Analysts Set Neurogene Inc. (NASDAQ:NGNE) PT at $46.17

Shares of Neurogene Inc. (NASDAQ:NGNE) have been given a consensus rating of “Moderate Buy” by the eight analysts that are presently covering the stock, MarketBeat reports. Two equities research analysts have rated the stock with a hold recommendation and six have assigned a buy recommendation to the company. The average 1 year price target among brokers that have updated their coverage on the stock in the last year is $46.17.

Several brokerages have weighed in on NGNE. Baird R W downgraded Neurogene from a “strong-buy” rating to a “hold” rating in a research report on Friday, May 16th. BMO Capital Markets restated an “outperform” rating and set a $26.00 target price (up previously from $22.00) on shares of Neurogene in a report on Thursday, June 12th. Craig Hallum assumed coverage on Neurogene in a report on Tuesday, June 17th. They set a “buy” rating and a $50.00 target price for the company. HC Wainwright decreased their target price on Neurogene from $50.00 to $45.00 and set a “buy” rating for the company in a report on Tuesday, May 13th. Finally, Robert W. Baird downgraded Neurogene from an “outperform” rating to a “neutral” rating and decreased their target price for the company from $38.00 to $24.00 in a report on Friday, May 16th.

Insiders Place Their Bets

In related news, insider Stuart Cobb sold 6,797 shares of the company’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 sale, the insider directly owned 20,794 shares of the company’s stock, valued at $315,029.10. This represents a 24.63% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 11.64% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Neurogene

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Baker BROS. Advisors LP grew its stake in shares of Neurogene by 120.4% in the first quarter. Baker BROS. Advisors LP now owns 1,486,200 shares of the company’s stock worth $17,403,000 after acquiring an additional 811,750 shares during the last quarter. Casdin Capital LLC grew its stake in shares of Neurogene by 146.9% in the fourth quarter. Casdin Capital LLC now owns 1,295,361 shares of the company’s stock worth $29,612,000 after acquiring an additional 770,745 shares during the last quarter. JPMorgan Chase & Co. grew its stake in shares of Neurogene by 10,395.3% in the fourth quarter. JPMorgan Chase & Co. now owns 481,001 shares of the company’s stock worth $10,996,000 after acquiring an additional 476,418 shares during the last quarter. Samsara BioCapital LLC grew its stake in shares of Neurogene by 35.4% in the fourth quarter. Samsara BioCapital LLC now owns 1,717,127 shares of the company’s stock worth $39,254,000 after acquiring an additional 449,337 shares during the last quarter. Finally, Deerfield Management Company L.P. Series C purchased a new stake in shares of Neurogene in the fourth quarter worth $10,245,000. 52.37% of the stock is owned by hedge funds and other institutional investors.

Neurogene Price Performance

Shares of NGNE opened at $21.87 on Monday. The firm has a market cap of $311.87 million, a P/E ratio of -5.03 and a beta of 1.51. The stock has a 50 day simple moving average of $19.86 and a two-hundred day simple moving average of $16.92. Neurogene has a 1 year low of $6.88 and a 1 year high of $74.49.

Neurogene (NASDAQ:NGNE) last issued its 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 analysts anticipate that Neurogene will post -4.27 earnings per share 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.