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

RTW Investments LP grew its position in Neurogene Inc. (NASDAQ:NGNE) by 18.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,350,256 shares of the company’s stock after purchasing an additional 215,000 shares during the quarter. RTW Investments LP owned approximately 0.09% of Neurogene worth $30,867,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also modified their holdings of the company. PNC Financial Services Group Inc. bought a new position in shares of Neurogene in the fourth quarter worth approximately $71,000. China Universal Asset Management Co. Ltd. bought a new position in shares of Neurogene during the fourth quarter worth $72,000. Virtus ETF Advisers LLC boosted its position in shares of Neurogene by 45.1% during the fourth quarter. Virtus ETF Advisers LLC now owns 3,183 shares of the company’s stock worth $73,000 after acquiring an additional 989 shares during the last quarter. Wells Fargo & Company MN boosted its position in shares of Neurogene by 34.5% during the fourth quarter. Wells Fargo & Company MN now owns 5,444 shares of the company’s stock worth $124,000 after acquiring an additional 1,397 shares during the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. boosted its position in shares of Neurogene by 72.8% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 10,290 shares of the company’s stock worth $239,000 after acquiring an additional 4,334 shares during the last quarter. 52.37% of the stock is currently owned by institutional investors.

Insider Activity at Neurogene

In other news, CFO Christine Mikail Cvijic sold 4,501 shares of the stock in a transaction on Thursday, March 13th. The shares were sold at an average price of $16.94, for a total value of $76,246.94. Following the sale, the chief financial officer now owns 72,343 shares of the company’s stock, valued at approximately $1,225,490.42. This represents a 5.86% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Stuart Cobb sold 6,797 shares of the stock in a transaction 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. This represents a 24.63% decrease in their position. The disclosure for this sale can be found here. 11.64% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

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

Neurogene Stock Up 27.3%

Neurogene stock opened at $19.37 on Friday. The company has a market cap of $276.25 million, a price-to-earnings ratio of -4.45 and a beta of 1.56. The firm’s fifty day moving average is $13.48 and its 200 day moving average is $20.82. Neurogene Inc. has a 52-week low of $6.88 and a 52-week high of $74.49.

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

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.