Wellington Management Group LLP Purchases New Shares in Neurogene Inc. $NGNE

Key Points

• Wellington Management bought 31,393 Neurogene shares worth approximately $987,000, gaining a 0.16% stake. Institutional investors and hedge funds collectively own 52.37% of the company.
• Analysts maintain a generally positive view, with one Strong Buy, four Buy, and one Sell rating. Neurogene has a “Moderate Buy” consensus and an average price target of $83.67, despite several recent target reductions.
• Neurogene reported a quarterly loss of $1.53 per share, missing estimates by $0.11. The stock opened at $35.48, while its 52-week range is $15.93 to $43.66.

Wellington Management Group LLP purchased a new position in shares of Neurogene Inc. (NASDAQ:NGNE - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 31,393 shares of the company's stock, valued at approximately $987,000. Wellington Management Group LLP owned 0.16% of Neurogene at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the company. BlackRock Inc. purchased a new position in Neurogene in the 2nd quarter valued at about $33,274,000. Trails Edge Capital Partners LP acquired a new position in shares of Neurogene in the second quarter worth about $22,483,133. Balyasny Asset Management L.P. acquired a new position in shares of Neurogene in the third quarter worth about $12,114,000. State Street Corp boosted its holdings in Neurogene by 47.8% in the fourth quarter. State Street Corp now owns 307,797 shares of the company's stock valued at $6,341,000 after purchasing an additional 99,487 shares during the last quarter. Finally, Geode Capital Management LLC boosted its holdings in Neurogene by 1.3% in the fourth quarter. Geode Capital Management LLC now owns 249,695 shares of the company's stock valued at $5,145,000 after purchasing an additional 3,262 shares during the last quarter. Institutional investors and hedge funds own 52.37% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on NGNE shares. Guggenheim raised their price objective on Neurogene from $69.00 to $81.00 and gave the company a "buy" rating in a research note on Wednesday, August 12th. Canaccord Genuity Group reduced their target price on Neurogene from $180.00 to $166.00 and set a "buy" rating for the company in a research note on Wednesday, August 12th. Weiss Ratings reissued a "sell (d-)" rating on shares of Neurogene in a research report on Friday, July 17th. HC Wainwright dropped their price target on shares of Neurogene from $70.00 to $65.00 and set a "buy" rating for the company in a research note on Wednesday, August 12th. Finally, Rodman & Renshaw began coverage on shares of Neurogene in a report on Wednesday, June 3rd. They issued a "buy" rating and a $70.00 price target on the stock. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat, Neurogene has an average rating of "Moderate Buy" and an average target price of $83.67.

Neurogene Stock Performance

NASDAQ NGNE opened at $35.48 on Friday. Neurogene Inc. has a one year low of $15.93 and a one year high of $43.66. The company has a 50-day simple moving average of $36.83 and a 200-day simple moving average of $29.70. The firm has a market capitalization of $709.95 million, a PE ratio of -7.05 and a beta of 1.69.

Neurogene (NASDAQ:NGNE - Get Free Report) last announced its quarterly earnings data 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). Equities analysts forecast that Neurogene Inc. will post -5.62 earnings per share for the current year.

Insider Activity at Neurogene

In other 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 transaction of $151,746.00. Following the sale, the chief financial officer directly owned 84,040 shares in the company, valued at approximately $3,036,365.20. This represents a 4.76% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 9,600 shares of company stock worth $339,932 over the last three months. 11.68% of the stock is currently owned by corporate insiders.

About Neurogene

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.

Want to see what other hedge funds are holding NGNE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Neurogene Inc. (NASDAQ:NGNE - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.