Neurogene (NASDAQ:NGNE) Stock Falls 5.2% – Should You Sell?

Shares of Neurogene Inc. (NASDAQ:NGNE) were down 5.2% during mid-day trading on Friday. The stock traded as low as $26.01 and last traded at $26.3650. 14,453 shares traded hands during trading, a decline of 93% from the average daily volume of 203,174 shares. The stock had previously closed at $27.82.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on NGNE shares. Canaccord Genuity Group cut their price target on shares of Neurogene from $180.00 to $166.00 and set a “buy” rating on the stock in a report on Wednesday, August 12th. William Blair upgraded shares of Neurogene to a “strong-buy” rating in a report on Wednesday, September 23rd. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Neurogene in a research report on Friday, July 17th. 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, HC Wainwright dropped their price target on Neurogene from $70.00 to $65.00 and set a “buy” rating on the stock in a research note on Wednesday, August 12th. Two analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $83.67.

Neurogene Price Performance

The company has a market cap of $517.06 million, a PE ratio of -5.14 and a beta of 1.71. The company has a 50-day moving average of $35.02 and a 200 day moving average of $30.69.

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). Equities research analysts expect that Neurogene Inc. will post -5.62 EPS for the current year.

Insider Buying and Selling at Neurogene

In related news, CFO Christine Cvijic sold 4,200 shares of the stock in a transaction dated Tuesday, July 7th. The stock was sold at an average price of $36.13, for a total transaction of $151,746.00. Following the transaction, the chief financial officer owned 84,040 shares of the company’s stock, valued at approximately $3,036,365.20. This represents a 4.76% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 11.68% of the company’s stock.

Institutional Trading of Neurogene

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Pale Fire Capital SE acquired a new position in shares of Neurogene in the second quarter valued at approximately $298,000. Moore Capital Management LP acquired a new position in Neurogene during the 2nd quarter worth $4,454,000. Wellington Management Group LLP bought a new position in shares of Neurogene in the 2nd quarter worth about $987,000. Seven Fleet Capital Management LP acquired a new stake in shares of Neurogene in the 2nd quarter worth about $694,000. Finally, Bank of America Corp DE acquired a new stake in Neurogene in the second quarter worth about $350,000. 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’s research programs are designed to address disorders caused by genetic mutations for which existing treatment options are limited.

Neurogene is developing an investigational gene therapy platform known as EXACT, which is intended to help regulate therapeutic gene expression and support the delivery of genetic medicines.