Jennison Associates LLC Buys 35,488 Shares of Neurogene Inc. (NASDAQ:NGNE)

Jennison Associates LLC boosted its position in Neurogene Inc. (NASDAQ:NGNE - Free Report) by 48.9% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 108,084 shares of the company's stock after buying an additional 35,488 shares during the period. Jennison Associates LLC owned approximately 0.76% of Neurogene worth $1,266,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Two Sigma Investments LP acquired a new position in shares of Neurogene during the fourth quarter valued at about $472,000. PNC Financial Services Group Inc. acquired a new position in shares of Neurogene during the fourth quarter valued at about $71,000. Wellington Management Group LLP raised its holdings in shares of Neurogene by 18.7% during the fourth quarter. Wellington Management Group LLP now owns 21,717 shares of the company's stock valued at $496,000 after purchasing an additional 3,427 shares during the period. GAMMA Investing LLC raised its holdings in shares of Neurogene by 2,985.1% during the first quarter. GAMMA Investing LLC now owns 4,134 shares of the company's stock valued at $48,000 after purchasing an additional 4,000 shares during the period. Finally, Vestal Point Capital LP acquired a new position in shares of Neurogene during the fourth quarter valued at about $1,829,000. Institutional investors and hedge funds own 52.37% of the company's stock.

Insider Transactions at Neurogene

In other news, insider Stuart Cobb sold 6,797 shares of the stock in a transaction that occurred on Wednesday, May 14th. The shares were sold at an average price of $15.15, for a total transaction of $102,974.55. Following the completion of the transaction, the insider directly owned 20,794 shares of the company's stock, valued at $315,029.10. This represents a 24.63% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 11.64% of the company's stock.

Analysts Set New Price Targets

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

Neurogene Stock Down 2.5%

NGNE stock traded down $0.57 during trading on Friday, reaching $22.25. The stock had a trading volume of 12,741 shares, compared to its average volume of 241,404. Neurogene Inc. has a one year low of $6.88 and a one year high of $74.49. The company's 50 day moving average is $19.58 and its two-hundred day moving average is $16.90. The company has a market capitalization of $317.21 million, a price-to-earnings ratio of -5.11 and a beta of 1.51.

Neurogene (NASDAQ:NGNE - Get Free Report) last issued its quarterly earnings data 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, research analysts predict that Neurogene Inc. will post -4.27 earnings per share for the current fiscal year.

Neurogene Company 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.