ADAR1 Capital Management LLC Makes New Investment in Neurogene Inc. $NGNE

Key Points

• ADAR1 Capital Management LLC has acquired 27,925 shares of Neurogene Inc. worth approximately $327,000, representing a stake of 0.20% in the company.
• Institutional investors collectively own 52.37% of Neurogene, with significant stake increases from firms like Baker BROS. Advisors and Octagon Capital Advisors.
• Analysts have set a consensus price target of $46.17 for Neurogene shares, with varying ratings including six "Buy" and two "Hold" recommendations.

ADAR1 Capital Management LLC acquired a new stake in Neurogene Inc. (NASDAQ:NGNE - Free Report) in the first quarter, according to the company in its most recent filing with the SEC. The firm acquired 27,925 shares of the company's stock, valued at approximately $327,000. ADAR1 Capital Management LLC owned about 0.20% of Neurogene at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in the business. Corebridge Financial Inc. raised its stake in shares of Neurogene by 13.8% during the first quarter. Corebridge Financial Inc. now owns 5,826 shares of the company's stock valued at $68,000 after acquiring an additional 705 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. raised its position in Neurogene by 9.1% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 11,231 shares of the company's stock worth $132,000 after purchasing an additional 941 shares during the last quarter. Wells Fargo & Company MN lifted its holdings in Neurogene by 34.5% during the 4th quarter. Wells Fargo & Company MN now owns 5,444 shares of the company's stock worth $124,000 after buying an additional 1,397 shares during the period. Bank of New York Mellon Corp increased its stake in shares of Neurogene by 8.2% in the first quarter. Bank of New York Mellon Corp now owns 24,445 shares of the company's stock valued at $286,000 after buying an additional 1,844 shares during the period. Finally, Barclays PLC grew its holdings in Neurogene by 18.0% during the 4th quarter. Barclays PLC now owns 17,533 shares of the company's stock worth $401,000 after acquiring an additional 2,674 shares during the period. 52.37% of the stock is currently owned by institutional investors and hedge funds.

Neurogene Stock Performance

NGNE traded up $0.34 during midday trading on Friday, reaching $19.95. The company had a trading volume of 195,596 shares, compared to its average volume of 103,511. Neurogene Inc. has a 12-month low of $6.88 and a 12-month high of $74.49. The business has a 50-day moving average price of $20.65 and a two-hundred day moving average price of $17.41. The stock has a market cap of $284.69 million, a PE ratio of -4.63 and a beta of 1.58.

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

Wall Street Analyst Weigh In

NGNE has been the topic of a number of research reports. Robert W. Baird downgraded Neurogene from an "outperform" rating to a "neutral" rating and dropped their price target for the stock from $38.00 to $24.00 in a research note on Friday, May 16th. Baird R W lowered shares of Neurogene from a "strong-buy" rating to a "hold" rating in a research note on Friday, May 16th. BMO Capital Markets reiterated an "outperform" rating and set a $26.00 price objective (up from $22.00) on shares of Neurogene in a report on Thursday, June 12th. HC Wainwright lowered their target price on shares of Neurogene from $50.00 to $45.00 and set a "buy" rating on the stock in a report on Tuesday, May 13th. Finally, Craig Hallum assumed coverage on Neurogene in a report on Tuesday, June 17th. They set a "buy" rating and a $50.00 price objective for the company. Six analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus 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.