PNC Financial Services Group Inc. Buys New Stake in Neurogene Inc. (NASDAQ:NGNE)

PNC Financial Services Group Inc. purchased a new position in shares of Neurogene Inc. (NASDAQ:NGNE) in the fourth quarter, HoldingsChannel reports. The institutional investor purchased 3,126 shares of the company’s stock, valued at approximately $71,000.

Several other large investors have also recently added to or reduced their stakes in NGNE. China Universal Asset Management Co. Ltd. purchased a new stake in shares of Neurogene during the fourth quarter valued at approximately $72,000. BNP Paribas Financial Markets grew its holdings in Neurogene by 192.8% during the 3rd quarter. BNP Paribas Financial Markets now owns 2,170 shares of the company’s stock valued at $91,000 after purchasing an additional 1,429 shares in the last quarter. MetLife Investment Management LLC acquired a new stake in Neurogene during the 3rd quarter valued at $254,000. Franklin Resources Inc. purchased a new stake in Neurogene during the 3rd quarter worth $296,000. Finally, M&T Bank Corp acquired a new position in Neurogene in the 4th quarter worth $323,000. 52.37% of the stock is currently owned by institutional investors and hedge funds.

Neurogene Price Performance

NASDAQ NGNE opened at $16.14 on Thursday. The company has a 50 day simple moving average of $16.97 and a 200-day simple moving average of $29.06. Neurogene Inc. has a 52-week low of $13.47 and a 52-week high of $74.49. The firm has a market capitalization of $239.76 million, a price-to-earnings ratio of -3.78 and a beta of 1.01.

Neurogene (NASDAQ:NGNE) last released its quarterly earnings data on Monday, March 24th. The company reported ($0.99) EPS for the quarter, topping analysts’ consensus estimates of ($1.04) by $0.05. The firm had revenue of $0.93 million during the quarter. On average, analysts predict that Neurogene Inc. will post -4.27 EPS for the current year.

Analysts Set New Price Targets

Several research firms have issued reports on NGNE. William Blair restated an “outperform” rating on shares of Neurogene in a report on Tuesday. HC Wainwright dropped their price target on shares of Neurogene from $55.00 to $50.00 and set a “buy” rating for the company in a research note on Tuesday. Seven equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $59.80.

Insider Buying and Selling at Neurogene

In other news, CFO Christine Mikail Cvijic sold 4,501 shares of the firm’s stock in a transaction dated 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 transaction, the chief financial officer now directly owns 72,343 shares of the company’s stock, valued at approximately $1,225,490.42. This trade represents a 5.86 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 9.92% of the company’s stock.

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.