Short Interest in Neurogene Inc. (NASDAQ:NGNE) Drops By 28.7%

Neurogene Inc. (NASDAQ:NGNE) was the target of a large decline in short interest in November. As of November 30th, there was short interest totalling 1,170,000 shares, a decline of 28.7% from the November 15th total of 1,640,000 shares. Currently, 10.2% of the company’s stock are short sold. Based on an average daily trading volume, of 348,300 shares, the days-to-cover ratio is presently 3.4 days.

Insider Activity at Neurogene

In related news, CEO Rachel Mcminn acquired 47,500 shares of the business’s stock in a transaction that occurred on Friday, November 22nd. The shares were acquired at an average cost of $20.40 per share, with a total value of $969,000.00. Following the purchase, the chief executive officer now owns 1,297,859 shares of the company’s stock, valued at approximately $26,476,323.60. The trade was a 3.80 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Christine Mikail Cvijic bought 24,000 shares of the firm’s stock in a transaction on Friday, November 22nd. The shares were bought at an average cost of $20.48 per share, with a total value of $491,520.00. Following the transaction, the chief financial officer now directly owns 76,844 shares of the company’s stock, valued at approximately $1,573,765.12. This trade represents a 45.42 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last quarter, insiders bought 120,270 shares of company stock valued at $2,720,249. 9.92% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Neurogene

Institutional investors have recently added to or reduced their stakes in the company. Bank of New York Mellon Corp acquired a new stake in Neurogene in the 2nd quarter valued at about $1,107,000. Rhumbline Advisers acquired a new stake in Neurogene during the 2nd quarter valued at $491,000. Quest Partners LLC bought a new position in Neurogene during the second quarter worth $55,000. Avoro Capital Advisors LLC acquired a new position in shares of Neurogene in the second quarter valued at $802,000. Finally, Integral Health Asset Management LLC acquired a new stake in shares of Neurogene during the 2nd quarter worth about $2,547,000. 52.37% of the stock is currently owned by institutional investors and hedge funds.

Neurogene Trading Up 5.3 %

NASDAQ NGNE traded up $1.18 during trading on Friday, hitting $23.51. The stock had a trading volume of 251,559 shares, compared to its average volume of 181,558. The company’s 50-day moving average price is $40.10 and its two-hundred day moving average price is $38.67. Neurogene has a 12 month low of $12.49 and a 12 month high of $74.49.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on NGNE shares. HC Wainwright reissued a “buy” rating and set a $55.00 target price on shares of Neurogene in a research report on Monday, November 25th. BMO Capital Markets cut their price objective on Neurogene from $60.00 to $45.00 and set an “outperform” rating for the company in a research report on Wednesday, November 20th. William Blair reaffirmed an “outperform” rating on shares of Neurogene in a report on Tuesday, November 19th. Robert W. Baird upped their price target on Neurogene from $54.00 to $72.00 and gave the stock an “outperform” rating in a report on Tuesday, November 12th. Finally, Leerink Partners increased their price objective on Neurogene from $45.00 to $72.00 and gave the company an “outperform” rating in a research report on Tuesday, November 12th. Eight investment 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.com, Neurogene presently has an average rating of “Buy” and an average price target of $60.83.

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.