Short Interest in Neurogene Inc. (NASDAQ:NGNE) Drops By 28.7%

Neurogene Inc. (NASDAQ:NGNE) was the recipient of a large decrease in short interest during the month of November. As of November 30th, there was short interest totalling 1,170,000 shares, a decrease of 28.7% from the November 15th total of 1,640,000 shares. Currently, 10.2% of the shares of the company are sold short. Based on an average daily trading volume, of 348,300 shares, the days-to-cover ratio is currently 3.4 days.

Neurogene Price Performance

NASDAQ:NGNE traded up $1.18 during trading hours on Friday, hitting $23.51. 251,559 shares of the stock traded hands, compared to its average volume of 181,558. The firm has a 50 day moving average price of $40.10 and a 200 day moving average price of $38.67. Neurogene has a fifty-two week low of $12.49 and a fifty-two week high of $74.49.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the company. Robert W. Baird boosted their price objective on Neurogene from $54.00 to $72.00 and gave the stock an “outperform” rating in a research note on Tuesday, November 12th. Stifel Nicolaus lifted their target price on Neurogene from $44.00 to $60.00 and gave the stock a “buy” rating in a report on Tuesday, November 12th. HC Wainwright reissued a “buy” rating and issued a $55.00 price target on shares of Neurogene in a report on Monday, November 25th. William Blair restated an “outperform” rating on shares of Neurogene in a research report on Tuesday, November 19th. Finally, Leerink Partners boosted their target price on shares of Neurogene from $45.00 to $72.00 and gave the stock an “outperform” rating in a report on Tuesday, November 12th. Eight research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $60.83.

Insider Buying and Selling

In other Neurogene news, major shareholder Samsara Biocapital Gp, Llc purchased 48,770 shares of Neurogene stock in a transaction on Tuesday, November 26th. The stock was bought at an average price of $25.83 per share, for a total transaction of $1,259,729.10. Following the transaction, the insider now owns 1,717,127 shares of the company’s stock, valued at $44,353,390.41. The trade was a 2.92 % increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Rachel Mcminn purchased 47,500 shares of the stock in a transaction dated Friday, November 22nd. The shares were acquired at an average cost of $20.40 per share, for a total transaction of $969,000.00. Following the completion of the acquisition, the chief executive officer now directly owns 1,297,859 shares of the company’s stock, valued at approximately $26,476,323.60. This trade represents a 3.80 % increase in their position. The disclosure for this purchase can be found here. Insiders purchased a total of 120,270 shares of company stock worth $2,720,249 in the last three months. 9.92% of the stock is owned by insiders.

Institutional Investors Weigh In On Neurogene

Several hedge funds have recently bought and sold shares of the business. Quest Partners LLC acquired a new position in shares of Neurogene in the 2nd quarter valued at about $55,000. BNP Paribas Financial Markets grew its position in Neurogene by 192.8% during the third quarter. BNP Paribas Financial Markets now owns 2,170 shares of the company’s stock valued at $91,000 after purchasing an additional 1,429 shares in the last quarter. SG Americas Securities LLC acquired a new position in Neurogene in the 3rd quarter valued at approximately $150,000. MetLife Investment Management LLC purchased a new stake in Neurogene in the 3rd quarter worth approximately $254,000. Finally, Franklin Resources Inc. acquired a new stake in shares of Neurogene during the 3rd quarter valued at $296,000. 52.37% of the stock is owned by hedge funds and other institutional investors.

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.