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

Neurogene Inc. (NASDAQ:NGNE)’s share price gapped up prior to trading on Thursday. The stock had previously closed at $25.87, but opened at $28.00. Neurogene shares last traded at $27.01, with a volume of 30,993 shares changing hands.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on NGNE shares. Weiss Ratings restated a “sell (d-)” rating on shares of Neurogene in a report on Friday, July 17th. 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. JPMorgan Chase & Co. began coverage on shares of Neurogene in a research report on Thursday. They issued an “overweight” rating and a $60.00 price objective for the company. Guggenheim upped their target price on shares of Neurogene from $69.00 to $81.00 and gave the stock a “buy” rating in a research note on Wednesday, August 12th. Finally, Canaccord Genuity Group reduced their target price on shares of Neurogene from $180.00 to $166.00 and set a “buy” rating on the stock in a research report on Wednesday, August 12th. Two research analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, Neurogene currently has an average rating of “Buy” and a consensus target price of $80.29.

Neurogene Stock Performance

The company has a fifty day simple moving average of $34.36 and a two-hundred day simple moving average of $30.85. The firm has a market capitalization of $544.37 million, a PE ratio of -5.41 and a beta of 1.70.

Neurogene (NASDAQ:NGNE) last announced its quarterly 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). On average, equities analysts anticipate that Neurogene Inc. will post -5.8 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in NGNE. State of Wyoming bought a new stake in shares of Neurogene in the 2nd quarter valued at about $31,000. Legal & General Group Plc bought a new position in shares of Neurogene during the second quarter valued at approximately $35,000. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in shares of Neurogene during the second quarter valued at approximately $192,000. ADAR1 Capital Management LLC purchased a new position in Neurogene during the second quarter valued at approximately $245,000. Finally, Pale Fire Capital SE purchased a new position in Neurogene during the second quarter valued at approximately $298,000. 52.37% of the stock is currently owned by institutional investors.

About Neurogene

Neurogene Inc is a clinical-stage biotechnology company focused on developing genetic medicines for patients with rare and devastating neurological diseases. The company’s work centers on gene therapies designed to address severe neurodevelopmental and neurodegenerative disorders for which treatment options are limited.

Neurogene’s pipeline includes NGN-401, an investigational gene therapy being developed for Rett syndrome, and NGN-101, an investigational therapy targeting CLN5 disease, a form of neuronal ceroid lipofuscinosis also known as Batten disease.