Short Interest in Neurogene Inc. (NASDAQ:NGNE) Decreases By 12.9%

Neurogene Inc. (NASDAQ:NGNE) saw a significant drop in short interest in the month of February. As of February 15th, there was short interest totalling 1,750,000 shares, a drop of 12.9% from the January 31st total of 2,010,000 shares. Based on an average daily volume of 321,600 shares, the short-interest ratio is presently 5.4 days. Currently, 10.1% of the shares of the company are short sold.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the company. Robert W. Baird lifted their target price on Neurogene from $54.00 to $72.00 and gave the stock an “outperform” rating in a report on Tuesday, November 12th. Leerink Partners upped their target price on Neurogene from $45.00 to $72.00 and gave the company an “outperform” rating in a research report on Tuesday, November 12th. Stifel Nicolaus raised their price target on Neurogene from $44.00 to $60.00 and gave the stock a “buy” rating in a research report on Tuesday, November 12th. BMO Capital Markets cut their price objective on shares of Neurogene from $60.00 to $45.00 and set an “outperform” rating for the company in a research report on Wednesday, November 20th. Finally, HC Wainwright reiterated a “buy” rating and set a $55.00 price objective on shares of Neurogene in a research note on Monday, November 25th. Seven analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Neurogene has an average rating of “Buy” and a consensus target price of $60.83.

Hedge Funds Weigh In On Neurogene

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Charles Schwab Investment Management Inc. grew its holdings in Neurogene by 2.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 30,317 shares of the company’s stock worth $1,272,000 after acquiring an additional 741 shares during the last quarter. Virtus ETF Advisers LLC boosted its stake in shares of Neurogene by 45.1% in the 4th quarter. Virtus ETF Advisers LLC now owns 3,183 shares of the company’s stock valued at $73,000 after purchasing an additional 989 shares during the last quarter. Rhumbline Advisers lifted its holdings in Neurogene by 9.2% in the fourth quarter. Rhumbline Advisers now owns 15,704 shares of the company’s stock valued at $359,000 after buying an additional 1,326 shares during the period. Wells Fargo & Company MN raised its position in shares of Neurogene by 34.5% in the 4th quarter. Wells Fargo & Company MN now owns 5,444 shares of the company’s stock worth $124,000 after acquiring an additional 1,397 shares in the last quarter. Finally, BNP Paribas Financial Markets boosted its position in shares of Neurogene by 192.8% during the 3rd quarter. BNP Paribas Financial Markets now owns 2,170 shares of the company’s stock valued at $91,000 after purchasing an additional 1,429 shares in the last quarter. Institutional investors own 52.37% of the company’s stock.

Neurogene Stock Performance

NASDAQ:NGNE traded down $0.19 during trading hours on Thursday, hitting $16.72. The company’s stock had a trading volume of 60,179 shares, compared to its average volume of 207,887. The stock has a fifty day simple moving average of $18.61 and a 200-day simple moving average of $31.09. Neurogene has a twelve month low of $14.42 and a twelve month high of $74.49.

Neurogene Company Profile

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.