RTW Investments LP Buys 215,000 Shares of Neurogene Inc. (NASDAQ:NGNE)

RTW Investments LP raised its holdings in Neurogene Inc. (NASDAQ:NGNE - Free Report) by 18.9% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 1,350,256 shares of the company's stock after acquiring an additional 215,000 shares during the quarter. RTW Investments LP owned 9.09% of Neurogene worth $30,867,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in NGNE. Barclays PLC boosted its stake in Neurogene by 319.4% in the 3rd quarter. Barclays PLC now owns 14,859 shares of the company's stock worth $623,000 after buying an additional 11,316 shares during the last quarter. Wellington Management Group LLP lifted its stake in shares of Neurogene by 18.7% in the fourth quarter. Wellington Management Group LLP now owns 21,717 shares of the company's stock worth $496,000 after acquiring an additional 3,427 shares in the last quarter. PNC Financial Services Group Inc. purchased a new position in shares of Neurogene during the 4th quarter valued at approximately $71,000. Rhumbline Advisers grew its holdings in Neurogene by 9.2% during the 4th quarter. Rhumbline Advisers now owns 15,704 shares of the company's stock worth $359,000 after acquiring an additional 1,326 shares in the last quarter. Finally, Mariner LLC acquired a new position in shares of Neurogene in the 4th quarter valued at about $239,000. 52.37% of the stock is owned by institutional investors and hedge funds.

Neurogene Stock Down 6.1%

NGNE traded down $1.14 during trading on Wednesday, hitting $17.42. The company's stock had a trading volume of 45,545 shares, compared to its average volume of 241,250. The stock has a market capitalization of $248.37 million, a price-to-earnings ratio of -4.04 and a beta of 1.56. The firm's 50 day moving average price is $13.56 and its two-hundred day moving average price is $20.12. Neurogene Inc. has a 12 month low of $6.88 and a 12 month high of $74.49.

Neurogene (NASDAQ:NGNE - Get Free Report) last released 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). On average, sell-side analysts forecast that Neurogene Inc. will post -4.27 earnings per share for the current year.

Insider Buying and Selling

In related news, CFO Christine Mikail Cvijic sold 4,501 shares of the business's stock in a transaction that occurred on Thursday, March 13th. The shares were sold at an average price of $16.94, for a total transaction of $76,246.94. Following the completion of the sale, the chief financial officer now directly owns 72,343 shares of the company's stock, valued at $1,225,490.42. The trade was a 5.86% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Stuart Cobb sold 6,797 shares of the stock in a transaction that occurred 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 completion of the transaction, the insider now owns 20,794 shares in the company, valued at $315,029.10. This represents a 24.63% decrease in their ownership of the stock. The disclosure for this sale can be found here. 9.92% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several equities analysts have commented on NGNE shares. HC Wainwright lowered 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. William Blair restated an "outperform" rating on shares of Neurogene in a report on Tuesday, March 25th. BMO Capital Markets raised their price target on shares of Neurogene from $16.00 to $22.00 and gave the stock an "outperform" rating in a report on Tuesday. Robert W. Baird downgraded Neurogene from an "outperform" rating to a "neutral" rating and lowered their target price for the company from $38.00 to $24.00 in a research note on Friday, May 16th. Finally, Baird R W cut Neurogene from a "strong-buy" rating to a "hold" rating in a research note on Friday, May 16th. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $44.60.

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.