Neurogene (NASDAQ:NGNE) Shares Gap Down on Analyst Downgrade

Neurogene Inc. (NASDAQ:NGNE)’s stock price gapped down prior to trading on Tuesday after BMO Capital Markets lowered their price target on the stock from $65.00 to $60.00. The stock had previously closed at $71.53, but opened at $48.28. BMO Capital Markets currently has an outperform rating on the stock. Neurogene shares last traded at $40.74, with a volume of 117,789 shares changing hands.

A number of other analysts have also recently weighed in on the stock. Robert W. Baird increased their target price on shares of Neurogene from $54.00 to $72.00 and gave the stock an “outperform” rating in a report on Tuesday. Leerink Partners increased their target price on shares of Neurogene from $45.00 to $72.00 and gave the company an “outperform” rating in a research report on Tuesday. Finally, HC Wainwright increased their target price on shares of Neurogene from $49.00 to $55.00 and gave the company a “buy” rating in a research report on Tuesday. Eight research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $63.33.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Quest Partners LLC acquired a new stake in Neurogene in the second quarter worth about $55,000. SG Americas Securities LLC acquired a new position in Neurogene during the 1st quarter worth approximately $120,000. Rhumbline Advisers acquired a new position in Neurogene during the 2nd quarter worth approximately $491,000. Avoro Capital Advisors LLC acquired a new stake in shares of Neurogene in the 2nd quarter valued at approximately $802,000. Finally, Bank of New York Mellon Corp acquired a new stake in shares of Neurogene in the 2nd quarter valued at approximately $1,107,000. 52.37% of the stock is owned by institutional investors.

Neurogene Stock Down 46.7 %

The business has a 50 day moving average of $46.77 and a two-hundred day moving average of $40.05.

Neurogene (NASDAQ:NGNE) last issued its quarterly 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 company had revenue of $0.93 million during the quarter. On average, equities analysts expect that Neurogene Inc. will post -4.44 earnings per share for the current year.

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.