BMO Capital Markets Issues Pessimistic Forecast for Neurogene (NASDAQ:NGNE) Stock Price

Neurogene (NASDAQ:NGNE) had its target price trimmed by BMO Capital Markets from $65.00 to $60.00 in a research note published on Tuesday morning,Benzinga reports. The firm currently has an outperform rating on the stock.

Several other research firms also recently commented on NGNE. HC Wainwright lifted their price target on shares of Neurogene from $49.00 to $55.00 and gave the stock a “buy” rating in a research note on Tuesday. Robert W. Baird boosted their price target on shares of Neurogene from $54.00 to $72.00 and gave the stock an “outperform” rating in a research note on Tuesday. Finally, Leerink Partners increased their price objective on Neurogene from $45.00 to $72.00 and gave the company an “outperform” rating in a research note on Tuesday. Eight 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.com, the stock currently has a consensus rating of “Buy” and an average target price of $63.33.

Neurogene Stock Performance

Shares of NASDAQ NGNE traded down $2.31 during trading hours on Tuesday, reaching $36.89. 144,574 shares of the stock traded hands, compared to its average volume of 139,768. The company’s 50-day simple moving average is $47.11 and its two-hundred day simple moving average is $40.11. Neurogene has a 52-week low of $12.49 and a 52-week high of $74.49.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in NGNE. FMR LLC increased its stake in shares of Neurogene by 912.4% in the 3rd quarter. FMR LLC now owns 731,801 shares of the company’s stock worth $30,706,000 after acquiring an additional 659,515 shares in the last quarter. Vanguard Group Inc. lifted its position in Neurogene by 906.5% in the 1st quarter. Vanguard Group Inc. now owns 507,483 shares of the company’s stock valued at $25,831,000 after acquiring an additional 457,062 shares in the last quarter. Jennison Associates LLC bought a new position in shares of Neurogene during the third quarter valued at $3,300,000. Integral Health Asset Management LLC purchased a new stake in shares of Neurogene during the 2nd quarter valued at about $2,547,000. Finally, Driehaus Capital Management LLC boosted its holdings in Neurogene by 123.8% in the second quarter. Driehaus Capital Management LLC now owns 102,187 shares of the company’s stock worth $3,719,000 after purchasing an additional 56,533 shares during the last quarter. Institutional investors own 52.37% of the company’s stock.

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.