Neurogene (NASDAQ:NGNE) Shares Down 3.7% – Should You Sell?

Neurogene Inc. (NASDAQ:NGNE) shares fell 3.7% on Monday . The company traded as low as $46.58 and last traded at $46.58. 64,795 shares traded hands during trading, a decline of 46% from the average session volume of 119,657 shares. The stock had previously closed at $48.37.

Analyst Ratings Changes

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

Neurogene Stock Down 3.1 %

The company’s 50 day moving average price is $42.51 and its 200 day moving average price is $38.31.

Neurogene (NASDAQ:NGNE) last posted its quarterly earnings results on Friday, August 9th. The company reported ($1.09) EPS for the quarter, missing the consensus estimate of ($1.02) by ($0.07). The business had revenue of $0.93 million for the quarter. As a group, sell-side analysts expect that Neurogene Inc. will post -4.47 EPS for the current year.

Institutional Investors Weigh In On Neurogene

Several large investors have recently bought and sold shares of the stock. Quest Partners LLC purchased a new stake in shares of Neurogene during the second quarter worth approximately $55,000. SG Americas Securities LLC acquired a new position in Neurogene during the 1st quarter worth approximately $120,000. Baker BROS. Advisors LP increased its position in shares of Neurogene by 0.6% in the 1st quarter. Baker BROS. Advisors LP now owns 456,015 shares of the company’s stock valued at $23,211,000 after purchasing an additional 2,499 shares during the last quarter. Marshall Wace LLP raised its holdings in shares of Neurogene by 37.2% in the 2nd quarter. Marshall Wace LLP now owns 41,447 shares of the company’s stock valued at $1,508,000 after purchasing an additional 11,229 shares in the last quarter. Finally, Rhumbline Advisers acquired a new stake in shares of Neurogene in the 2nd quarter valued at $491,000. Hedge funds and other institutional investors own 52.37% of the company’s stock.

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.