Neurogene (NASDAQ:NGNE) Shares Gap Down – Time to Sell?

Neurogene Inc. (NASDAQ:NGNE) gapped down before the market opened on Friday . The stock had previously closed at $37.88, but opened at $36.50. Neurogene shares last traded at $36.42, with a volume of 8,477 shares.

Analysts Set New Price Targets

Several brokerages have recently weighed in on NGNE. Rodman & Renshaw began 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. Canaccord Genuity Group lowered their price target on Neurogene from $180.00 to $166.00 and set a “buy” rating for the company in a report on Wednesday, August 12th. 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. UBS Group set a $70.00 price objective on shares of Neurogene in a report on Wednesday, June 3rd. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Neurogene in a research report on Friday, July 17th. One equities research 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. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $83.67.

Neurogene Stock Down 1.0%

The firm has a market cap of $715.66 million, a price-to-earnings ratio of -7.11 and a beta of 1.69. The business has a 50 day moving average of $36.83 and a 200 day moving average of $29.66.

Neurogene (NASDAQ:NGNE) last announced its quarterly earnings data 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). Research analysts predict that Neurogene Inc. will post -5.62 earnings per share for the current year.

Insider Transactions at Neurogene

In other news, CFO Christine Cvijic sold 4,200 shares of the firm’s stock in a transaction that occurred on Tuesday, July 7th. The shares were sold at an average price of $36.13, for a total transaction of $151,746.00. Following the completion of the sale, the chief financial officer owned 84,040 shares of the company’s stock, valued at approximately $3,036,365.20. This trade represents a 4.76% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 9,600 shares of company stock valued at $339,932 over the last three months. 11.68% of the stock is owned by company insiders.

Institutional Trading of Neurogene

Several institutional investors and hedge funds have recently added to or reduced their stakes in NGNE. BlackRock Inc. bought a new stake in shares of Neurogene during the 2nd quarter worth approximately $33,274,000. Trails Edge Capital Partners LP acquired a new stake in Neurogene in the second quarter valued at $22,483,133. Balyasny Asset Management L.P. bought a new position in shares of Neurogene in the 3rd quarter valued at about $12,114,000. Logos Global Management LP acquired a new position in shares of Neurogene during the 4th quarter worth about $4,017,000. Finally, Moore Capital Management LP acquired a new position in shares of Neurogene during the 2nd quarter worth about $4,454,000. 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.