Neurogene (NASDAQ:NGNE) Stock Jumps 10.4% – What’s Next?

Shares of Neurogene Inc. (NASDAQ:NGNE) traded up 10.4% during mid-day trading on Tuesday. The stock traded as high as $25.79 and last traded at $25.9990. 224,314 shares were traded during mid-day trading, an increase of 4% from the average daily volume of 214,787 shares. The stock had previously closed at $23.54.

Analyst Ratings Changes

Several equities analysts recently issued reports on NGNE shares. Guggenheim increased their target price on Neurogene from $69.00 to $81.00 and gave the stock a “buy” rating in a research note on Wednesday, August 12th. William Blair raised Neurogene to a “strong-buy” rating in a research report on Wednesday, September 23rd. 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 research note on Wednesday, August 12th. HC Wainwright cut their price target on shares of Neurogene from $70.00 to $65.00 and set a “buy” rating on the stock in a research note on Wednesday, August 12th. Finally, JPMorgan Chase & Co. started coverage on shares of Neurogene in a research report on Thursday, October 8th. They set an “overweight” rating and a $60.00 price target on the stock. Two research analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $80.29.

Neurogene Stock Performance

The company has a market cap of $523.04 million, a PE ratio of -5.19 and a beta of 1.70. The company’s 50-day simple moving average is $31.71 and its 200 day simple moving average is $27.49.

Neurogene (NASDAQ:NGNE) last posted 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). Analysts forecast that Neurogene Inc. will post -5.88 EPS for the current year.

Institutional Inflows and Outflows

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

Neurogene Company Profile

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.