Baker BROS. Advisors LP Has $17.40 Million Holdings in Neurogene Inc. $NGNE

Key Points

• Baker BROS. Advisors LP increased its holdings in Neurogene Inc. by 120.4% in the first quarter, acquiring 811,750 additional shares, resulting in a total value of approximately $17.40 million.
• Multiple institutional investors, including Two Sigma Investments LP and GAMMA Investing LLC, have also adjusted their positions in Neurogene, reflecting a growing interest from hedge funds in the company.
• Neurogene's stock has experienced a significant decline, currently trading at $18.48, down from a 12-month high of $74.49, with analysts maintaining a consensus rating of "Moderate Buy".

Baker BROS. Advisors LP lifted its holdings in Neurogene Inc. (NASDAQ:NGNE - Free Report) by 120.4% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,486,200 shares of the company's stock after acquiring an additional 811,750 shares during the quarter. Baker BROS. Advisors LP owned approximately 10.42% of Neurogene worth $17,403,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. Two Sigma Investments LP acquired a new position in shares of Neurogene in the 4th quarter worth approximately $472,000. GAMMA Investing LLC boosted its holdings in shares of Neurogene by 2,985.1% in the 1st quarter. GAMMA Investing LLC now owns 4,134 shares of the company's stock worth $48,000 after acquiring an additional 4,000 shares in the last quarter. Vestal Point Capital LP acquired a new position in shares of Neurogene in the 4th quarter worth approximately $1,829,000. Mariner LLC acquired a new position in shares of Neurogene in the 4th quarter worth approximately $239,000. Finally, Wells Fargo & Company MN boosted its holdings in shares of Neurogene by 34.5% in the 4th quarter. Wells Fargo & Company MN now owns 5,444 shares of the company's stock worth $124,000 after acquiring an additional 1,397 shares in the last quarter. 52.37% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on NGNE. Craig Hallum began coverage on Neurogene in a report on Tuesday, June 17th. They issued a "buy" rating and a $50.00 target price on the stock. BMO Capital Markets reissued an "outperform" rating and issued a $26.00 target price (up from $22.00) on shares of Neurogene in a report on Thursday, June 12th. HC Wainwright reduced their price objective on Neurogene from $50.00 to $45.00 and set a "buy" rating on the stock in a report on Tuesday, May 13th. Robert W. Baird downgraded Neurogene from an "outperform" rating to a "neutral" rating and reduced their price objective for the stock from $38.00 to $24.00 in a report on Friday, May 16th. Finally, Baird R W downgraded Neurogene from a "strong-buy" rating to a "hold" rating in a report on Friday, May 16th. Six investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $46.17.

Neurogene Stock Down 1.9%

NGNE opened at $18.48 on Tuesday. Neurogene Inc. has a 12 month low of $6.88 and a 12 month high of $74.49. The company has a fifty day simple moving average of $20.41 and a 200 day simple moving average of $17.35. The stock has a market cap of $263.71 million, a P/E ratio of -4.29 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) EPS for the quarter, beating analysts' consensus estimates of ($1.15) by $0.10. On average, equities research analysts expect that Neurogene Inc. will post -4.27 earnings per share for the current fiscal year.

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.

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