Neurogene Inc. (NASDAQ:NGNE) Stock Has Average Target Price of $80.29 According to Brokerages

Neurogene Inc. (NASDAQ:NGNE) has received a consensus recommendation of “Buy” from the eight research firms that are presently covering the company, MarketBeat Ratings reports. One research analyst has rated the stock with a sell rating, five have assigned a buy rating and two have given a strong buy rating to the company. The average 12 month price target among brokerages that have issued ratings on the stock in the last year is $80.29.

Several equities research analysts have recently weighed in on the company. Canaccord Genuity Group decreased their price target on Neurogene from $180.00 to $166.00 and set a “buy” rating for the company in a research note on Wednesday, August 12th. Wall Street Zen lowered Neurogene from a “sell” rating to a “strong sell” rating in a research report on Saturday, October 10th. Guggenheim upped their price objective on shares of Neurogene from $69.00 to $81.00 and gave the stock a “buy” rating in a report on Wednesday, August 12th. William Blair raised Neurogene to a “strong-buy” rating in a research note on Wednesday, September 23rd. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Neurogene in a research report on Thursday, October 15th.

Neurogene Trading Up 5.1%

Neurogene stock opened at $25.40 on Wednesday. The stock’s 50 day moving average is $32.45 and its 200-day moving average is $31.08. The company has a market capitalization of $508.25 million, a price-to-earnings ratio of -5.05 and a beta of 1.70. Neurogene has a 12 month low of $15.93 and a 12 month high of $43.66.

Neurogene (NASDAQ:NGNE) last released its earnings results on Tuesday, August 11th. The company reported ($1.53) EPS for the quarter, missing the consensus estimate of ($1.42) by ($0.11). As a group, equities research analysts predict that Neurogene will post -5.88 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the business. BlackRock Inc. purchased a new position in shares of Neurogene in the second quarter valued at $33,274,000. Trails Edge Capital Partners LP purchased a new stake in Neurogene during the 2nd quarter worth about $22,483,133. Moore Capital Management LP purchased a new stake in Neurogene during the 2nd quarter worth about $4,454,000. Deutsche Bank AG bought a new position in Neurogene in the 2nd quarter worth about $3,354,000. Finally, Wellington Management Group LLP bought a new position in Neurogene in the 2nd quarter worth about $987,000. 52.37% of the stock is currently owned by hedge funds and other institutional investors.

Neurogene Company Profile

Neurogene Inc is a clinical-stage biotechnology company focused on developing genetic medicines for patients with rare and devastating neurological diseases. The company’s work centers on gene therapies designed to address severe neurodevelopmental and neurodegenerative disorders for which treatment options are limited.

Neurogene’s pipeline includes NGN-401, an investigational gene therapy being developed for Rett syndrome, and NGN-101, an investigational therapy targeting CLN5 disease, a form of neuronal ceroid lipofuscinosis also known as Batten disease.