BMO Capital Markets Forecasts Strong Price Appreciation for Neurogene (NASDAQ:NGNE) Stock

Neurogene (NASDAQ:NGNE) had its target price boosted by equities research analysts at BMO Capital Markets from $16.00 to $22.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage currently has an “outperform” rating on the stock. BMO Capital Markets’ price objective points to a potential upside of 25.79% from the stock’s previous close.

NGNE has been the topic of a number of other reports. HC Wainwright cut their price objective on Neurogene from $50.00 to $45.00 and set a “buy” rating on the stock in a research note on Tuesday, May 13th. Baird R W downgraded Neurogene from a “strong-buy” rating to a “hold” rating in a research note on Friday, May 16th. William Blair restated an “outperform” rating on shares of Neurogene in a report on Tuesday, March 25th. Finally, Robert W. Baird cut shares of Neurogene from an “outperform” rating to a “neutral” rating and dropped their price target for the company from $38.00 to $24.00 in a research report on Friday, May 16th. Two research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $44.60.

Neurogene Stock Performance

NASDAQ NGNE opened at $17.49 on Tuesday. Neurogene has a fifty-two week low of $6.88 and a fifty-two week high of $74.49. The stock has a market cap of $249.44 million, a PE ratio of -4.02 and a beta of 1.56. The firm’s fifty day moving average price is $13.57 and its two-hundred day moving average price is $20.10.

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

Insider Transactions at Neurogene

In other news, CFO Christine Mikail Cvijic sold 4,501 shares of the stock in a transaction dated Thursday, March 13th. The shares were 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 of the company’s stock, valued at approximately $1,225,490.42. This represents a 5.86% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Stuart Cobb sold 6,797 shares of the business’s stock in a transaction on Wednesday, May 14th. The shares were sold at an average price of $15.15, for a total transaction of $102,974.55. Following 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 ownership of the stock. The disclosure for this sale can be found here. Company insiders own 9.92% of the company’s stock.

Institutional Investors Weigh In On Neurogene

Institutional investors and hedge funds have recently made changes to their positions in the business. GAMMA Investing LLC grew its position in Neurogene by 2,985.1% during the first quarter. GAMMA Investing LLC now owns 4,134 shares of the company’s stock worth $48,000 after buying an additional 4,000 shares in the last quarter. Corebridge Financial Inc. grew its holdings in shares of Neurogene by 13.8% during the first quarter. Corebridge Financial Inc. now owns 5,826 shares of the company’s stock worth $68,000 after purchasing an additional 705 shares in the last quarter. PNC Financial Services Group Inc. bought a new position in shares of Neurogene in the fourth quarter worth approximately $71,000. China Universal Asset Management Co. Ltd. bought a new position in shares of Neurogene in the fourth quarter worth approximately $72,000. Finally, Virtus ETF Advisers LLC raised its stake in Neurogene by 45.1% in the fourth quarter. Virtus ETF Advisers LLC now owns 3,183 shares of the company’s stock valued at $73,000 after purchasing an additional 989 shares in the last quarter. Hedge funds and other institutional investors own 52.37% of the company’s stock.

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.