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

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

A number of other research analysts have also recently weighed in on NGNE. BMO Capital Markets dropped their target price on shares of Neurogene from $45.00 to $16.00 and set an “outperform” rating on the stock in a research note on Monday, April 14th. HC Wainwright lowered their price target on shares of Neurogene from $50.00 to $45.00 and set a “buy” rating on the stock in a research report on Tuesday. Robert W. Baird lowered shares of Neurogene from an “outperform” rating to a “neutral” rating and lowered their price target for the company from $38.00 to $24.00 in a research report on Friday. Finally, William Blair reissued an “outperform” rating on shares of Neurogene in a research report on Tuesday, March 25th. Two research analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $43.40.

Neurogene Stock Down 7.1%

NGNE opened at $17.99 on Friday. The stock has a market cap of $256.57 million, a price-to-earnings ratio of -4.14 and a beta of 1.56. Neurogene has a twelve month low of $6.88 and a twelve month high of $74.49. The company’s 50-day moving average price is $13.49 and its two-hundred day moving average price is $20.64.

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

Insider Transactions at Neurogene

In other news, CFO Christine Mikail Cvijic sold 4,501 shares of the company’s stock in a transaction on Thursday, March 13th. The shares were sold at an average price of $16.94, for a total value of $76,246.94. Following the completion of the sale, the chief financial officer now owns 72,343 shares of the company’s stock, valued at approximately $1,225,490.42. This represents a 5.86% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Stuart Cobb sold 6,797 shares of the company’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 completion of the sale, the insider now directly 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. Insiders own 11.64% of the company’s stock.

Institutional Investors Weigh In On Neurogene

Several institutional investors have recently added to or reduced their stakes in the company. Wellington Management Group LLP raised its holdings in Neurogene by 18.7% in the 4th quarter. Wellington Management Group LLP now owns 21,717 shares of the company’s stock worth $496,000 after purchasing an additional 3,427 shares in the last quarter. PNC Financial Services Group Inc. bought a new position in Neurogene in the 4th quarter worth $71,000. Rhumbline Advisers raised its holdings 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 purchasing an additional 1,326 shares in the last quarter. Mariner LLC purchased a new position in Neurogene during the 4th quarter valued at about $239,000. Finally, Wells Fargo & Company MN lifted its position in Neurogene by 34.5% during the 4th quarter. Wells Fargo & Company MN now owns 5,444 shares of the company’s stock valued at $124,000 after acquiring an additional 1,397 shares during the period. 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.