Neurogene Inc. (NASDAQ:NGNE) Given Average Rating of “Moderate Buy” by Brokerages

Neurogene Inc. (NASDAQ:NGNE) has been given an average rating of “Moderate Buy” by the seven brokerages that are presently covering the company, MarketBeat reports. Two equities research analysts have rated the stock with a hold recommendation and five have assigned a buy recommendation to the company. The average 12-month price objective among brokers that have updated their coverage on the stock in the last year is $44.60.

Several equities analysts have commented on NGNE shares. Baird R W lowered shares of Neurogene from a “strong-buy” rating to a “hold” rating in a research note on Friday, May 16th. William Blair reaffirmed an “outperform” rating on shares of Neurogene in a report on Tuesday, March 25th. BMO Capital Markets increased their price target on Neurogene from $16.00 to $22.00 and gave the stock an “outperform” rating in a report on Tuesday. HC Wainwright cut their price objective on Neurogene from $50.00 to $45.00 and set a “buy” rating for the company in a research report on Tuesday, May 13th. Finally, Robert W. Baird cut Neurogene from an “outperform” rating to a “neutral” rating and cut their price objective for the stock from $38.00 to $24.00 in a research report on Friday, May 16th.

Insider Transactions at Neurogene

In related news, insider Stuart Cobb sold 6,797 shares of the business’s stock in a transaction dated Wednesday, May 14th. The shares were sold at an average price of $15.15, for a total value of $102,974.55. Following the completion of the transaction, the insider now owns 20,794 shares of the company’s stock, valued at approximately $315,029.10. The trade was a 24.63% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Christine Mikail Cvijic sold 4,501 shares of the business’s stock in a transaction dated Thursday, March 13th. The shares were sold at an average price of $16.94, for a total transaction of $76,246.94. Following the completion of the transaction, the chief financial officer now directly owns 72,343 shares of the company’s stock, valued at $1,225,490.42. The trade was a 5.86% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 9.92% of the company’s stock.

Institutional Trading of Neurogene

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Baker BROS. Advisors LP grew its holdings in shares of Neurogene by 120.4% during the 1st quarter. Baker BROS. Advisors LP now owns 1,486,200 shares of the company’s stock worth $17,403,000 after purchasing an additional 811,750 shares during the period. Casdin Capital LLC grew its holdings in shares of Neurogene by 146.9% during the 4th quarter. Casdin Capital LLC now owns 1,295,361 shares of the company’s stock worth $29,612,000 after purchasing an additional 770,745 shares during the period. JPMorgan Chase & Co. grew its holdings in shares of Neurogene by 10,395.3% during the 4th quarter. JPMorgan Chase & Co. now owns 481,001 shares of the company’s stock worth $10,996,000 after purchasing an additional 476,418 shares during the period. Samsara BioCapital LLC grew its holdings in shares of Neurogene by 35.4% during the 4th 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. Finally, Deerfield Management Company L.P. Series C purchased a new stake in shares of Neurogene during the 4th quarter worth about $10,245,000. Hedge funds and other institutional investors own 52.37% of the company’s stock.

Neurogene Stock Performance

NGNE stock opened at $18.55 on Wednesday. The company’s 50 day moving average price is $13.56 and its 200 day moving average price is $20.12. Neurogene has a fifty-two week low of $6.88 and a fifty-two week high of $74.49. The firm has a market capitalization of $264.56 million, a price-to-earnings ratio of -4.26 and a beta of 1.56.

Neurogene (NASDAQ:NGNE) last released its earnings results on Friday, May 9th. The company reported ($1.08) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.05) by ($0.03). Equities analysts forecast that Neurogene will post -4.27 EPS for the current fiscal year.

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.