HC Wainwright Reaffirms “Buy” Rating for Neurogene (NASDAQ:NGNE)

Neurogene (NASDAQ:NGNE)‘s stock had its “buy” rating reissued by equities researchers at HC Wainwright in a research note issued on Thursday,Benzinga reports. They presently have a $45.00 target price on the stock. HC Wainwright’s target price would suggest a potential upside of 48.96% from the company’s previous close.

A number of other analysts also recently weighed in on NGNE. Craig Hallum began coverage on shares of Neurogene in a report on Tuesday, June 17th. They issued a “buy” rating and a $50.00 target price on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Neurogene in a research note on Wednesday. Finally, BMO Capital Markets reaffirmed an “outperform” rating and set a $26.00 price target (up from $22.00) on shares of Neurogene in a research note on Thursday, June 12th. Six equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Neurogene currently has an average rating of “Moderate Buy” and an average target price of $46.17.

Neurogene Stock Down 4.3%

Neurogene stock opened at $30.21 on Thursday. The company’s 50-day moving average price is $20.09 and its 200-day moving average price is $18.02. Neurogene has a twelve month low of $6.88 and a twelve month high of $74.49. The company has a market cap of $431.10 million, a PE ratio of -7.01 and a beta of 1.58.

Neurogene (NASDAQ:NGNE) last posted its earnings results on Monday, August 11th. The company reported ($1.05) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.15) by $0.10. As a group, sell-side analysts expect that Neurogene will post -4.27 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Neurogene

Several large investors have recently added to or reduced their stakes in the stock. Corebridge Financial Inc. boosted its position in Neurogene by 13.8% in the 1st quarter. Corebridge Financial Inc. now owns 5,826 shares of the company’s stock valued at $68,000 after buying an additional 705 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. boosted its position in Neurogene by 9.1% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 11,231 shares of the company’s stock valued at $132,000 after buying an additional 941 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Neurogene by 17.9% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 6,983 shares of the company’s stock valued at $82,000 after buying an additional 1,059 shares during the period. PNC Financial Services Group Inc. boosted its position in Neurogene by 43.6% in the 2nd quarter. PNC Financial Services Group Inc. now owns 4,055 shares of the company’s stock valued at $61,000 after buying an additional 1,232 shares during the period. Finally, Bank of New York Mellon Corp boosted its position in Neurogene by 8.2% in the 1st quarter. Bank of New York Mellon Corp now owns 24,445 shares of the company’s stock valued at $286,000 after buying an additional 1,844 shares during the period. 52.37% of the stock is owned by hedge funds and other institutional investors.

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.