Neurogene Inc. (NASDAQ:NGNE) Receives $46.17 Average Price Target from Analysts

Shares of Neurogene Inc. (NASDAQ:NGNE) have been assigned an average recommendation of “Moderate Buy” from the eight research firms that are currently covering the firm, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The average twelve-month price objective among analysts that have issued a report on the stock in the last year is $46.17.

A number of analysts have recently weighed in on the stock. Robert W. Baird downgraded shares of Neurogene from an “outperform” rating to a “neutral” rating and reduced their target price for the stock from $38.00 to $24.00 in a report on Friday, May 16th. HC Wainwright reduced their target price on shares of Neurogene from $50.00 to $45.00 and set a “buy” rating on the stock in a report on Tuesday, May 13th. Baird R W downgraded shares of Neurogene from a “strong-buy” rating to a “hold” rating in a report on Friday, May 16th. BMO Capital Markets restated an “outperform” rating and issued a $26.00 target price (up from $22.00) on shares of Neurogene in a report on Thursday, June 12th. Finally, William Blair restated an “outperform” rating on shares of Neurogene in a report on Tuesday, March 25th.

Neurogene Stock Performance

Shares of NASDAQ NGNE opened at $19.50 on Thursday. The company has a market cap of $278.11 million, a P/E ratio of -4.48 and a beta of 1.51. The firm’s fifty day moving average is $17.87 and its two-hundred day moving average is $16.90. Neurogene has a 52-week low of $6.88 and a 52-week high of $74.49.

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

Insider Activity at Neurogene

In related news, insider Stuart Cobb sold 6,797 shares of Neurogene 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 transaction, the insider directly owned 20,794 shares of the company’s stock, valued at approximately $315,029.10. The trade was a 24.63% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 11.64% of the company’s stock.

Hedge Funds Weigh In On Neurogene

Large investors have recently made changes to their positions in the company. GAMMA Investing LLC boosted its position in Neurogene by 2,985.1% in the 1st quarter. GAMMA Investing LLC now owns 4,134 shares of the company’s stock valued at $48,000 after buying an additional 4,000 shares during the period. Corebridge Financial Inc. boosted its position in Neurogene by 13.8% in the 1st quarter. Corebridge Financial Inc. now owns 5,826 shares of the company’s stock valued at $68,000 after buying an additional 705 shares during the period. PNC Financial Services Group Inc. purchased a new stake in Neurogene in the 4th quarter valued at about $71,000. Virtus ETF Advisers LLC boosted its position in Neurogene by 45.1% in the 4th quarter. Virtus ETF Advisers LLC now owns 3,183 shares of the company’s stock valued at $73,000 after buying an additional 989 shares during the period. Finally, AlphaQuest LLC purchased a new stake in Neurogene in the 1st quarter valued at about $77,000. 52.37% of the stock is owned by hedge funds and other institutional investors.

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.