Neurogene (NASDAQ:NGNE) Price Target Cut to $60.00 by Analysts at HC Wainwright

Key Points

• HC Wainwright lowered Neurogene’s price target from $65 to $60 but maintained a Buy rating; the new target implies 130.77% upside from the prior close.
• Analyst sentiment is broadly positive: MarketBeat reports a consensus Buy rating and an average price target of $79.57, though one analyst rates the stock Sell.
• Neurogene reported a quarterly loss of $1.05 per share, narrower than analysts’ expected loss of $1.36 per share.

Neurogene (NASDAQ:NGNE - Get Free Report) had its target price lowered by research analysts at HC Wainwright from $65.00 to $60.00 in a report released on Tuesday, Benzinga reports. The firm currently has a "buy" rating on the stock. HC Wainwright's target price indicates a potential upside of 130.77% from the stock's previous close.

NGNE has been the topic of several other research reports. Canaccord Genuity Group decreased their price objective on Neurogene from $180.00 to $166.00 and set a "buy" rating on the stock in a report on Wednesday, August 12th. Guggenheim upped their price target on Neurogene from $69.00 to $81.00 and gave the company 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. JPMorgan Chase & Co. assumed coverage on shares of Neurogene in a report on Thursday, October 8th. They issued an "overweight" rating and a $60.00 price objective for the company. Finally, William Blair raised Neurogene to a "strong-buy" rating in a research 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 stock. According to MarketBeat.com, the company has a consensus rating of "Buy" and an average target price of $79.57.

Neurogene Stock Up 2.7%

Shares of Neurogene stock opened at $26.00 on Tuesday. 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 of $29.25 and a 200-day moving average of $27.98.

Neurogene (NASDAQ:NGNE - Get Free Report) last issued its earnings results on Monday, November 9th. The company reported ($1.05) EPS for the quarter, topping analysts' consensus estimates of ($1.36) by $0.31. Analysts predict that Neurogene will post -5.88 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Neurogene

Several hedge funds have recently modified their holdings of NGNE. Keybank National Association OH purchased a new stake in Neurogene during the third quarter valued at $221,000. Alps Advisors Inc. grew its position in Neurogene by 65.4% in the third quarter. Alps Advisors Inc. now owns 26,528 shares of the company's stock worth $738,000 after acquiring an additional 10,488 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. bought a new stake in Neurogene during the third quarter worth approximately $28,000. China Universal Asset Management Co. Ltd. increased its stake in Neurogene by 45.2% during the third quarter. China Universal Asset Management Co. Ltd. now owns 3,651 shares of the company's stock worth $104,000 after acquiring an additional 1,136 shares during the last quarter. Finally, Pale Fire Capital SE purchased a new stake in Neurogene during the second quarter valued at approximately $298,000. Hedge funds and other institutional investors own 52.37% of the company's stock.

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.

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