Bank of America Corp DE Trims Stock Holdings in Neurogene Inc. $NGNE

Key Points

• Bank of America cut its Neurogene stake by 74% in the first quarter, selling 30,895 shares and retaining 10,864 shares worth approximately $219,000. Institutional investors still own 52.37% of NGNE.
• Analyst sentiment remains broadly positive, with a consensus “Moderate Buy” rating and an average price target of $83.67, despite mixed views and recent target-price changes.
• Neurogene shares opened at $35.48, with a market capitalization of about $710 million. The clinical-stage biotech reported a quarterly loss of $1.53 per share, missing expectations of a $1.42 loss.

Bank of America Corp DE lowered its stake in Neurogene Inc. (NASDAQ:NGNE - Free Report) by 74.0% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 10,864 shares of the company's stock after selling 30,895 shares during the quarter. Bank of America Corp DE owned about 0.07% of Neurogene worth $219,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in the stock. Renaissance Technologies LLC increased its stake in shares of Neurogene by 210.0% in the first quarter. Renaissance Technologies LLC now owns 43,400 shares of the company's stock worth $875,000 after purchasing an additional 29,400 shares in the last quarter. Bank of New York Mellon Corp increased its stake in Neurogene by 12.8% in the 1st quarter. Bank of New York Mellon Corp now owns 26,043 shares of the company's stock worth $525,000 after buying an additional 2,950 shares in the last quarter. Virtus Investment Advisers LLC raised its holdings in Neurogene by 128.0% during the fourth quarter. Virtus Investment Advisers LLC now owns 12,716 shares of the company's stock valued at $262,000 after acquiring an additional 7,138 shares during the period. Logos Global Management LP bought a new stake in Neurogene during the fourth quarter valued at about $4,017,000. Finally, Schonfeld Strategic Advisors LLC purchased a new position in shares of Neurogene in the fourth quarter valued at about $575,000. 52.37% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Neurogene

In related news, CFO Christine Cvijic sold 4,200 shares of the stock in a transaction that occurred on Tuesday, July 7th. The stock was sold at an average price of $36.13, for a total value of $151,746.00. Following the transaction, the chief financial officer owned 84,040 shares of the company's stock, valued at $3,036,365.20. This represents a 4.76% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 9,600 shares of company stock worth $339,932 over the last 90 days. Company insiders own 11.68% of the company's stock.

Analyst Upgrades and Downgrades

NGNE has been the subject of several recent analyst reports. Weiss Ratings restated a "sell (d-)" rating on shares of Neurogene in a research note on Friday, July 17th. Canaccord Genuity Group reduced their price objective on shares of Neurogene from $180.00 to $166.00 and set a "buy" rating on the stock in a research report on Wednesday, August 12th. UBS Group set a $70.00 target price on shares of Neurogene in a report on Wednesday, June 3rd. Guggenheim upped their target price on shares of Neurogene from $69.00 to $81.00 and gave the stock a "buy" rating in a research report on Wednesday, August 12th. Finally, Rodman & Renshaw began coverage on shares of Neurogene in a research note on Wednesday, June 3rd. They set a "buy" rating and a $70.00 target price for the company. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $83.67.

Neurogene Stock Performance

Shares of NGNE stock opened at $35.48 on Friday. The stock has a 50 day moving average price of $36.83 and a 200 day moving average price of $29.70. Neurogene Inc. has a 52-week low of $15.93 and a 52-week high of $43.66. The firm has a market capitalization of $709.95 million, a P/E ratio of -7.05 and a beta of 1.69.

Neurogene (NASDAQ:NGNE - Get Free Report) last released its earnings results on Tuesday, August 11th. The company reported ($1.53) earnings per share for the quarter, missing analysts' consensus estimates of ($1.42) by ($0.11). As a group, sell-side analysts forecast that Neurogene Inc. will post -5.62 EPS for the current year.

Neurogene Profile

Neurogene, Inc is a clinical‐stage biotechnology company specializing in the development of gene therapies for rare neurological diseases. The company's lead platform employs adeno‐associated virus (AAV) vectors designed to deliver functional copies of disease-causing genes directly to the central nervous system. Neurogene's pipeline focuses on inherited lysosomal storage disorders, including investigational programs for GM1 and GM2 gangliosidoses, with additional preclinical efforts targeting other monogenic neurodegenerative conditions.

Neurogene's proprietary AAV9‐based delivery system has been engineered to cross the blood-brain barrier, aiming to provide durable gene expression in affected tissues.

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