Neurogene (NASDAQ:NGNE) Shares Gap Up – Here’s Why

Neurogene Inc. (NASDAQ:NGNE)’s stock price gapped up prior to trading on Wednesday. The stock had previously closed at $23.54, but opened at $26.99. Neurogene shares last traded at $26.41, with a volume of 6,218 shares changing hands.

Analysts Set New Price Targets

Several research analysts have commented on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Neurogene in a research note on Thursday, October 15th. HC Wainwright reissued a “buy” rating and issued a $65.00 price objective on shares of Neurogene in a research report on Wednesday. Wall Street Zen cut Neurogene from a “sell” rating to a “strong sell” rating in a research note on Saturday, October 10th. William Blair raised Neurogene to a “strong-buy” rating in a research note on Wednesday, September 23rd. Finally, Guggenheim boosted 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. Two investment analysts have rated the stock with a Strong Buy rating, five have given a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Neurogene presently has an average rating of “Buy” and an average target price of $80.29.

Neurogene Price Performance

The business has a fifty day simple moving average of $31.26 and a two-hundred day simple moving average of $27.56. The company has a market cap of $556.91 million, a PE ratio of -5.54 and a beta of 1.70.

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

Institutional Investors Weigh In On Neurogene

Several institutional investors have recently added to or reduced their stakes in NGNE. BlackRock Inc. purchased a new stake in shares of Neurogene during the second quarter worth about $33,274,000. Trails Edge Capital Partners LP acquired a new stake in Neurogene in the 2nd quarter worth approximately $22,483,133. Moore Capital Management LP purchased a new stake in Neurogene during the 2nd quarter worth approximately $4,454,000. Deutsche Bank AG purchased a new position in shares of Neurogene in the second quarter worth $3,354,000. Finally, Renaissance Technologies LLC lifted its stake in shares of 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 buying an additional 29,400 shares during the period. 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.