Neurogene (NASDAQ:NGNE) Shares Gap Down – What’s Next?

Neurogene Inc. (NASDAQ:NGNE) shares gapped down before the market opened on Wednesday . The stock had previously closed at $34.62, but opened at $32.59. Neurogene shares last traded at $33.1840, with a volume of 5,144 shares.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the stock. Canaccord Genuity Group cut their target price on shares of Neurogene to $180.00 and set a “buy” rating on the stock in a research note on Monday, April 6th. Guggenheim initiated coverage on Neurogene in a research report on Tuesday, April 28th. They set a “buy” rating and a $69.00 target price on the stock. HC Wainwright restated a “buy” rating and set a $70.00 price target on shares of Neurogene in a report on Tuesday, June 9th. Rodman & Renshaw assumed coverage on Neurogene in a research note on Wednesday, June 3rd. They issued a “buy” rating and a $70.00 price objective for the company. Finally, UBS Group set a $70.00 target price on shares of Neurogene in a research report on Wednesday, June 3rd. Two equities research analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $84.83.

Neurogene Price Performance

The stock has a market capitalization of $530.88 million, a PE ratio of -7.38 and a beta of 1.68. The firm’s 50 day simple moving average is $32.32 and its 200 day simple moving average is $25.61.

Neurogene (NASDAQ:NGNE) last announced its quarterly earnings results on Tuesday, May 12th. The company reported ($1.39) EPS for the quarter, missing analysts’ consensus estimates of ($1.30) by ($0.09). Analysts expect that Neurogene Inc. will post -5.63 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CFO Christine Mikail Cvijic sold 4,200 shares of the company’s stock in a transaction dated Tuesday, July 7th. The shares were sold at an average price of $36.13, for a total value of $151,746.00. Following the transaction, the chief financial officer owned 84,040 shares in the company, valued at $3,036,365.20. The trade was a 4.76% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 19,200 shares of company stock valued at $639,932 over the last 90 days. Insiders own 11.68% of the company’s stock.

Institutional Investors Weigh In On Neurogene

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Renaissance Technologies LLC boosted its stake in shares of Neurogene by 210.0% during the 1st quarter. Renaissance Technologies LLC now owns 43,400 shares of the company’s stock worth $875,000 after acquiring an additional 29,400 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in Neurogene by 12.8% in the 1st quarter. Bank of New York Mellon Corp now owns 26,043 shares of the company’s stock worth $525,000 after purchasing an additional 2,950 shares during the period. Virtus Investment Advisers LLC grew its stake in Neurogene by 128.0% during the fourth quarter. Virtus Investment Advisers LLC now owns 12,716 shares of the company’s stock valued at $262,000 after acquiring an additional 7,138 shares in the last quarter. Logos Global Management LP purchased a new position in shares of Neurogene during the fourth quarter valued at about $4,017,000. Finally, Schonfeld Strategic Advisors LLC purchased a new position in Neurogene during the 4th quarter valued at approximately $575,000. Hedge funds and other institutional investors own 52.37% of the company’s stock.

About Neurogene

Neurogene, Inc is a clinical‐stage biotechnology company specializing in the development of gene therapies for rare neurological diseases. The company’s lead platform employs adeno‐associated virus (AAV) vectors designed to deliver functional copies of disease-causing genes directly to the central nervous system. Neurogene’s pipeline focuses on inherited lysosomal storage disorders, including investigational programs for GM1 and GM2 gangliosidoses, with additional preclinical efforts targeting other monogenic neurodegenerative conditions.

Neurogene’s proprietary AAV9‐based delivery system has been engineered to cross the blood-brain barrier, aiming to provide durable gene expression in affected tissues.