Baird R W Downgrades Neurogene (NASDAQ:NGNE) to Hold

Neurogene (NASDAQ:NGNE) was downgraded by stock analysts at Baird R W from a “strong-buy” rating to a “hold” rating in a research report issued to clients and investors on Friday,Zacks.com reports.

Other research analysts have also issued reports about the company. Robert W. Baird lowered Neurogene from an “outperform” rating to a “neutral” rating and lowered their target price for the stock from $38.00 to $24.00 in a report on Friday. William Blair reaffirmed an “outperform” rating on shares of Neurogene in a report on Tuesday, March 25th. HC Wainwright lowered their target price on Neurogene from $50.00 to $45.00 and set a “buy” rating on the stock in a report on Tuesday, May 13th. Finally, BMO Capital Markets lowered their target price on Neurogene from $45.00 to $16.00 and set an “outperform” rating on the stock in a report on Monday, April 14th. Two analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, Neurogene has an average rating of “Moderate Buy” and an average target price of $43.40.

Neurogene Stock Performance

NASDAQ:NGNE opened at $17.99 on Friday. Neurogene has a 1 year low of $6.88 and a 1 year high of $74.49. The stock has a market cap of $256.57 million, a price-to-earnings ratio of -4.14 and a beta of 1.56. The business has a fifty day moving average of $13.49 and a 200-day moving average of $20.48.

Neurogene (NASDAQ:NGNE) last released its quarterly earnings results on Friday, May 9th. The company reported ($1.08) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.05) by ($0.03). On average, equities research analysts predict that Neurogene will post -4.27 EPS for the current year.

Insider Activity at Neurogene

In related news, CFO Christine Mikail Cvijic sold 4,501 shares of the stock in a transaction on Thursday, March 13th. The stock was sold at an average price of $16.94, for a total value of $76,246.94. Following the completion of the transaction, the chief financial officer now owns 72,343 shares in the company, valued at $1,225,490.42. This trade represents a 5.86% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Stuart Cobb sold 6,797 shares of the stock in a transaction on Wednesday, May 14th. The shares were sold at an average price of $15.15, for a total value of $102,974.55. Following the completion of the transaction, the insider now owns 20,794 shares of the company’s stock, valued at $315,029.10. This trade represents a 24.63% decrease in their position. The disclosure for this sale can be found here. 11.64% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Neurogene

Hedge funds and other institutional investors have recently modified their holdings of the stock. China Universal Asset Management Co. Ltd. purchased a new stake in Neurogene in the 4th quarter worth about $72,000. Rhumbline Advisers lifted its stake in Neurogene by 9.2% in the 4th quarter. Rhumbline Advisers now owns 15,704 shares of the company’s stock worth $359,000 after acquiring an additional 1,326 shares in the last quarter. M&T Bank Corp purchased a new stake in Neurogene in the 4th quarter worth about $323,000. PNC Financial Services Group Inc. purchased a new stake in Neurogene in the 4th quarter worth about $71,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. lifted its stake in Neurogene by 72.8% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 10,290 shares of the company’s stock worth $239,000 after acquiring an additional 4,334 shares in the last quarter. Institutional investors and hedge funds own 52.37% of the company’s stock.

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.