Neurogene (NASDAQ:NGNE) Coverage Initiated at Craig Hallum

Investment analysts at Craig Hallum initiated coverage on shares of Neurogene (NASDAQ:NGNE - Get Free Report) in a research report issued to clients and investors on Tuesday,Briefing.com Automated Import reports. The brokerage set a "buy" rating and a $50.00 price target on the stock. Craig Hallum's price target indicates a potential upside of 163.57% from the stock's previous close.

Several other equities research analysts have also issued reports on NGNE. Baird R W lowered shares of Neurogene from a "strong-buy" rating to a "hold" rating in a research note on Friday, May 16th. William Blair reaffirmed an "outperform" rating on shares of Neurogene in a research report on Tuesday, March 25th. BMO Capital Markets reissued an "outperform" rating and set a $26.00 price objective (up previously from $22.00) on shares of Neurogene in a report on Thursday, June 12th. HC Wainwright reduced their target price on Neurogene from $50.00 to $45.00 and set a "buy" rating for the company in a report on Tuesday, May 13th. Finally, Robert W. Baird lowered shares of Neurogene from an "outperform" rating to a "neutral" rating and cut their target price for the stock from $38.00 to $24.00 in a research report on Friday, May 16th. Two investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat.com, Neurogene presently has an average rating of "Moderate Buy" and an average price target of $46.17.

Neurogene Price Performance

Shares of NGNE stock opened at $18.97 on Tuesday. The firm has a market cap of $270.55 million, a P/E ratio of -4.36 and a beta of 1.57. Neurogene has a fifty-two week low of $6.88 and a fifty-two week high of $74.49. The stock's 50-day moving average is $16.07 and its two-hundred day moving average is $17.43.

Neurogene (NASDAQ:NGNE - Get Free Report) last posted its 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). As a group, research analysts expect that Neurogene will post -4.27 EPS for the current year.

Insider Buying and Selling at Neurogene

In other Neurogene news, insider Stuart Cobb sold 6,797 shares of the firm's 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 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 document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 11.64% of the company's stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Neurogene by 17.9% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 6,983 shares of the company's stock worth $82,000 after acquiring an additional 1,059 shares during the last quarter. ADAR1 Capital Management LLC bought a new stake in Neurogene during the 1st quarter worth about $327,000. Baker BROS. Advisors LP lifted its position in Neurogene by 120.4% during the 1st quarter. Baker BROS. Advisors LP now owns 1,486,200 shares of the company's stock valued at $17,403,000 after purchasing an additional 811,750 shares during the period. Corebridge Financial Inc. boosted its stake in shares of Neurogene by 13.8% in the 1st 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. Finally, Walleye Capital LLC grew its position in shares of Neurogene by 25.7% during the 1st quarter. Walleye Capital LLC now owns 94,083 shares of the company's stock worth $1,102,000 after buying an additional 19,247 shares during the period. 52.37% of the stock is currently owned by institutional investors and hedge funds.

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.

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