Neurogene (NASDAQ:NGNE) Hits New 1-Year High – Here’s What Happened

Shares of Neurogene Inc. (NASDAQ:NGNE) hit a new 52-week high during mid-day trading on Monday . The company traded as high as $74.49 and last traded at $70.30, with a volume of 43388 shares traded. The stock had previously closed at $68.21.

Analyst Ratings Changes

Separately, HC Wainwright dropped their price objective 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 investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Neurogene presently has an average rating of “Buy” and a consensus price target of $51.00.

Neurogene Price Performance

The firm’s 50-day moving average is $46.09 and its 200-day moving average is $39.76.

Neurogene (NASDAQ:NGNE) last posted its quarterly earnings data on Friday, August 9th. The company reported ($1.09) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.02) by ($0.07). The firm had revenue of $0.93 million during the quarter. As a group, analysts predict that Neurogene Inc. will post -4.44 EPS for the current fiscal year.

Institutional Trading of Neurogene

Several hedge funds and other institutional investors have recently bought and sold shares of NGNE. Vanguard Group Inc. lifted its holdings 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 during the last quarter. Baker BROS. Advisors LP raised its position in Neurogene by 0.6% in the 1st quarter. Baker BROS. Advisors LP now owns 456,015 shares of the company’s stock worth $23,211,000 after purchasing an additional 2,499 shares during the period. Driehaus Capital Management LLC lifted its stake in Neurogene by 123.8% in the second quarter. Driehaus Capital Management LLC now owns 102,187 shares of the company’s stock worth $3,719,000 after purchasing an additional 56,533 shares during the last quarter. Jennison Associates LLC purchased a new stake in Neurogene during the third quarter valued at about $3,300,000. Finally, Integral Health Asset Management LLC bought a new position in shares of Neurogene during the second quarter valued at about $2,547,000. Hedge funds and other 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.