Nuveen LLC Acquires New Stake in Neurogene Inc. $NGNE

Key Points

• Nuveen LLC has acquired a new stake in Neurogene Inc. with the purchase of 27,482 shares, valued at approximately $322,000, representing 0.19% ownership of the company.
• Neurogene's shares have experienced a significant drop, with a current price around $19.95, down from a one-year high of $74.49.
• The company reported an earnings per share (EPS) of (-$1.05) for the last quarter, surpassing analysts' expectations of (−$1.15).

Nuveen LLC purchased a new position in shares of Neurogene Inc. (NASDAQ:NGNE - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 27,482 shares of the company's stock, valued at approximately $322,000. Nuveen LLC owned approximately 0.19% of Neurogene at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of NGNE. Redmile Group LLC boosted its stake in shares of Neurogene by 36.9% during the 4th quarter. Redmile Group LLC now owns 1,319,763 shares of the company's stock worth $30,170,000 after acquiring an additional 355,416 shares in the last quarter. Octagon Capital Advisors LP boosted its stake in shares of Neurogene by 1,920.0% during the 4th quarter. Octagon Capital Advisors LP now owns 303,000 shares of the company's stock worth $6,927,000 after acquiring an additional 288,000 shares in the last quarter. RTW Investments LP boosted its stake in shares of Neurogene by 18.9% during the 4th quarter. RTW Investments LP now owns 1,350,256 shares of the company's stock worth $30,867,000 after acquiring an additional 215,000 shares in the last quarter. Blair William & Co. IL boosted its stake in shares of Neurogene by 141.3% during the 1st quarter. Blair William & Co. IL now owns 151,180 shares of the company's stock worth $1,770,000 after acquiring an additional 88,540 shares in the last quarter. Finally, Vestal Point Capital LP purchased a new stake in shares of Neurogene during the 4th quarter worth approximately $1,829,000. Hedge funds and other institutional investors own 52.37% of the company's stock.

Neurogene Stock Performance

Shares of NASDAQ:NGNE traded up $1.48 during trading hours on Thursday, hitting $20.08. The stock had a trading volume of 829,800 shares, compared to its average volume of 98,567. Neurogene Inc. has a 1-year low of $6.88 and a 1-year high of $74.49. The firm has a market capitalization of $286.54 million, a price-to-earnings ratio of -4.66 and a beta of 1.58. The stock's fifty day simple moving average is $20.72 and its 200 day simple moving average is $17.47.

Neurogene (NASDAQ:NGNE - Get Free Report) last posted its quarterly earnings data on Monday, August 11th. The company reported ($1.05) EPS for the quarter, beating analysts' consensus estimates of ($1.15) by $0.10. As a group, research analysts anticipate that Neurogene Inc. will post -4.27 EPS for the current year.

Wall Street Analyst Weigh In

Several brokerages have recently commented on NGNE. Baird R W lowered Neurogene from a "strong-buy" rating to a "hold" rating in a research note on Friday, May 16th. BMO Capital Markets restated an "outperform" rating and set a $26.00 price objective (up from $22.00) on shares of Neurogene in a research report on Thursday, June 12th. Craig Hallum assumed coverage on Neurogene in a research report on Tuesday, June 17th. They set a "buy" rating and a $50.00 price objective for the company. Finally, Robert W. Baird downgraded Neurogene from an "outperform" rating to a "neutral" rating and cut their price objective for the stock from $38.00 to $24.00 in a research report on Friday, May 16th. Six equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $46.17.

About Neurogene

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.