HC Wainwright Reiterates Buy Rating for Neurogene (NASDAQ:NGNE)

Key Points

• HC Wainwright has reiterated a buy rating for Neurogene (NASDAQ:NGNE) with a price objective of $45.00, suggesting a potential upside of 58.14% from the current price.
• Neurogene's stock has experienced significant volatility, recently rising 10.2% to $28.46 after a previous 44% drop.
• The company reported earnings per share of ($1.05), beating analyst expectations, and holds an average rating of Moderate Buy from multiple research analysts.

Neurogene (NASDAQ:NGNE - Get Free Report)'s stock had its "buy" rating restated by investment analysts at HC Wainwright in a report issued on Thursday,Benzinga reports. They presently have a $45.00 price objective on the stock. HC Wainwright's target price would indicate a potential upside of 58.14% from the stock's current price.

NGNE has been the topic of a number of other research reports. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Neurogene in a research report on Wednesday. Craig Hallum initiated coverage on shares of Neurogene in a research report on Tuesday, June 17th. They issued a "buy" rating and a $50.00 price objective on the stock. Finally, BMO Capital Markets reaffirmed an "outperform" rating and issued a $26.00 price objective (up previously from $22.00) on shares of Neurogene in a research report on Thursday, June 12th. Six equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $46.17.

Neurogene Stock Up 10.2%

Shares of Neurogene stock traded up $2.63 on Thursday, reaching $28.46. The stock had a trading volume of 72,582 shares, compared to its average volume of 218,540. The company has a 50 day moving average price of $19.72 and a 200 day moving average price of $17.79. Neurogene has a 1 year low of $6.88 and a 1 year high of $74.49. The stock has a market capitalization of $406.11 million, a P/E ratio of -6.54 and a beta of 1.58.

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

Institutional Trading of Neurogene

Institutional investors have recently bought and sold shares of the stock. Nuveen LLC acquired a new stake in Neurogene in the 1st quarter worth approximately $322,000. Wellington Management Group LLP boosted its stake in Neurogene by 58.5% in the 1st quarter. Wellington Management Group LLP now owns 34,421 shares of the company's stock worth $403,000 after purchasing an additional 12,704 shares in the last quarter. GAMMA Investing LLC lifted its stake in Neurogene by 2,985.1% during the 1st quarter. GAMMA Investing LLC now owns 4,134 shares of the company's stock valued at $48,000 after acquiring an additional 4,000 shares during the period. Bank of New York Mellon Corp lifted its stake in Neurogene by 8.2% during the 1st quarter. Bank of New York Mellon Corp now owns 24,445 shares of the company's stock valued at $286,000 after acquiring an additional 1,844 shares during the period. Finally, EntryPoint Capital LLC acquired a new stake in Neurogene during the 1st quarter valued at approximately $148,000. 52.37% of the stock is currently owned by institutional investors and hedge funds.

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.

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