JPMorgan Chase & Co. Initiates Coverage on Neurogene (NASDAQ:NGNE)

Key Points

• JPMorgan initiated coverage of Neurogene with an “overweight” rating and a $60 price target, implying approximately 132% upside from the stock’s cited price.
• Analyst sentiment is broadly positive, with a consensus “Buy” rating and an average price target of $80.29, despite one “Sell” rating and several recent target reductions.
• Neurogene is a clinical-stage biotech developing gene therapies for rare neurological diseases, including Rett syndrome and Batten disease; institutional investors and hedge funds own 52.37% of its shares.

Research analysts at JPMorgan Chase & Co. initiated coverage on shares of Neurogene (NASDAQ:NGNE - Get Free Report) in a research report issued on Thursday, Briefing.com reports. The firm set an "overweight" rating and a $60.00 price target on the stock. JPMorgan Chase & Co.'s price target indicates a potential upside of 131.93% from the stock's current price.

A number of other equities research analysts also recently weighed in on NGNE. William Blair upgraded shares of Neurogene to a "strong-buy" rating in a research note on Wednesday, September 23rd. Canaccord Genuity Group reduced their price objective on shares of Neurogene from $180.00 to $166.00 and set a "buy" rating for the company in a report on Wednesday, August 12th. HC Wainwright cut their price target on shares of Neurogene from $70.00 to $65.00 and set a "buy" rating for the company in a research note on Wednesday, August 12th. Guggenheim lifted their price objective on Neurogene from $69.00 to $81.00 and gave the company a "buy" rating in a report on Wednesday, August 12th. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of Neurogene in a research note on Friday, July 17th. Two analysts have rated the stock with a Strong Buy rating, five have given a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus price target of $80.29.

Neurogene Trading Up 1.7%

Shares of NGNE stock opened at $25.87 on Thursday. The stock has a 50 day moving average of $34.36 and a two-hundred day moving average of $30.85. Neurogene has a 12 month low of $15.93 and a 12 month high of $43.66. The company has a market capitalization of $517.66 million, a P/E ratio of -5.14 and a beta of 1.70.

Neurogene (NASDAQ:NGNE - Get Free Report) last released its quarterly earnings data on Tuesday, August 11th. The company reported ($1.53) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($1.42) by ($0.11). Sell-side analysts predict that Neurogene will post -5.8 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Neurogene

A number of institutional investors and hedge funds have recently added to or reduced their stakes in NGNE. BlackRock Inc. acquired a new stake in shares of Neurogene during the second quarter worth approximately $33,274,000. Trails Edge Capital Partners LP acquired a new stake in Neurogene during the 2nd quarter valued at $22,483,133. Moore Capital Management LP acquired a new stake in Neurogene during the 2nd quarter valued at $4,454,000. Deutsche Bank AG bought a new position in Neurogene in the 2nd quarter valued at $3,354,000. Finally, Wellington Management Group LLP acquired a new position in Neurogene in the second quarter worth $987,000. 52.37% of the stock is currently owned by institutional investors and hedge funds.

About Neurogene

Neurogene Inc is a clinical-stage biotechnology company focused on developing genetic medicines for patients with rare and devastating neurological diseases. The company's work centers on gene therapies designed to address severe neurodevelopmental and neurodegenerative disorders for which treatment options are limited.

Neurogene's pipeline includes NGN-401, an investigational gene therapy being developed for Rett syndrome, and NGN-101, an investigational therapy targeting CLN5 disease, a form of neuronal ceroid lipofuscinosis also known as Batten disease.

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