Neurogene (NASDAQ:NGNE) Sees Strong Trading Volume – Should You Buy?

Shares of Neurogene Inc. (NASDAQ:NGNE) saw an uptick in trading volume on Tuesday . 131,589 shares were traded during mid-day 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 cut their target price on Neurogene from $51.00 to $49.00 and set a “buy” rating on the stock in a research report on Monday, August 12th. Eight analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of $51.00.

Neurogene Stock Performance

The firm has a 50 day moving average of $44.81 and a two-hundred day moving average of $39.16.

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 during the quarter. On average, equities analysts forecast that Neurogene Inc. will post -4.47 earnings per share for the current year.

Hedge Funds Weigh In On Neurogene

Several hedge funds and other institutional investors have recently modified their holdings of the stock. SG Americas Securities LLC bought a new position in shares of Neurogene during the 3rd quarter worth approximately $150,000. Driehaus Capital Management LLC raised its position in Neurogene by 123.8% in the 2nd quarter. Driehaus Capital Management LLC now owns 102,187 shares of the company’s stock valued at $3,719,000 after purchasing an additional 56,533 shares during the last quarter. Marshall Wace LLP raised its position in 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 during the last quarter. Integral Health Asset Management LLC bought a new position in Neurogene in the 2nd quarter valued at $2,547,000. Finally, Avoro Capital Advisors LLC bought a new position in Neurogene in the 2nd quarter valued at $802,000. 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.