Neurogene (NASDAQ:NGNE) Shares Gap Down – Here’s Why

Neurogene Inc. (NASDAQ:NGNE)’s share price gapped down before the market opened on Friday . The stock had previously closed at $39.45, but opened at $35.49. Neurogene shares last traded at $35.6340, with a volume of 38,865 shares traded.

Wall Street Analyst Weigh In

Several research firms have weighed in on NGNE. Rodman & Renshaw started coverage on shares of Neurogene in a report on Wednesday, June 3rd. They issued a “buy” rating and a $70.00 target price on the stock. UBS Group set a $70.00 price target on shares of Neurogene in a report on Wednesday, June 3rd. HC Wainwright reaffirmed a “buy” rating and set a $70.00 price target on shares of Neurogene in a research report on Tuesday, June 9th. Guggenheim began coverage on Neurogene in a report on Tuesday, April 28th. They issued a “buy” rating and a $69.00 price objective on the stock. Finally, Canaccord Genuity Group lowered their price objective on Neurogene to $180.00 and set a “buy” rating for the company in a research report on Monday, April 6th. Two research analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $84.83.

Neurogene Trading Down 1.7%

The stock has a market capitalization of $567.06 million, a price-to-earnings ratio of -7.84 and a beta of 1.68. The firm’s fifty day moving average price is $31.19 and its 200 day moving average price is $24.51.

Neurogene (NASDAQ:NGNE) last posted its quarterly earnings data on Tuesday, May 12th. The company reported ($1.39) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.30) by ($0.09). On average, analysts forecast that Neurogene Inc. will post -5.63 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Neurogene news, CFO Christine Mikail Cvijic sold 9,600 shares of the business’s stock in a transaction dated Wednesday, May 6th. The shares were sold at an average price of $31.25, for a total transaction of $300,000.00. Following the sale, the chief financial officer directly owned 93,640 shares in the company, valued at $2,926,250. This represents a 9.30% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 19,200 shares of company stock valued at $639,932. Insiders own 11.68% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the business. BNP Paribas Financial Markets increased its stake in Neurogene by 89.8% during the 3rd quarter. BNP Paribas Financial Markets now owns 2,067 shares of the company’s stock worth $36,000 after buying an additional 978 shares during the period. Daiwa Securities Group Inc. acquired a new stake in Neurogene during the 4th quarter worth approximately $66,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Neurogene by 17.9% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 6,983 shares of the company’s stock valued at $82,000 after buying an additional 1,059 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in Neurogene in the 4th quarter valued at approximately $165,000. Finally, Bridgeway Capital Management LLC acquired a new position in shares of Neurogene in the third quarter worth $187,000. Hedge funds and other institutional investors own 52.37% of the company’s stock.

Neurogene Company Profile

Neurogene, Inc is a clinical?stage biotechnology company specializing in the development of gene therapies for rare neurological diseases. The company’s lead platform employs adeno?associated virus (AAV) vectors designed to deliver functional copies of disease-causing genes directly to the central nervous system. Neurogene’s pipeline focuses on inherited lysosomal storage disorders, including investigational programs for GM1 and GM2 gangliosidoses, with additional preclinical efforts targeting other monogenic neurodegenerative conditions.

Neurogene’s proprietary AAV9?based delivery system has been engineered to cross the blood-brain barrier, aiming to provide durable gene expression in affected tissues.