Neurogene (NASDAQ:NGNE) Stock Rating Lowered by Wall Street Zen

Neurogene (NASDAQ:NGNE) was downgraded by analysts at Wall Street Zen from a “sell” rating to a “strong sell” rating in a research note issued to investors on Saturday, Wall Street Zen reports.

NGNE has been the subject of several other research reports. JPMorgan Chase & Co. assumed coverage on shares of Neurogene in a research note on Thursday. They set an “overweight” rating and a $60.00 price target for the company. Weiss Ratings reiterated a “sell (d-)” rating on shares of Neurogene in a report on Friday, July 17th. HC Wainwright dropped their price objective on Neurogene from $70.00 to $65.00 and set a “buy” rating on the stock in a research note on Wednesday, August 12th. Guggenheim raised their price objective on Neurogene from $69.00 to $81.00 and gave the stock a “buy” rating in a report on Wednesday, August 12th. Finally, Canaccord Genuity Group reduced their price objective on Neurogene from $180.00 to $166.00 and set a “buy” rating on the stock in a report on Wednesday, August 12th. Two analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company has an average rating of “Buy” and a consensus target price of $80.29.

Neurogene Price Performance

Shares of NGNE opened at $26.40 on Friday. Neurogene has a 1-year low of $15.93 and a 1-year high of $43.66. The company has a 50-day moving average of $34.09 and a 200 day moving average of $30.95. The firm has a market capitalization of $528.26 million, a price-to-earnings ratio of -5.25 and a beta of 1.70.

Neurogene (NASDAQ:NGNE) last released its quarterly earnings data on Tuesday, August 11th. The company reported ($1.53) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.42) by ($0.11). On average, equities analysts anticipate that Neurogene will post -5.88 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. State of Wyoming bought a new position in shares of Neurogene during the second quarter valued at approximately $31,000. Legal & General Group Plc purchased a new position in Neurogene during the second quarter valued at approximately $35,000. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in 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 bought a new position in Neurogene in the second quarter worth approximately $298,000. Hedge funds and other institutional investors own 52.37% of the company’s stock.

Neurogene Company Profile

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.