Neurogene Inc. (NASDAQ:NGNE) Given Average Recommendation of “Buy” by Analysts

Neurogene Inc. (NASDAQ:NGNE) has been assigned an average rating of “Buy” from the seven brokerages that are covering the firm, Marketbeat Ratings reports. Six equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. The average 1-year price objective among analysts that have issued a report on the stock in the last year is $46.20.

A number of research firms have recently commented on NGNE. HC Wainwright dropped their target price on Neurogene from $50.00 to $45.00 and set a “buy” rating on the stock in a research report on Tuesday. William Blair restated an “outperform” rating on shares of Neurogene in a research report on Tuesday, March 25th. Robert W. Baird set a $38.00 target price on Neurogene in a research report on Tuesday, March 25th. Finally, BMO Capital Markets dropped their target price on Neurogene from $45.00 to $16.00 and set an “outperform” rating on the stock in a research report on Monday, April 14th.

Neurogene Stock Performance

NASDAQ NGNE opened at $15.51 on Wednesday. The stock has a 50-day simple moving average of $13.47 and a two-hundred day simple moving average of $21.05. The firm has a market capitalization of $221.20 million, a P/E ratio of -3.57 and a beta of 1.56. Neurogene has a fifty-two week low of $6.88 and a fifty-two week high of $74.49.

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

Insider Buying and Selling

In other news, CFO Christine Mikail Cvijic sold 4,501 shares of the business’s stock in a transaction that occurred on Thursday, March 13th. The stock was sold at an average price of $16.94, for a total transaction of $76,246.94. Following the transaction, the chief financial officer now directly owns 72,343 shares in the company, valued at $1,225,490.42. The trade was a 5.86% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 11.64% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Barclays PLC boosted its holdings in shares of Neurogene by 319.4% during the 3rd quarter. Barclays PLC now owns 14,859 shares of the company’s stock worth $623,000 after purchasing an additional 11,316 shares during the last quarter. Wellington Management Group LLP boosted its holdings in shares of Neurogene by 18.7% during the 4th quarter. Wellington Management Group LLP now owns 21,717 shares of the company’s stock worth $496,000 after purchasing an additional 3,427 shares during the last quarter. PNC Financial Services Group Inc. acquired a new position in shares of Neurogene during the 4th quarter worth approximately $71,000. Rhumbline Advisers boosted its holdings in shares of Neurogene by 9.2% during the 4th quarter. Rhumbline Advisers now owns 15,704 shares of the company’s stock worth $359,000 after purchasing an additional 1,326 shares during the last quarter. Finally, Wells Fargo & Company MN boosted its holdings in shares of Neurogene by 34.5% during the 4th quarter. Wells Fargo & Company MN now owns 5,444 shares of the company’s stock worth $124,000 after purchasing an additional 1,397 shares during the last quarter. 52.37% of the stock is currently owned by institutional investors and hedge funds.

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.