tuesday, June 9th. Guggenheim assumed coverage on shares of Neurogene in a report on Tuesday, April 28th. They issued a “buy” rating and a $69.00 price target on the stock. Canaccord Genuity Group lowered their price target on shares of Neurogene to $180.00 and set a “buy” rating on the stock in a research report on Monday, April 6th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Neurogene in a research note on Friday, July 17th. Two research analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus target price of $84.83.

Neurogene Stock Performance

The stock has a market cap of $512.16 million, a PE ratio of -7.13 and a beta of 1.68. The business has a 50-day moving average of $32.07 and a 200 day moving average of $25.40.

Neurogene (NASDAQ:NGNE) last posted its quarterly earnings data on Tuesday, May 12th. The company reported ($1.39) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.30) by ($0.09). Equities analysts expect that Neurogene Inc. will post -5.63 EPS for the current fiscal year.

Insider Buying and Selling at Neurogene

In other news, CFO Christine Mikail Cvijic sold 9,600 shares of the firm’s stock in a transaction on Wednesday, May 6th. The stock was sold at an average price of $31.25, for a total transaction of $300,000.00. Following the sale, the chief financial officer owned 93,640 shares in the company, valued at $2,926,250. This trade represents a 9.30% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 19,200 shares of company stock worth $639,932. Corporate insiders own 11.68% of the company’s stock.

Institutional Trading of Neurogene

A number of hedge funds have recently added to or reduced their stakes in NGNE. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Neurogene by 17.9% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 6,983 shares of the company’s stock valued at $82,000 after buying an additional 1,059 shares during the period. Bank of America Corp DE lifted its holdings in shares of Neurogene by 81.6% during the 2nd quarter. Bank of America Corp DE now owns 95,401 shares of the company’s stock worth $1,426,000 after acquiring an additional 42,880 shares during the period. BNP Paribas Financial Markets boosted its position in shares of Neurogene by 89.8% in the third quarter. BNP Paribas Financial Markets now owns 2,067 shares of the company’s stock worth $36,000 after acquiring an additional 978 shares during the last quarter. Bridgeway Capital Management LLC purchased a new stake in Neurogene in the third quarter valued at approximately $187,000. Finally, Balyasny Asset Management L.P. purchased a new stake in Neurogene in the third quarter valued at approximately $12,114,000. 52.37% of the stock is owned by institutional investors and hedge funds.

About Neurogene

Neurogene, Inc is a clinical‐stage biotechnology company specializing in the development of gene therapies for rare neurological diseases. The company’s lead platform employs adeno‐associated virus (AAV) vectors designed to deliver functional copies of disease-causing genes directly to the central nervous system. Neurogene’s pipeline focuses on inherited lysosomal storage disorders, including investigational programs for GM1 and GM2 gangliosidoses, with additional preclinical efforts targeting other monogenic neurodegenerative conditions.

Neurogene’s proprietary AAV9‐based delivery system has been engineered to cross the blood-brain barrier, aiming to provide durable gene expression in affected tissues.