BMO Capital Markets Issues Positive Forecast for Neurogene (NASDAQ:NGNE) Stock Price

Neurogene (NASDAQ:NGNE) had its price target boosted by research analysts at BMO Capital Markets from $16.00 to $22.00 in a report issued on Tuesday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. BMO Capital Markets’ price objective suggests a potential upside of 12.70% from the stock’s previous close.

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

Neurogene Price Performance

Shares of Neurogene stock opened at $19.52 on Tuesday. Neurogene has a 1 year low of $6.88 and a 1 year high of $74.49. The firm’s 50-day moving average is $13.52 and its two-hundred day moving average is $20.13. The stock has a market cap of $278.39 million, a price-to-earnings ratio of -4.49 and a beta of 1.56.

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 analysts’ consensus estimates of ($1.05) by ($0.03). On average, equities analysts expect that Neurogene will post -4.27 earnings per share for the current year.

Insiders Place Their Bets

In related news, CFO Christine Mikail Cvijic sold 4,501 shares of the business’s 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 in the company, valued at approximately $1,225,490.42. The trade was a 5.86% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Stuart Cobb sold 6,797 shares of the business’s stock in a transaction dated 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 owns 20,794 shares in the company, valued at approximately $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. 11.64% of the stock is currently owned by corporate insiders.

Institutional Trading of Neurogene

A number of large investors have recently made changes to their positions in the company. GAMMA Investing LLC boosted its holdings in Neurogene by 2,985.1% in the first quarter. GAMMA Investing LLC now owns 4,134 shares of the company’s stock valued at $48,000 after purchasing an additional 4,000 shares in the last quarter. Corebridge Financial Inc. boosted its holdings in Neurogene by 13.8% in the first quarter. Corebridge Financial Inc. now owns 5,826 shares of the company’s stock valued at $68,000 after purchasing an additional 705 shares in the last quarter. PNC Financial Services Group Inc. acquired a new position in Neurogene in the fourth quarter valued at approximately $71,000. China Universal Asset Management Co. Ltd. acquired a new position in Neurogene in the fourth quarter valued at approximately $72,000. Finally, Virtus ETF Advisers LLC boosted its holdings 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. 52.37% of the stock is currently owned by hedge funds and other institutional investors.

Neurogene Company Profile

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.