RTW Investments LP Purchases 215,000 Shares of Neurogene Inc. (NASDAQ:NGNE)

RTW Investments LP increased its position in shares of Neurogene Inc. (NASDAQ:NGNE) by 18.9% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,350,256 shares of the company’s stock after buying an additional 215,000 shares during the period. RTW Investments LP owned 9.09% of Neurogene worth $30,867,000 at the end of the most recent reporting period.

A number of other large investors have also bought and sold shares of the stock. Samsara BioCapital LLC grew its holdings in Neurogene by 35.4% in the fourth quarter. Samsara BioCapital LLC now owns 1,717,127 shares of the company’s stock worth $39,254,000 after purchasing an additional 449,337 shares during the period. Redmile Group LLC lifted its position in shares of Neurogene by 36.9% during the fourth quarter. Redmile Group LLC now owns 1,319,763 shares of the company’s stock valued at $30,170,000 after purchasing an additional 355,416 shares in the last quarter. Casdin Capital LLC raised its position in Neurogene by 146.9% in the fourth quarter. Casdin Capital LLC now owns 1,295,361 shares of the company’s stock worth $29,612,000 after acquiring an additional 770,745 shares during the period. Baker BROS. Advisors LP raised its position in Neurogene by 47.9% in the fourth quarter. Baker BROS. Advisors LP now owns 674,450 shares of the company’s stock worth $15,418,000 after acquiring an additional 218,435 shares during the period. Finally, JPMorgan Chase & Co. raised its position in Neurogene by 10,395.3% in the fourth quarter. JPMorgan Chase & Co. now owns 481,001 shares of the company’s stock worth $10,996,000 after acquiring an additional 476,418 shares during the period. 52.37% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages recently commented on NGNE. BMO Capital Markets dropped their price target on shares of Neurogene from $45.00 to $16.00 and set an “outperform” rating on the stock in a research note on Monday, April 14th. HC Wainwright decreased their price target on shares of Neurogene from $50.00 to $45.00 and set a “buy” rating on the stock in a report on Tuesday. Robert W. Baird set a $38.00 price target on shares of Neurogene in a report on Tuesday, March 25th. Finally, William Blair reaffirmed an “outperform” rating on shares of Neurogene in a report on Tuesday, March 25th. Six equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $46.20.

Insider Activity at Neurogene

In related news, insider Stuart Cobb sold 6,797 shares of the business’s stock in a transaction that occurred on Wednesday, May 14th. The shares were sold at an average price of $15.15, for a total transaction of $102,974.55. Following the completion of the sale, the insider now directly owns 20,794 shares in the company, valued at approximately $315,029.10. The trade was a 24.63% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Christine Mikail Cvijic sold 4,501 shares of the business’s stock in a transaction that occurred on Thursday, March 13th. The shares were sold at an average price of $16.94, for a total transaction of $76,246.94. Following the sale, the chief financial officer now owns 72,343 shares of the company’s stock, valued at $1,225,490.42. This trade represents a 5.86% decrease in their ownership of the stock. The disclosure for this sale can be found here. 11.64% of the stock is currently owned by corporate insiders.

Neurogene Stock Up 27.3%

Shares of NGNE opened at $19.37 on Friday. The firm has a fifty day simple moving average of $13.48 and a two-hundred day simple moving average of $20.82. Neurogene Inc. has a twelve month low of $6.88 and a twelve month high of $74.49. The stock has a market capitalization of $276.25 million, a P/E ratio of -4.45 and a beta of 1.56.

Neurogene (NASDAQ:NGNE) last posted its earnings results on Friday, May 9th. The company reported ($1.08) EPS for the quarter, missing the consensus estimate of ($1.05) by ($0.03). Sell-side analysts expect that Neurogene Inc. will post -4.27 EPS for the current fiscal year.

Neurogene 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.