Neurogene Inc. (NASDAQ:NGNE) Receives Consensus Rating of “Buy” from Brokerages

Neurogene Inc. (NASDAQ:NGNE) has been assigned a consensus recommendation of “Buy” from the eight research firms that are currently covering the firm, MarketBeat Ratings reports. Seven research analysts have rated the stock with a buy recommendation and one has given a strong buy recommendation to the company. The average 12-month target price among brokerages that have issued ratings on the stock in the last year is $60.83.

Several equities analysts recently weighed in on the stock. William Blair reaffirmed an “outperform” rating on shares of Neurogene in a research note on Tuesday, November 19th. Robert W. Baird lifted their target price on Neurogene from $54.00 to $72.00 and gave the stock an “outperform” rating in a report on Tuesday, November 12th. HC Wainwright reissued a “buy” rating and set a $55.00 price target on shares of Neurogene in a research note on Monday, November 25th. BMO Capital Markets cut their price target on Neurogene from $60.00 to $45.00 and set an “outperform” rating for the company in a report on Wednesday, November 20th. Finally, Leerink Partners upped their price objective on Neurogene from $45.00 to $72.00 and gave the stock an “outperform” rating in a report on Tuesday, November 12th.

Neurogene Stock Performance

NGNE stock opened at $18.08 on Friday. Neurogene has a 1-year low of $14.42 and a 1-year high of $74.49. The business has a 50 day simple moving average of $21.00 and a two-hundred day simple moving average of $34.26.

Insider Activity

In other news, CFO Christine Mikail Cvijic purchased 24,000 shares of the business’s stock in a transaction that occurred on Friday, November 22nd. The shares were bought at an average cost of $20.48 per share, for a total transaction of $491,520.00. Following the acquisition, the chief financial officer now owns 76,844 shares of the company’s stock, valued at approximately $1,573,765.12. This trade represents a 45.42 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Samsara Biocapital Gp, Llc acquired 48,770 shares of the firm’s stock in a transaction on Tuesday, November 26th. The stock was purchased at an average cost of $25.83 per share, with a total value of $1,259,729.10. Following the purchase, the insider now owns 1,717,127 shares of the company’s stock, valued at $44,353,390.41. The trade was a 2.92 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders purchased 120,270 shares of company stock valued at $2,720,249 in the last ninety days. Insiders own 9.92% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the business. RTW Investments LP boosted its holdings in Neurogene by 6.0% during the 3rd quarter. RTW Investments LP now owns 1,135,256 shares of the company’s stock valued at $47,635,000 after acquiring an additional 64,691 shares during the period. FMR LLC grew its holdings in shares of Neurogene by 912.4% in the third quarter. FMR LLC now owns 731,801 shares of the company’s stock worth $30,706,000 after purchasing an additional 659,515 shares during the last quarter. State Street Corp increased its stake in Neurogene by 17.5% in the 3rd quarter. State Street Corp now owns 246,540 shares of the company’s stock worth $10,345,000 after buying an additional 36,687 shares during the period. Jennison Associates LLC bought a new stake in Neurogene during the 3rd quarter valued at about $3,300,000. Finally, Marshall Wace LLP boosted its position in Neurogene by 37.2% in the 2nd quarter. Marshall Wace LLP now owns 41,447 shares of the company’s stock valued at $1,508,000 after buying an additional 11,229 shares during the period. 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.