Neurogene (NASDAQ:NGNE) Sees Strong Trading Volume – Here’s What Happened

Neurogene Inc. (NASDAQ:NGNE) shares saw strong trading volume on Tuesday . 131,589 shares changed hands during trading, an increase of 7% from the previous session’s volume of 122,926 shares.The stock last traded at $56.17 and had previously closed at $66.00.

Analyst Upgrades and Downgrades

Separately, HC Wainwright decreased their target price on shares of Neurogene from $51.00 to $49.00 and set a “buy” rating for the company in a research note on Monday, August 12th. Eight equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Neurogene currently has an average rating of “Buy” and an average price target of $51.00.

Neurogene Trading Down 2.2 %

The business’s 50 day moving average price is $43.68 and its 200-day moving average price is $38.75.

Neurogene (NASDAQ:NGNE) last issued its quarterly earnings results on Friday, August 9th. The company reported ($1.09) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.02) by ($0.07). The business had revenue of $0.93 million during the quarter. Research analysts predict that Neurogene Inc. will post -4.47 EPS for the current year.

Hedge Funds Weigh In On Neurogene

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Quest Partners LLC bought a new stake in shares of Neurogene in the second quarter worth $55,000. SG Americas Securities LLC bought a new stake in shares of Neurogene in the 1st quarter worth about $120,000. Rhumbline Advisers acquired a new stake in shares of Neurogene in the 2nd quarter valued at about $491,000. Avoro Capital Advisors LLC bought a new position in shares of Neurogene during the second quarter worth about $802,000. Finally, Bank of New York Mellon Corp acquired a new position in Neurogene in the second quarter worth about $1,107,000. 52.37% of the stock is owned by hedge funds and other institutional investors.

About Neurogene

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.