Neurogene (NASDAQ:NGNE) Earns Buy Rating from HC Wainwright

Key Points

• HC Wainwright reaffirmed a Buy rating on Neurogene and set a $65 price target, implying 121.13% upside from the prior close.
• Analyst sentiment is broadly positive, with Neurogene holding an average “Buy” rating and an average price target of $80.29, though some firms maintain Sell or Strong Sell ratings.
• Neurogene shares traded at $29.40, while the company reported a quarterly loss of $1.53 per share, missing estimates of a $1.42 loss; institutional investors own 52.37% of the stock.

Neurogene (NASDAQ:NGNE - Get Free Report)'s stock had its "buy" rating reissued by equities researchers at HC Wainwright in a research report issued on Wednesday, Benzinga reports. They currently have a $65.00 target price on the stock. HC Wainwright's price target suggests a potential upside of 121.13% from the stock's previous close.

A number of other equities research analysts have also weighed in on the company. Guggenheim boosted their price objective on Neurogene from $69.00 to $81.00 and gave the stock a "buy" rating in a research report on Wednesday, August 12th. Wall Street Zen downgraded Neurogene from a "sell" rating to a "strong sell" rating in a report on Saturday, October 10th. Canaccord Genuity Group cut their target price on Neurogene from $180.00 to $166.00 and set a "buy" rating on the stock in a report on Wednesday, August 12th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Neurogene in a report on Thursday, October 15th. Finally, William Blair raised Neurogene to a "strong-buy" rating in a report on Wednesday, September 23rd. Two research analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Buy" and an average target price of $80.29.

Neurogene Price Performance

NGNE stock traded up $2.41 during midday trading on Wednesday, reaching $29.40. 110,335 shares of the stock were exchanged, compared to its average volume of 215,471. The stock has a market capitalization of $588.22 million, a PE ratio of -5.83 and a beta of 1.70. Neurogene has a 52 week low of $15.93 and a 52 week high of $43.66. The company has a fifty day moving average price of $31.26 and a 200 day moving average price of $27.56.

Neurogene (NASDAQ:NGNE - Get Free Report) last issued its quarterly earnings data on Tuesday, August 11th. The company reported ($1.53) earnings per share for the quarter, missing analysts' consensus estimates of ($1.42) by ($0.11). As a group, analysts anticipate that Neurogene will post -5.88 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. State of Wyoming acquired a new position in shares of Neurogene in the 2nd quarter valued at about $31,000. Legal & General Group Plc acquired a new position in shares of Neurogene in the 2nd quarter valued at about $35,000. China Universal Asset Management Co. Ltd. lifted its stake in shares of Neurogene by 45.2% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 3,651 shares of the company's stock valued at $104,000 after purchasing an additional 1,136 shares during the period. Bank of New York Mellon Corp lifted its stake in shares of Neurogene by 12.8% in the 1st quarter. Bank of New York Mellon Corp now owns 26,043 shares of the company's stock valued at $525,000 after purchasing an additional 2,950 shares during the period. Finally, Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in shares of Neurogene in the 2nd quarter valued at about $192,000. 52.37% of the stock is owned by institutional investors and hedge funds.

Neurogene Company Profile

Neurogene Inc NASDAQ: NGNE is a clinical-stage biotechnology company focused on developing genetic medicines for patients with rare neurological diseases. The company designs gene therapies intended to address the underlying genetic causes of disorders for which treatment options are limited or unavailable.

Neurogene's lead program is NGN-401, an investigational gene therapy being developed for Rett syndrome, a rare neurodevelopmental disorder. The company is also advancing NGN-101 for CLN5 Batten disease, a form of neuronal ceroid lipofuscinosis.