Neurogene (NASDAQ:NGNE) Stock Price Down 6.3%

Neurogene Inc. (NASDAQ:NGNE) shares dropped 6.3% during trading on Tuesday . The stock traded as low as $38.76 and last traded at $38.76. Approximately 49,507 shares changed hands during trading, a decline of 60% from the average daily volume of 123,568 shares. The stock had previously closed at $41.35.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on NGNE shares. Baird R W upgraded Neurogene to a “strong-buy” rating in a report on Tuesday, June 11th. Leerink Partnrs restated an “outperform” rating on shares of Neurogene in a research report on Monday, April 29th. Robert W. Baird started coverage on shares of Neurogene in a research note on Tuesday, June 11th. They set an “outperform” rating and a $54.00 price objective for the company. BMO Capital Markets initiated coverage on shares of Neurogene in a research note on Thursday, June 27th. They issued an “outperform” rating and a $65.00 target price on the stock. Finally, SVB Leerink assumed coverage on Neurogene in a report on Monday, April 29th. They set an “outperform” rating and a $46.00 target price on the stock. Eight equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Buy” and an average target price of $51.33.

Neurogene Stock Performance

The business’s 50 day simple moving average is $37.41 and its 200 day simple moving average is $35.88.

Neurogene (NASDAQ:NGNE) last announced its quarterly earnings results on Friday, May 10th. The company reported ($1.00) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.03) by $0.03. As a group, equities analysts predict that Neurogene Inc. will post -4.15 EPS for the current fiscal year.

Institutional Investors Weigh In On Neurogene

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Avidity Partners Management LP purchased a new position in shares of Neurogene during the 4th quarter worth $9,036,000. Great Point Partners LLC acquired a new position in Neurogene in the fourth quarter valued at about $19,268,000. SG Americas Securities LLC purchased a new position in Neurogene during the first quarter worth about $120,000. BML Capital Management LLC acquired a new stake in shares of Neurogene during the fourth quarter valued at about $478,000. Finally, Bank of New York Mellon Corp purchased a new stake in shares of Neurogene in the 2nd quarter valued at approximately $1,107,000. Institutional investors and hedge funds own 52.37% of the company’s stock.

Neurogene Company Profile

Neurogene Inc, a biotechnology company, develops genetic medicines for rare neurological diseases. The company's product candidates include NGN-401 which is packaged in an adeno-associated virus 9 that is in Phase 1/2 clinical trial for the treatment of Rett syndrome; and NGN-101, a conventional gene therapy candidate that is in Phase 1/2 clinical trial to treat CLN5 Batten disease.