Neurogene Inc. (NASDAQ:NGNE) Receives $59.80 Consensus Target Price from Analysts

Neurogene Inc. (NASDAQ:NGNE) has been given an average recommendation of “Buy” by the eight research firms that are currently covering the firm, Marketbeat Ratings reports. Seven equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. The average 12 month target price among brokerages that have updated their coverage on the stock in the last year is $59.80.

NGNE has been the topic of a number of research reports. William Blair restated an “outperform” rating on shares of Neurogene in a research report on Tuesday, March 25th. 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, March 25th.

Neurogene Stock Performance

Neurogene stock opened at $14.52 on Tuesday. The stock has a fifty day moving average of $16.88 and a 200-day moving average of $28.76. The stock has a market capitalization of $215.69 million, a P/E ratio of -3.40 and a beta of 1.01. Neurogene has a 52 week low of $13.47 and a 52 week high of $74.49.

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

Insiders Place Their Bets

In related news, CFO Christine Mikail Cvijic sold 4,501 shares of the company’s stock in a transaction dated Thursday, March 13th. The shares were sold at an average price of $16.94, for a total value of $76,246.94. Following the sale, the chief financial officer now owns 72,343 shares in the company, valued at $1,225,490.42. This represents a 5.86 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 9.92% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Neurogene

A number of hedge funds and other institutional investors have recently modified their holdings of NGNE. Barclays PLC grew its holdings in Neurogene by 319.4% during the third quarter. Barclays PLC now owns 14,859 shares of the company’s stock valued at $623,000 after purchasing an additional 11,316 shares during the period. FMR LLC grew its stake in shares of Neurogene by 912.4% during the 3rd quarter. FMR LLC now owns 731,801 shares of the company’s stock worth $30,706,000 after acquiring an additional 659,515 shares during the period. Franklin Resources Inc. purchased a new position in shares of Neurogene in the third quarter worth about $296,000. State Street Corp raised its holdings in Neurogene by 17.5% during the 3rd quarter. State Street Corp now owns 246,540 shares of the company’s stock valued at $10,345,000 after acquiring an additional 36,687 shares during the period. Finally, Jane Street Group LLC purchased a new position in shares of Neurogene in the third quarter valued at $324,000. Hedge funds and other institutional investors own 52.37% 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.