Neurogene (NASDAQ:NGNE) Stock Price Up 8.3%

Neurogene Inc. (NASDAQ:NGNE) shares rose 8.3% on Monday . The company traded as high as $39.75 and last traded at $39.40. Approximately 72,639 shares changed hands during mid-day trading, a decline of 41% from the average daily volume of 122,762 shares. The stock had previously closed at $36.39.

Analysts Set New Price Targets

A number of brokerages have weighed in on NGNE. SVB Leerink assumed coverage on shares of Neurogene in a report on Monday, April 29th. They issued an “outperform” rating and a $46.00 price target for the company. Baird R W raised shares of Neurogene to a “strong-buy” rating in a research note on Tuesday, June 11th. William Blair assumed coverage on shares of Neurogene in a report on Thursday, March 21st. They set an “outperform” rating and a $61.00 price target on the stock. BMO Capital Markets started coverage on shares of Neurogene in a research report on Thursday, June 27th. They set an “outperform” rating and a $65.00 price objective on the stock. Finally, Leerink Partnrs restated an “outperform” rating on shares of Neurogene in a report on Monday, April 29th. 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 data from MarketBeat, the company presently has an average rating of “Buy” and an average target price of $51.33.

Neurogene Price Performance

The firm’s 50 day moving average price is $34.30.

Neurogene (NASDAQ:NGNE) last issued its earnings results on Friday, May 10th. The company reported ($1.00) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.03) by $0.03. As a group, equities research analysts anticipate that Neurogene Inc. will post -4.15 earnings per share for the current year.

Hedge Funds Weigh In On Neurogene

Hedge funds and other institutional investors have recently made changes to their positions in the company. Great Point Partners LLC acquired a new position in shares of Neurogene in the 4th quarter worth approximately $19,268,000. Avidity Partners Management LP bought a new stake in Neurogene during the fourth quarter valued at $9,036,000. Vanguard Group Inc. raised its position in shares of Neurogene by 906.5% in the 1st quarter. Vanguard Group Inc. now owns 507,483 shares of the company’s stock worth $25,831,000 after acquiring an additional 457,062 shares in the last quarter. BML Capital Management LLC bought a new stake in shares of Neurogene during the 4th quarter valued at about $478,000. Finally, Privium Fund Management UK Ltd acquired a new stake in Neurogene during the first quarter worth approximately $274,000. 52.37% of the stock is currently owned by institutional investors and hedge funds.

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.