BMO Capital Markets Lowers Neurogene (NASDAQ:NGNE) Price Target to $16.00

Neurogene (NASDAQ:NGNE - Get Free Report) had its price target dropped by investment analysts at BMO Capital Markets from $45.00 to $16.00 in a report released on Monday, Marketbeat reports. The firm presently has an "outperform" rating on the stock. BMO Capital Markets' price target indicates a potential upside of 39.25% from the company's current price.

Several other equities research analysts have also issued reports on NGNE. William Blair restated an "outperform" rating on shares of Neurogene in a report on Tuesday, March 25th. HC Wainwright cut their target price on Neurogene from $55.00 to $50.00 and set a "buy" rating on the stock in a research note on Tuesday, March 25th. Finally, Robert W. Baird set a $38.00 price target on Neurogene in a research note on Tuesday, March 25th. Seven analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Buy" and an average price target of $47.20.

Neurogene Stock Up 6.7 %

Neurogene stock traded up $0.72 during midday trading on Monday, reaching $11.49. 190,038 shares of the stock traded hands, compared to its average volume of 225,796. Neurogene has a 12 month low of $6.88 and a 12 month high of $74.49. The stock's fifty day moving average is $14.33 and its 200-day moving average is $25.29. The stock has a market cap of $171.55 million, a P/E ratio of -2.69 and a beta of 1.46.

Neurogene (NASDAQ:NGNE - Get Free Report) last announced its earnings results on Monday, March 24th. The company reported ($0.99) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.04) by $0.05. The business had revenue of $0.93 million for the quarter. On average, equities analysts predict that Neurogene will post -4.27 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CFO Christine Mikail Cvijic sold 4,501 shares of the company'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 completion of the sale, the chief financial officer now directly owns 72,343 shares of the company's stock, valued at $1,225,490.42. This represents a 5.86 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 9.92% of the stock is owned by insiders.

Institutional Investors Weigh In On Neurogene

Several hedge funds have recently modified their holdings of NGNE. Samsara BioCapital LLC raised its stake in Neurogene by 35.4% in the fourth quarter. Samsara BioCapital LLC now owns 1,717,127 shares of the company's stock worth $39,254,000 after buying an additional 449,337 shares in the last quarter. RTW Investments LP raised its holdings in Neurogene by 18.9% in the fourth quarter. RTW Investments LP now owns 1,350,256 shares of the company's stock worth $30,867,000 after purchasing an additional 215,000 shares in the last quarter. Redmile Group LLC lifted its position in shares of Neurogene by 36.9% during the fourth quarter. Redmile Group LLC now owns 1,319,763 shares of the company's stock valued at $30,170,000 after buying an additional 355,416 shares during the last quarter. Casdin Capital LLC grew its position in shares of Neurogene by 146.9% in the 4th quarter. Casdin Capital LLC now owns 1,295,361 shares of the company's stock worth $29,612,000 after buying an additional 770,745 shares during the last quarter. Finally, Baker BROS. Advisors LP raised its stake in shares of Neurogene by 47.9% during the 4th quarter. Baker BROS. Advisors LP now owns 674,450 shares of the company's stock worth $15,418,000 after acquiring an additional 218,435 shares in the last quarter. Hedge funds and other institutional investors own 52.37% of the company's stock.

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.