Brokerages Set Neurogene Inc. (NASDAQ:NGNE) PT at $59.80

Shares of Neurogene Inc. (NASDAQ:NGNE) have received an average recommendation of “Buy” from the eight research firms that are currently covering the company, Marketbeat.com reports. Seven research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. The average 1-year price objective among brokerages that have covered the stock in the last year is $59.80.

Several equities research analysts have recently weighed in on the company. HC Wainwright reduced their price objective on Neurogene from $55.00 to $50.00 and set a “buy” rating for the company in a research note on Tuesday, March 25th. William Blair reaffirmed an “outperform” rating on shares of Neurogene in a research report on Tuesday, March 25th.

Neurogene Stock Down 19.4 %

Shares of NASDAQ:NGNE opened at $11.71 on Tuesday. The company has a market cap of $174.83 million, a PE ratio of -2.74 and a beta of 1.01. The firm has a 50-day simple moving average of $16.78 and a 200 day simple moving average of $28.48. Neurogene has a fifty-two week low of $11.02 and a fifty-two week high of $74.49.

Neurogene (NASDAQ:NGNE) last announced its earnings results on Monday, March 24th. The company reported ($0.99) earnings per share for the quarter, beating the consensus estimate of ($1.04) by $0.05. The business had revenue of $0.93 million for the quarter. As a group, research analysts forecast that Neurogene will post -4.27 EPS for the current fiscal year.

Insider Buying and Selling at Neurogene

In other news, CFO Christine Mikail Cvijic sold 4,501 shares of the company’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 completion of 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 ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 9.92% of the company’s stock.

Institutional Trading of Neurogene

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Charles Schwab Investment Management Inc. raised its stake in shares of Neurogene by 2.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 30,317 shares of the company’s stock valued at $1,272,000 after purchasing an additional 741 shares in the last quarter. Virtus ETF Advisers LLC grew its holdings 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 purchasing an additional 989 shares during the last quarter. Rhumbline Advisers increased its holdings in shares of Neurogene by 9.2% in the fourth quarter. Rhumbline Advisers now owns 15,704 shares of the company’s stock valued at $359,000 after purchasing an additional 1,326 shares in the last quarter. Wells Fargo & Company MN increased its position in Neurogene by 34.5% in the fourth 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 period. Finally, BNP Paribas Financial Markets grew its holdings in Neurogene by 192.8% during the 3rd quarter. BNP Paribas Financial Markets now owns 2,170 shares of the company’s stock worth $91,000 after acquiring an additional 1,429 shares during the period. 52.37% of the stock is currently owned by institutional investors and hedge funds.

Neurogene Company Profile

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.