Neurogene Inc. (NASDAQ:NGNE - Get Free Report) was the recipient of a large decrease in short interest during the month of November. As of November 30th, there was short interest totalling 1,170,000 shares, a decrease of 28.7% from the November 15th total of 1,640,000 shares. Currently, 10.2% of the shares of the company are sold short. Based on an average daily trading volume, of 348,300 shares, the days-to-cover ratio is currently 3.4 days.
NASDAQ:NGNE traded up $1.18 during trading hours on Friday, hitting $23.51. 251,559 shares of the stock traded hands, compared to its average volume of 181,558. The firm has a 50 day moving average price of $40.10 and a 200 day moving average price of $38.67. Neurogene has a fifty-two week low of $12.49 and a fifty-two week high of $74.49.
A number of analysts have recently commented on the company. Robert W. Baird boosted their price objective on Neurogene from $54.00 to $72.00 and gave the stock an "outperform" rating in a research note on Tuesday, November 12th. Stifel Nicolaus lifted their target price on Neurogene from $44.00 to $60.00 and gave the stock a "buy" rating in a report on Tuesday, November 12th. HC Wainwright reissued a "buy" rating and issued a $55.00 price target on shares of Neurogene in a report on Monday, November 25th. William Blair restated an "outperform" rating on shares of Neurogene in a research report on Tuesday, November 19th. Finally, Leerink Partners boosted their target price on shares of Neurogene from $45.00 to $72.00 and gave the stock an "outperform" rating in a report on Tuesday, November 12th. Eight research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Buy" and an average price target of $60.83.
Read Our Latest Analysis on Neurogene
In other Neurogene news, major shareholder Samsara Biocapital Gp, Llc purchased 48,770 shares of Neurogene stock in a transaction on Tuesday, November 26th. The stock was bought at an average price of $25.83 per share, for a total transaction of $1,259,729.10. Following the transaction, the insider now owns 1,717,127 shares of the company's stock, valued at $44,353,390.41. The trade was a 2.92 % increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Rachel Mcminn purchased 47,500 shares of the stock in a transaction dated Friday, November 22nd. The shares were acquired at an average cost of $20.40 per share, for a total transaction of $969,000.00. Following the completion of the acquisition, the chief executive officer now directly owns 1,297,859 shares of the company's stock, valued at approximately $26,476,323.60. This trade represents a 3.80 % increase in their position. The disclosure for this purchase can be found here. Insiders purchased a total of 120,270 shares of company stock worth $2,720,249 in the last three months. 9.92% of the stock is owned by insiders.
Several hedge funds have recently bought and sold shares of the business. Quest Partners LLC acquired a new position in shares of Neurogene in the 2nd quarter valued at about $55,000. BNP Paribas Financial Markets grew its position in Neurogene by 192.8% during the third 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. SG Americas Securities LLC acquired a new position in Neurogene in the 3rd quarter valued at approximately $150,000. MetLife Investment Management LLC purchased a new stake in Neurogene in the 3rd quarter worth approximately $254,000. Finally, Franklin Resources Inc. acquired a new stake in shares of Neurogene during the 3rd quarter valued at $296,000. 52.37% of the stock is owned by hedge funds and other institutional investors.
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.
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to [email protected].
Before you consider Neurogene, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Neurogene wasn't on the list.
While Neurogene currently has a "Buy" rating among analysts, top-rated analysts believe these five stocks are better buys.