Brokerages Set Neurogene Inc. (NASDAQ:NGNE) Target Price at $46.17

Key Points

• Neurogene Inc. (NASDAQ:NGNE) has received a consensus rating of "Moderate Buy" from eight ratings firms, with six recommending a buy and two a hold.
• The average 1-year price target among analysts for Neurogene is $46.17, reflecting a mixed outlook after several recent rating changes.
• Insider transactions reveal that Stuart Cobb sold 6,797 shares at an average price of $15.15, reducing their ownership by 24.63% in the company.

Shares of Neurogene Inc. (NASDAQ:NGNE - Get Free Report) have received an average rating of "Moderate Buy" from the eight analysts that are currently covering the firm, Marketbeat.com reports. Two analysts have rated the stock with a hold recommendation and six have given a buy recommendation to the company. The average 1 year price target among brokerages that have issued a report on the stock in the last year is $46.17.

NGNE has been the subject of several research reports. BMO Capital Markets reaffirmed an "outperform" rating and issued a $26.00 price target (up previously from $22.00) on shares of Neurogene in a research report on Thursday, June 12th. Craig Hallum began coverage on Neurogene in a research note on Tuesday, June 17th. They issued a "buy" rating and a $50.00 price target for the company. Robert W. Baird lowered Neurogene from an "outperform" rating to a "neutral" rating and cut their price objective for the stock from $38.00 to $24.00 in a research note on Friday, May 16th. Baird R W lowered Neurogene from a "strong-buy" rating to a "hold" rating in a report on Friday, May 16th. Finally, HC Wainwright lowered their price target on shares of Neurogene from $50.00 to $45.00 and set a "buy" rating on the stock in a research report on Tuesday, May 13th.

Neurogene Stock Down 1.9%

NASDAQ:NGNE traded down $0.42 during trading hours on Monday, hitting $21.46. 30,065 shares of the stock traded hands, compared to its average volume of 238,505. The stock has a 50 day moving average price of $19.86 and a 200 day moving average price of $16.92. The company has a market cap of $305.95 million, a price-to-earnings ratio of -4.93 and a beta of 1.51. Neurogene has a 1 year low of $6.88 and a 1 year high of $74.49.

Neurogene (NASDAQ:NGNE - Get Free Report) last posted its quarterly earnings data on Friday, May 9th. The company reported ($1.08) earnings per share for the quarter, missing analysts' consensus estimates of ($1.05) by ($0.03). Equities analysts forecast that Neurogene will post -4.27 earnings per share for the current fiscal year.

Insider Activity at Neurogene

In other Neurogene news, insider Stuart Cobb sold 6,797 shares of the stock in a transaction 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 transaction, the insider directly owned 20,794 shares in the company, valued at $315,029.10. This represents a 24.63% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 11.64% of the company's stock.

Institutional Trading of Neurogene

Large investors have recently added to or reduced their stakes in the business. Virtus ETF Advisers LLC lifted its position in shares of Neurogene by 45.1% during the 4th quarter. Virtus ETF Advisers LLC now owns 3,183 shares of the company's stock worth $73,000 after buying an additional 989 shares during the period. GAMMA Investing LLC lifted its holdings in shares of Neurogene by 2,985.1% in 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 in the last quarter. Wells Fargo & Company MN raised its position in Neurogene by 34.5% in the 4th quarter. Wells Fargo & Company MN now owns 5,444 shares of the company's stock valued at $124,000 after buying an additional 1,397 shares during the last quarter. Corebridge Financial Inc. grew its stake in shares of Neurogene by 13.8% during the 1st quarter. Corebridge Financial Inc. now owns 5,826 shares of the company's stock worth $68,000 after acquiring an additional 705 shares in the last quarter. Finally, AlphaQuest LLC bought a new stake in shares of Neurogene in the first quarter worth $77,000. 52.37% of the stock is owned by institutional investors.

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.