Neurogene Inc. (NASDAQ:NGNE) Receives Average Rating of "Moderate Buy" from Brokerages

Neurogene Inc. (NASDAQ:NGNE - Get Free Report) has earned a consensus rating of "Moderate Buy" from the seven brokerages that are presently covering the company, MarketBeat.com reports. Two research analysts have rated the stock with a hold recommendation and five have issued a buy recommendation on the company. The average 12 month price objective among analysts that have issued a report on the stock in the last year is $44.60.

A number of equities research analysts have weighed in on NGNE shares. William Blair reiterated an "outperform" rating on shares of Neurogene in a report on Tuesday, March 25th. Robert W. Baird lowered shares of Neurogene from an "outperform" rating to a "neutral" rating and lowered their price objective for the company from $38.00 to $24.00 in a research note on Friday, May 16th. HC Wainwright cut their target price on shares of Neurogene from $50.00 to $45.00 and set a "buy" rating on the stock in a research note on Tuesday, May 13th. Baird R W cut shares of Neurogene from a "strong-buy" rating to a "hold" rating in a report on Friday, May 16th. Finally, BMO Capital Markets upped their price objective on shares of Neurogene from $16.00 to $22.00 and gave the company an "outperform" rating in a report on Tuesday, May 20th.

Neurogene Stock Down 4.8%

Shares of NASDAQ NGNE opened at $21.83 on Friday. The company has a market capitalization of $311.34 million, a PE ratio of -5.02 and a beta of 1.57. Neurogene has a twelve month low of $6.88 and a twelve month high of $74.49. The firm has a fifty day simple moving average of $14.67 and a 200 day simple moving average of $17.59.

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 the consensus estimate of ($1.05) by ($0.03). As a group, equities analysts expect that Neurogene will post -4.27 earnings per share for the current fiscal year.

Insider Activity at Neurogene

In other news, insider Stuart Cobb sold 6,797 shares of Neurogene stock in a transaction dated 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 now directly owns 20,794 shares in the company, valued at $315,029.10. This trade represents a 24.63% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Christine Mikail Cvijic sold 4,501 shares of the business's stock in a transaction dated Thursday, March 13th. The stock was sold at an average price of $16.94, for a total transaction of $76,246.94. Following the sale, the chief financial officer now directly owns 72,343 shares of the company's stock, valued at approximately $1,225,490.42. The trade was a 5.86% decrease in their ownership of the stock. The disclosure for this sale can be found here. 11.64% of the stock is currently owned by insiders.

Institutional Trading of Neurogene

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in NGNE. PNC Financial Services Group Inc. purchased a new position in shares of Neurogene during the fourth quarter valued at approximately $71,000. Virtus ETF Advisers LLC lifted its stake in Neurogene by 45.1% during the 4th quarter. Virtus ETF Advisers LLC now owns 3,183 shares of the company's stock valued at $73,000 after acquiring an additional 989 shares in the last quarter. GAMMA Investing LLC boosted its holdings in Neurogene by 2,985.1% during the 1st quarter. GAMMA Investing LLC now owns 4,134 shares of the company's stock worth $48,000 after acquiring an additional 4,000 shares during the last quarter. Wells Fargo & Company MN grew its stake in shares of Neurogene by 34.5% in the 4th quarter. Wells Fargo & Company MN now owns 5,444 shares of the company's stock worth $124,000 after acquiring an additional 1,397 shares in the last quarter. Finally, Corebridge Financial Inc. raised its holdings in shares of Neurogene by 13.8% in the first quarter. Corebridge Financial Inc. now owns 5,826 shares of the company's stock valued at $68,000 after purchasing an additional 705 shares during the last quarter. 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.

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