Neurogene (NASDAQ:NGNE) Price Target Raised to $22.00 at BMO Capital Markets

Neurogene (NASDAQ:NGNE) had its price objective increased by stock analysts at BMO Capital Markets from $16.00 to $22.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm currently has an “outperform” rating on the stock. BMO Capital Markets’ target price would indicate a potential upside of 12.70% from the stock’s current price.

A number of other brokerages also recently issued reports on NGNE. Robert W. Baird downgraded shares of Neurogene from an “outperform” rating to a “neutral” rating and reduced their price objective for the stock from $38.00 to $24.00 in a research report on Friday. HC Wainwright dropped their target price on shares of Neurogene from $50.00 to $45.00 and set a “buy” rating on the stock in a research note on Tuesday, May 13th. Baird R W cut shares of Neurogene from a “strong-buy” rating to a “hold” rating in a research note on Friday. Finally, William Blair reiterated an “outperform” rating on shares of Neurogene in a research note on Tuesday, March 25th. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $44.60.

Neurogene Price Performance

NASDAQ:NGNE opened at $19.52 on Tuesday. The firm has a 50-day moving average of $13.52 and a 200-day moving average of $20.13. The company has a market cap of $278.39 million, a PE ratio of -4.49 and a beta of 1.56. Neurogene has a one year low of $6.88 and a one year 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 the consensus estimate of ($1.05) by ($0.03). On average, equities research analysts expect that Neurogene will post -4.27 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CFO Christine Mikail Cvijic sold 4,501 shares of Neurogene 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 sale, the chief financial officer now owns 72,343 shares of the company’s stock, valued at approximately $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 accessible through this hyperlink. Also, insider Stuart Cobb sold 6,797 shares of the business’s stock in a transaction dated Wednesday, May 14th. The stock was sold at an average price of $15.15, for a total transaction of $102,974.55. Following the sale, the insider now directly owns 20,794 shares in the company, valued at $315,029.10. The trade was a 24.63% decrease in their position. The disclosure for this sale can be found here. 11.64% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in NGNE. Baker BROS. Advisors LP raised its holdings in shares of Neurogene by 120.4% during the first quarter. Baker BROS. Advisors LP now owns 1,486,200 shares of the company’s stock valued at $17,403,000 after purchasing an additional 811,750 shares during the last quarter. Casdin Capital LLC boosted its position in shares of 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 purchasing an additional 770,745 shares during the period. JPMorgan Chase & Co. boosted its position in shares of 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 purchasing an additional 476,418 shares during the period. Samsara BioCapital LLC boosted its position in shares of 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. Finally, Deerfield Management Company L.P. Series C bought a new position in shares of Neurogene in the fourth quarter worth approximately $10,245,000. 52.37% of the stock is owned by hedge funds and other institutional investors.

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.