Neurogene Inc. (NASDAQ:NGNE) Stock Has Consensus Price Target of $83.67 According to Analysts

Key Points

• Analysts rate Neurogene “Moderate Buy,” with four buy ratings, one strong buy, and one sell among six analysts. The average 12-month price target is $83.67, well above the stock’s reported $28.31 price.
• Neurogene reported a quarterly loss of $1.53 per share, missing the consensus estimate of a $1.42 loss; analysts expect a full-year loss of $5.55 per share.
• Institutional ownership stands at 52.37%, with BlackRock and several other investment firms establishing new positions during the second quarter, while insiders sold 9,600 shares worth about $339,932 over the past three months.

Shares of Neurogene Inc. (NASDAQ:NGNE - Get Free Report) have earned a consensus rating of "Moderate Buy" from the six analysts that are presently covering the stock, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell rating, four have given a buy rating and one has assigned a strong buy rating to the company. The average 12-month price target among brokerages that have updated their coverage on the stock in the last year is $83.67.

A number of research analysts have issued reports on NGNE shares. Guggenheim upped their target price on shares of Neurogene from $69.00 to $81.00 and gave the company a "buy" rating in a research report on Wednesday, August 12th. Rodman & Renshaw assumed coverage on shares of Neurogene in a research report on Wednesday, June 3rd. They set a "buy" rating and a $70.00 price target for the company. Canaccord Genuity Group dropped their price target on shares of Neurogene from $180.00 to $166.00 and set a "buy" rating for the company in a research note on Wednesday, August 12th. HC Wainwright dropped 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. Finally, Weiss Ratings restated a "sell (d-)" rating on shares of Neurogene in a report on Friday, July 17th.

Neurogene Stock Performance

NASDAQ NGNE opened at $28.31 on Friday. The stock has a market capitalization of $566.48 million, a P/E ratio of -5.63 and a beta of 1.69. Neurogene has a 52 week low of $15.93 and a 52 week high of $43.66. The stock has a fifty day moving average of $35.71 and a 200-day moving average of $30.49.

Neurogene (NASDAQ:NGNE - Get Free Report) last issued its quarterly earnings results on Tuesday, August 11th. The company reported ($1.53) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.42) by ($0.11). Equities research analysts forecast that Neurogene will post -5.55 earnings per share for the current fiscal year.

Insider Activity at Neurogene

In other Neurogene news, CFO Christine Cvijic sold 4,200 shares of the company's stock in a transaction on Tuesday, July 7th. The shares were sold at an average price of $36.13, for a total transaction of $151,746.00. Following the completion of the sale, the chief financial officer owned 84,040 shares in the company, valued at approximately $3,036,365.20. The trade was a 4.76% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 9,600 shares of company stock worth $339,932. Insiders own 11.68% of the company's stock.

Institutional Investors Weigh In On Neurogene

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

About Neurogene

Neurogene Inc NASDAQ: NGNE is a clinical-stage biotechnology company focused on developing genetic medicines for patients with rare neurological diseases. The company's research programs are designed to address disorders caused by genetic mutations for which existing treatment options are limited.

Neurogene is developing an investigational gene therapy platform known as EXACT, which is intended to help regulate therapeutic gene expression and support the delivery of genetic medicines.

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