Short Interest in Neurogene Inc. (NASDAQ:NGNE) Drops By 50.8%

Neurogene Inc. (NASDAQ:NGNE) saw a large drop in short interest in the month of October. As of October 15th, there was short interest totalling 934,600 shares, a drop of 50.8% from the September 30th total of 1,900,000 shares. Currently, 9.1% of the company’s stock are short sold. Based on an average daily volume of 113,300 shares, the days-to-cover ratio is presently 8.2 days.

Neurogene Stock Up 0.4 %

NASDAQ:NGNE traded up $0.17 during trading hours on Friday, reaching $48.37. 80,712 shares of the company traded hands, compared to its average volume of 119,922. The business’s 50-day moving average price is $42.11 and its two-hundred day moving average price is $38.24. Neurogene has a 1 year low of $12.49 and a 1 year high of $55.21.

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

Analysts Set New Price Targets

Separately, HC Wainwright lowered their target price on Neurogene from $51.00 to $49.00 and set a “buy” rating for the company in a research note on Monday, August 12th. Eight research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $51.00.

Institutional Trading of Neurogene

A number of institutional investors and hedge funds have recently modified their holdings of the business. SG Americas Securities LLC bought a new stake in shares of Neurogene in the first quarter worth $120,000. Vanguard Group Inc. grew its holdings in shares of Neurogene by 906.5% in the first 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 during the period. Baker BROS. Advisors LP grew its holdings in shares of Neurogene by 0.6% in the first quarter. Baker BROS. Advisors LP now owns 456,015 shares of the company’s stock worth $23,211,000 after acquiring an additional 2,499 shares during the period. Bank of New York Mellon Corp bought a new stake in shares of Neurogene in the second quarter worth $1,107,000. Finally, Rhumbline Advisers bought a new stake in shares of Neurogene in the second quarter worth $491,000. Institutional investors own 52.37% of the company’s stock.

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.