Neurogene Inc. (NASDAQ:NGNE) Receives $46.17 Consensus Target Price from Brokerages

Key Points

• Neurogene Inc. (NASDAQ:NGNE) has received a consensus rating of "Moderate Buy", with 6 analysts recommending buy and 2 recommending hold.
• The company's average 12-month price target among brokers stands at $46.17, despite recent downgrades affecting its stock ratings and price objectives.
• Neurogene aims to develop genetic medicines for rare neurological diseases, currently with candidates in clinical trials for conditions such as Rett syndrome and CLN5 Batten disease.

Neurogene Inc. (NASDAQ:NGNE - Get Free Report) has earned a consensus rating of "Moderate Buy" from the eight brokerages that are covering the stock, Marketbeat Ratings reports. Two equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. The average 1-year price target among analysts that have issued a report on the stock in the last year is $46.1667.

A number of brokerages recently weighed in on NGNE. Craig Hallum began coverage on shares of Neurogene in a report on Tuesday, June 17th. They set a "buy" rating and a $50.00 target price for the company. BMO Capital Markets restated an "outperform" rating and set a $26.00 target price (up from $22.00) on shares of Neurogene in a report on Thursday, June 12th. Robert W. Baird cut shares of Neurogene from an "outperform" rating to a "neutral" rating and reduced their target price for the stock from $38.00 to $24.00 in a report on Friday, May 16th. HC Wainwright reduced their target price on shares of Neurogene from $50.00 to $45.00 and set a "buy" rating for the company in a report on Tuesday, May 13th. Finally, Baird R W cut shares of Neurogene from a "strong-buy" rating to a "hold" rating in a report on Friday, May 16th.

Institutional Trading of Neurogene

A number of large investors have recently added to or reduced their stakes in NGNE. GAMMA Investing LLC boosted its stake in 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 purchasing an additional 4,000 shares during the period. PNC Financial Services Group Inc. boosted its stake in Neurogene by 43.6% in the 2nd quarter. PNC Financial Services Group Inc. now owns 4,055 shares of the company's stock worth $61,000 after purchasing an additional 1,232 shares during the period. Corebridge Financial Inc. boosted its stake in Neurogene by 13.8% in the 1st quarter. Corebridge Financial Inc. now owns 5,826 shares of the company's stock worth $68,000 after purchasing an additional 705 shares during the period. Virtus ETF Advisers LLC boosted its stake in Neurogene by 45.1% in the 4th quarter. Virtus ETF Advisers LLC now owns 3,183 shares of the company's stock worth $73,000 after purchasing an additional 989 shares during the period. Finally, AlphaQuest LLC acquired a new position in Neurogene in the 1st quarter worth approximately $77,000. 52.37% of the stock is currently owned by institutional investors.

Neurogene Price Performance

Shares of NASDAQ NGNE traded down $0.33 during mid-day trading on Friday, reaching $19.69. 87,974 shares of the company traded hands, compared to its average volume of 116,150. Neurogene has a fifty-two week low of $6.88 and a fifty-two week high of $74.49. The firm has a market cap of $280.98 million, a PE ratio of -4.57 and a beta of 1.69. The stock has a fifty day simple moving average of $20.36 and a 200-day simple moving average of $17.36.

Neurogene (NASDAQ:NGNE - Get Free Report) last posted 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. As a group, analysts predict that Neurogene will post -4.27 EPS 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.