Neurogene (NASDAQ:NGNE) Sets New 1-Year High – What’s Next?

Neurogene Inc. (NASDAQ:NGNE) hit a new 52-week high during mid-day trading on Monday . The company traded as high as $58.00 and last traded at $57.99, with a volume of 23848 shares changing hands. The stock had previously closed at $46.07.

Wall Street Analysts Forecast Growth

Separately, HC Wainwright dropped their price objective 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 stock. According to MarketBeat, the stock has an average rating of “Buy” and an average price target of $51.00.

Neurogene Price Performance

The company’s 50-day simple moving average is $44.24 and its 200-day simple moving average is $38.99.

Neurogene (NASDAQ:NGNE) last released its quarterly earnings data on Friday, August 9th. The company reported ($1.09) earnings per share for the quarter, missing the consensus estimate of ($1.02) by ($0.07). The firm had revenue of $0.93 million during the quarter. Equities analysts forecast that Neurogene Inc. will post -4.47 EPS for the current year.

Hedge Funds Weigh In On Neurogene

A number of institutional investors have recently bought and sold shares of the stock. Quest Partners LLC purchased a new stake in Neurogene during the second quarter valued at about $55,000. SG Americas Securities LLC acquired a new stake in shares of Neurogene during the first quarter valued at approximately $120,000. Rhumbline Advisers purchased a new stake in shares of Neurogene in the 2nd quarter valued at approximately $491,000. Avoro Capital Advisors LLC acquired a new position in Neurogene in the 2nd quarter worth approximately $802,000. Finally, Bank of New York Mellon Corp purchased a new position in Neurogene during the 2nd quarter worth approximately $1,107,000. 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.