The Manufacturers Life Insurance Company Invests $322,000 in Neurogene Inc. (NASDAQ:NGNE)

The Manufacturers Life Insurance Company purchased a new stake in shares of Neurogene Inc. (NASDAQ:NGNE) in the fourth quarter, according to its most recent disclosure with the SEC. The firm purchased 14,079 shares of the company’s stock, valued at approximately $322,000. The Manufacturers Life Insurance Company owned approximately 0.09% of Neurogene as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the business. Virtus ETF Advisers LLC raised its holdings in shares of 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 acquiring an additional 989 shares in the last quarter. Rhumbline Advisers grew its position in Neurogene by 9.2% during 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 during the last quarter. Wells Fargo & Company MN raised its position in Neurogene by 34.5% in the 4th quarter. Wells Fargo & Company MN now owns 5,444 shares of the company’s stock worth $124,000 after purchasing an additional 1,397 shares during the last quarter. Barclays PLC raised its position in shares of Neurogene by 18.0% during the 4th quarter. Barclays PLC now owns 17,533 shares of the company’s stock valued at $401,000 after acquiring an additional 2,674 shares during the last quarter. Finally, PNC Financial Services Group Inc. bought a new stake in Neurogene in the fourth quarter valued at approximately $71,000. 52.37% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Neurogene

In other Neurogene news, CFO Christine Mikail Cvijic sold 4,501 shares of the firm’s 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 sale, the chief financial officer now directly owns 72,343 shares in the company, valued at approximately $1,225,490.42. This trade represents a 5.86% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Stuart Cobb sold 6,797 shares of the business’s stock in a transaction on 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 in the company, valued at $315,029.10. This represents a 24.63% decrease in their position. The disclosure for this sale can be found here. Company insiders own 11.64% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on NGNE. William Blair reaffirmed an “outperform” rating on shares of Neurogene in a report on Tuesday, March 25th. Robert W. Baird cut Neurogene from an “outperform” rating to a “neutral” rating and lowered their price target for the stock from $38.00 to $24.00 in a report on Friday. HC Wainwright dropped their price target on shares of Neurogene from $50.00 to $45.00 and set a “buy” rating for the company in a research note on Tuesday, May 13th. Baird R W downgraded shares of Neurogene from a “strong-buy” rating to a “hold” rating in a research report on Friday. Finally, BMO Capital Markets dropped their price target on shares of Neurogene from $45.00 to $16.00 and set an “outperform” rating on the stock in a research report on Monday, April 14th. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $43.40.

Neurogene Stock Down 7.1%

Shares of NGNE opened at $17.99 on Friday. Neurogene Inc. has a twelve month low of $6.88 and a twelve month high of $74.49. The company has a market cap of $256.57 million, a price-to-earnings ratio of -4.14 and a beta of 1.56. The company has a 50 day moving average of $13.49 and a two-hundred day moving average of $20.48.

Neurogene (NASDAQ:NGNE) last posted its quarterly earnings data on Friday, May 9th. The company reported ($1.08) EPS for the quarter, missing the consensus estimate of ($1.05) by ($0.03). On average, sell-side analysts expect that Neurogene Inc. will post -4.27 EPS for the current year.

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.