Neurogene (NASDAQ:NGNE) Shares Gap Down Following Analyst Downgrade

Neurogene Inc. (NASDAQ:NGNE) shares gapped down before the market opened on Tuesday after BMO Capital Markets lowered their price target on the stock from $65.00 to $60.00. The stock had previously closed at $71.53, but opened at $48.28. BMO Capital Markets currently has an outperform rating on the stock. Neurogene shares last traded at $40.74, with a volume of 117,789 shares traded.

Several other research firms have also commented on NGNE. HC Wainwright raised their price objective on shares of Neurogene from $49.00 to $55.00 and gave the company a “buy” rating in a research note on Tuesday. Robert W. Baird boosted their target price on shares of Neurogene from $54.00 to $72.00 and gave the company an “outperform” rating in a research note on Tuesday. Finally, Leerink Partners upped their price target on Neurogene from $45.00 to $72.00 and gave the stock an “outperform” rating in a report on Tuesday. Eight investment 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 a consensus rating of “Buy” and a consensus target price of $63.33.

Institutional Investors Weigh In On Neurogene

A number of hedge funds have recently added to or reduced their stakes in NGNE. Quest Partners LLC bought a new position in shares of Neurogene during the 2nd quarter valued at about $55,000. SG Americas Securities LLC purchased a new stake in Neurogene in the 1st quarter worth about $120,000. Rhumbline Advisers purchased a new stake in Neurogene in the 2nd quarter worth about $491,000. Avoro Capital Advisors LLC purchased a new position in shares of Neurogene during the second quarter worth approximately $802,000. Finally, Charles Schwab Investment Management Inc. increased its position in shares of Neurogene by 2.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 30,317 shares of the company’s stock worth $1,272,000 after acquiring an additional 741 shares during the period. 52.37% of the stock is currently owned by hedge funds and other institutional investors.

Neurogene Stock Performance

The stock’s 50-day moving average price is $46.77 and its 200 day moving average price is $40.05.

Neurogene (NASDAQ:NGNE) last posted its earnings results on Friday, August 9th. The company reported ($1.09) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.02) by ($0.07). The company had revenue of $0.93 million for the quarter. As a group, research analysts anticipate that Neurogene Inc. will post -4.44 EPS for the current year.

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.