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

Neurogene Inc. (NASDAQ:NGNE) saw unusually-high trading volume on Tuesday . Approximately 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.

Analysts Set New Price Targets

Separately, HC Wainwright dropped their price target on Neurogene from $51.00 to $49.00 and set a “buy” rating on the stock in a research note on Monday, August 12th. Eight analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $51.00.

Neurogene Stock Performance

The stock has a 50-day moving average price of $43.68 and a 200 day moving average price of $38.75.

Neurogene (NASDAQ:NGNE) last issued its quarterly earnings results 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 business had revenue of $0.93 million for the quarter. Analysts predict that Neurogene Inc. will post -4.47 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Neurogene

Several large investors have recently bought and sold shares of the business. Quest Partners LLC acquired a new stake in shares of Neurogene during the 2nd quarter worth about $55,000. SG Americas Securities LLC acquired a new stake in Neurogene during the first quarter worth approximately $120,000. Baker BROS. Advisors LP boosted its holdings 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 buying an additional 2,499 shares in the last quarter. Marshall Wace LLP grew its position 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 buying an additional 11,229 shares during the last quarter. Finally, Rhumbline Advisers acquired a new stake in Neurogene during the 2nd quarter worth $491,000. 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.