JPMorgan Chase & Co. Purchases 476,418 Shares of Neurogene Inc. (NASDAQ:NGNE)

JPMorgan Chase & Co. grew its holdings in shares of Neurogene Inc. (NASDAQ:NGNE) by 10,395.3% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 481,001 shares of the company’s stock after purchasing an additional 476,418 shares during the quarter. JPMorgan Chase & Co. owned about 3.24% of Neurogene worth $10,996,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of NGNE. PNC Financial Services Group Inc. bought a new position in Neurogene in the 4th quarter worth approximately $71,000. China Universal Asset Management Co. Ltd. purchased a new stake in shares of Neurogene during the fourth quarter worth $72,000. BNP Paribas Financial Markets boosted its holdings in shares of Neurogene by 192.8% in the third 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. Mitsubishi UFJ Asset Management Co. Ltd. grew its position in shares of Neurogene by 72.8% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 10,290 shares of the company’s stock valued at $239,000 after purchasing an additional 4,334 shares in the last quarter. Finally, Franklin Resources Inc. bought a new stake in shares of Neurogene during the 3rd quarter valued at $296,000. Hedge funds and other institutional investors own 52.37% of the company’s stock.

Insiders Place Their Bets

In other Neurogene news, CFO Christine Mikail Cvijic sold 4,501 shares of the stock in a transaction that occurred on Thursday, March 13th. The shares were sold at an average price of $16.94, for a total transaction of $76,246.94. Following the transaction, the chief financial officer now directly owns 72,343 shares in the company, valued at $1,225,490.42. This trade represents a 5.86 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 9.92% of the company’s stock.

Wall Street Analyst Weigh In

NGNE has been the subject of several analyst reports. BMO Capital Markets cut their target price on Neurogene from $45.00 to $16.00 and set an “outperform” rating for the company in a research note on Monday. Robert W. Baird set a $38.00 price objective on shares of Neurogene in a research note on Tuesday, March 25th. William Blair reiterated an “outperform” rating on shares of Neurogene in a research note on Tuesday, March 25th. Finally, HC Wainwright reduced their price target on shares of Neurogene from $55.00 to $50.00 and set a “buy” rating for the company in a research report on Tuesday, March 25th. Seven analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Neurogene presently has a consensus rating of “Buy” and a consensus target price of $47.20.

Neurogene Price Performance

Shares of NGNE opened at $10.89 on Tuesday. Neurogene Inc. has a 1-year low of $6.88 and a 1-year high of $74.49. The company has a market capitalization of $162.59 million, a P/E ratio of -2.55 and a beta of 1.46. The firm’s 50 day simple moving average is $15.04 and its 200 day simple moving average is $25.90.

Neurogene (NASDAQ:NGNE) last posted its quarterly earnings data 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 company had revenue of $0.93 million for the quarter. On average, equities analysts anticipate that Neurogene Inc. will post -4.27 earnings per share for the current year.

Neurogene 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.