Neurogene (NASDAQ:NGNE) Stock Rating Lowered by Robert W. Baird

Neurogene (NASDAQ:NGNE) was downgraded by equities researchers at Robert W. Baird from an “outperform” rating to a “neutral” rating in a research report issued to clients and investors on Friday, MarketBeat reports. They presently have a $24.00 price target on the stock, down from their previous price target of $38.00. Robert W. Baird’s target price would indicate a potential upside of 33.41% from the stock’s previous close.

NGNE has been the topic of several other research reports. William Blair reaffirmed an “outperform” rating on shares of Neurogene in a report on Tuesday, March 25th. BMO Capital Markets cut their target price on Neurogene from $45.00 to $16.00 and set an “outperform” rating on the stock in a research report on Monday, April 14th. Finally, HC Wainwright decreased their price target on Neurogene from $50.00 to $45.00 and set a “buy” rating for the company in a research report on Tuesday, May 13th. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat.com, Neurogene presently has a consensus rating of “Moderate Buy” and a consensus target price of $43.40.

Neurogene Trading Down 7.1%

Shares of Neurogene stock opened at $17.99 on Friday. Neurogene has a 52 week low of $6.88 and a 52 week high of $74.49. The stock has a market cap of $256.57 million, a PE ratio of -4.14 and a beta of 1.56. The company’s 50-day moving average price is $13.49 and its two-hundred day moving average price is $20.48.

Neurogene (NASDAQ:NGNE) last announced its quarterly earnings data 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 analysts predict that Neurogene will post -4.27 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Stuart Cobb sold 6,797 shares of the stock in a transaction dated Wednesday, May 14th. The stock was sold at an average price of $15.15, for a total value of $102,974.55. Following the completion of the sale, the insider now directly owns 20,794 shares of the company’s stock, valued at approximately $315,029.10. This represents a 24.63% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Christine Mikail Cvijic sold 4,501 shares of the firm’s stock in a transaction dated Thursday, March 13th. The stock was sold at an average price of $16.94, for a total value of $76,246.94. Following the sale, the chief financial officer now owns 72,343 shares of the company’s stock, valued at $1,225,490.42. The trade was a 5.86% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 11.64% of the company’s stock.

Institutional Trading of Neurogene

Several hedge funds and other institutional investors have recently modified their holdings of the company. PNC Financial Services Group Inc. bought a new position in Neurogene during the fourth quarter valued at approximately $71,000. China Universal Asset Management Co. Ltd. bought a new stake in Neurogene in the fourth quarter worth $72,000. Virtus ETF Advisers LLC increased its position in 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 buying an additional 989 shares during the last quarter. GAMMA Investing LLC raised its holdings in Neurogene by 2,985.1% during the first quarter. GAMMA Investing LLC now owns 4,134 shares of the company’s stock valued at $48,000 after buying an additional 4,000 shares in the last quarter. Finally, Wells Fargo & Company MN raised its holdings in Neurogene by 34.5% during the fourth quarter. Wells Fargo & Company MN now owns 5,444 shares of the company’s stock valued at $124,000 after buying an additional 1,397 shares in the last quarter. 52.37% of the stock is currently 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.