Analysts Set Neurogene Inc. (NASDAQ:NGNE) Price Target at $47.20

Shares of Neurogene Inc. (NASDAQ:NGNE) have been given a consensus recommendation of “Buy” by the eight ratings firms that are presently covering the firm, Marketbeat 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 12 month price target among brokerages that have issued ratings on the stock in the last year is $47.20.

Several equities analysts have commented on the company. Robert W. Baird set a $38.00 price objective on Neurogene in a research report on Tuesday, March 25th. HC Wainwright decreased their price objective on shares of Neurogene from $55.00 to $50.00 and set a “buy” rating for the company in a report on Tuesday, March 25th. BMO Capital Markets dropped their target price on shares of Neurogene from $45.00 to $16.00 and set an “outperform” rating on the stock in a research note on Monday, April 14th. Finally, William Blair reaffirmed an “outperform” rating on shares of Neurogene in a research note on Tuesday, March 25th.

Neurogene Stock Up 4.6 %

Neurogene stock opened at $12.02 on Friday. Neurogene has a 52-week low of $6.88 and a 52-week high of $74.49. The firm’s fifty day moving average is $14.20 and its 200 day moving average is $24.78. The company has a market cap of $179.46 million, a price-to-earnings ratio of -2.81 and a beta of 1.46.

Neurogene (NASDAQ:NGNE) last announced its quarterly earnings results on Monday, March 24th. The company reported ($0.99) EPS for the quarter, beating analysts’ consensus estimates of ($1.04) by $0.05. The business had revenue of $0.93 million during the quarter. On average, equities research analysts anticipate that Neurogene will post -4.27 earnings per share for the current fiscal year.

Insider Activity

In related news, CFO Christine Mikail Cvijic sold 4,501 shares of the company’s stock in a transaction 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 sale, the chief financial officer now directly owns 72,343 shares in the company, valued at $1,225,490.42. This represents a 5.86 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Insiders own 9.92% of the company’s stock.

Institutional Trading of Neurogene

Hedge funds have recently modified their holdings of the company. Casdin Capital LLC lifted its position in Neurogene by 146.9% during the fourth quarter. Casdin Capital LLC now owns 1,295,361 shares of the company’s stock valued at $29,612,000 after acquiring an additional 770,745 shares during the last quarter. JPMorgan Chase & Co. boosted its position in shares of Neurogene by 10,395.3% in the 4th quarter. JPMorgan Chase & Co. now owns 481,001 shares of the company’s stock worth $10,996,000 after purchasing an additional 476,418 shares in the last quarter. Samsara BioCapital LLC grew its stake in Neurogene by 35.4% during the 4th quarter. Samsara BioCapital LLC now owns 1,717,127 shares of the company’s stock worth $39,254,000 after buying an additional 449,337 shares during the last quarter. Deerfield Management Company L.P. Series C acquired a new position in Neurogene during the 4th quarter valued at about $10,245,000. Finally, Redmile Group LLC raised its stake in Neurogene by 36.9% in the fourth quarter. Redmile Group LLC now owns 1,319,763 shares of the company’s stock valued at $30,170,000 after buying an additional 355,416 shares during the last quarter. 52.37% of the stock is owned by hedge funds and other institutional investors.

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.