Neurogene Inc. (NASDAQ:NGNE) Given Average Rating of "Moderate Buy" by Analysts

Shares of Neurogene Inc. (NASDAQ:NGNE - Get Free Report) have received a consensus rating of "Moderate Buy" from the eight ratings firms that are covering the company, MarketBeat Ratings reports. Two investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. The average 12 month price target among brokers that have covered the stock in the last year is $46.17.

A number of equities analysts recently commented on the stock. Craig Hallum assumed coverage on shares of Neurogene in a research note on Tuesday, June 17th. They issued a "buy" rating and a $50.00 price objective for the company. William Blair reissued an "outperform" rating on shares of Neurogene in a research note on Tuesday, March 25th. Robert W. Baird downgraded shares of Neurogene from an "outperform" rating to a "neutral" rating and reduced their price objective for the stock from $38.00 to $24.00 in a research note on Friday, May 16th. BMO Capital Markets reissued an "outperform" rating and issued a $26.00 price objective (up previously from $22.00) on shares of Neurogene in a research note on Thursday, June 12th. Finally, HC Wainwright reduced their price objective on shares of Neurogene from $50.00 to $45.00 and set a "buy" rating for the company in a research note on Tuesday, May 13th.

Neurogene Trading Up 1.5%

Shares of NASDAQ NGNE traded up $0.30 during trading hours on Thursday, reaching $20.05. The stock had a trading volume of 75,550 shares, compared to its average volume of 251,325. The firm has a market cap of $285.84 million, a price-to-earnings ratio of -4.61 and a beta of 1.51. The business's fifty day moving average price is $17.77 and its two-hundred day moving average price is $16.96. Neurogene has a 52-week low of $6.88 and a 52-week high of $74.49.

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

Insider Activity

In other news, insider Stuart Cobb sold 6,797 shares of the company's stock in a transaction on Wednesday, May 14th. The stock was 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 of the company's stock, valued at approximately $315,029.10. This represents a 24.63% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 11.64% of the company's stock.

Hedge Funds Weigh In On Neurogene

Large investors have recently made changes to their positions in the business. PNC Financial Services Group Inc. acquired a new position in shares of Neurogene during the fourth quarter worth $71,000. Virtus ETF Advisers LLC increased its position in shares of Neurogene by 45.1% during the fourth quarter. Virtus ETF Advisers LLC now owns 3,183 shares of the company's stock worth $73,000 after purchasing an additional 989 shares in the last quarter. GAMMA Investing LLC increased its position in shares of Neurogene by 2,985.1% during the first quarter. GAMMA Investing LLC now owns 4,134 shares of the company's stock worth $48,000 after purchasing an additional 4,000 shares in the last quarter. Wells Fargo & Company MN increased its position in shares of Neurogene by 34.5% during the fourth quarter. Wells Fargo & Company MN now owns 5,444 shares of the company's stock worth $124,000 after purchasing an additional 1,397 shares in the last quarter. Finally, Corebridge Financial Inc. grew its holdings in shares of Neurogene by 13.8% during the first quarter. Corebridge Financial Inc. now owns 5,826 shares of the company's stock valued at $68,000 after buying an additional 705 shares during the last quarter. 52.37% of the stock is 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.