Deerfield Management Company L.P. Series C Invests $10.25 Million in Neurogene Inc. (NASDAQ:NGNE)

Deerfield Management Company L.P. Series C acquired a new position in shares of Neurogene Inc. (NASDAQ:NGNE - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 448,145 shares of the company's stock, valued at approximately $10,245,000. Deerfield Management Company L.P. Series C owned approximately 3.02% of Neurogene as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Virtus ETF Advisers LLC boosted its stake in Neurogene by 45.1% during the 4th quarter. Virtus ETF Advisers LLC now owns 3,183 shares of the company's stock worth $73,000 after purchasing an additional 989 shares during the period. Rhumbline Advisers increased its stake in Neurogene by 9.2% during the 4th quarter. Rhumbline Advisers now owns 15,704 shares of the company's stock worth $359,000 after buying an additional 1,326 shares during the period. Wells Fargo & Company MN boosted its holdings in Neurogene by 34.5% in the fourth quarter. Wells Fargo & Company MN now owns 5,444 shares of the company's stock worth $124,000 after purchasing an additional 1,397 shares during the period. Barclays PLC lifted its stake in Neurogene by 18.0% in the fourth quarter. Barclays PLC now owns 17,533 shares of the company's stock valued at $401,000 after buying an additional 2,674 shares during the last quarter. Finally, PNC Financial Services Group Inc. acquired a new stake in Neurogene in the fourth quarter worth about $71,000. Hedge funds and other institutional investors own 52.37% of the company's stock.

Insider Buying and Selling at Neurogene

In other Neurogene news, CFO Christine Mikail Cvijic sold 4,501 shares of the stock in a transaction dated Thursday, March 13th. The shares were sold at an average price of $16.94, for a total transaction of $76,246.94. Following the completion of the transaction, the chief financial officer now owns 72,343 shares of the company's stock, valued at $1,225,490.42. This trade represents a 5.86% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 11.64% of the stock is owned by insiders.

Neurogene Price Performance

NASDAQ NGNE traded down $1.86 on Tuesday, reaching $15.84. 76,427 shares of the company's stock traded hands, compared to its average volume of 236,745. The stock has a 50-day simple moving average of $13.50 and a 200 day simple moving average of $21.09. The stock has a market cap of $225.91 million, a PE ratio of -3.64 and a beta of 1.56. Neurogene Inc. has a 12 month low of $6.88 and a 12 month high of $74.49.

Neurogene (NASDAQ:NGNE - Get Free Report) last announced its quarterly earnings results on Friday, May 9th. The company reported ($1.08) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($1.05) by ($0.03). As a group, analysts anticipate that Neurogene Inc. will post -4.27 EPS for the current year.

Analyst Ratings Changes

A number of analysts have issued reports on the stock. William Blair reiterated an "outperform" rating on shares of Neurogene in a research note on Tuesday, March 25th. Robert W. Baird set a $38.00 price target on Neurogene in a research note on Tuesday, March 25th. HC Wainwright dropped their price target on Neurogene from $50.00 to $45.00 and set a "buy" rating on the stock in a research note on Tuesday. Finally, BMO Capital Markets decreased their price objective on shares of Neurogene from $45.00 to $16.00 and set an "outperform" rating on the stock in a report on Monday, April 14th. Six research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus target price of $46.20.

Neurogene 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.