BMO Capital Markets Lowers Neurogene (NASDAQ:NGNE) Price Target to $16.00

Neurogene (NASDAQ:NGNE) had its price objective decreased by BMO Capital Markets from $45.00 to $16.00 in a research note issued to investors on Monday morning,Benzinga reports. BMO Capital Markets currently has an outperform rating on the stock.

A number of other equities research analysts also recently weighed in on NGNE. Robert W. Baird set a $38.00 price objective on Neurogene in a research report on Tuesday, March 25th. HC Wainwright lowered their price target on shares of Neurogene from $55.00 to $50.00 and set a “buy” rating on the stock in a report on Tuesday, March 25th. Finally, William Blair reiterated an “outperform” rating on shares of Neurogene in a research note on Tuesday, March 25th. Seven investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Buy” and an average price target of $47.20.

Neurogene Stock Performance

Shares of NGNE opened at $10.89 on Monday. The company has a 50 day moving average price of $15.04 and a 200-day moving average price of $25.90. Neurogene has a fifty-two week low of $6.88 and a fifty-two week high of $74.49. The stock has a market capitalization of $162.59 million, a PE ratio of -2.55 and a beta of 1.46.

Neurogene (NASDAQ:NGNE) last issued 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 business had revenue of $0.93 million during the quarter. Equities research analysts forecast that Neurogene will post -4.27 EPS for the current year.

Insider Transactions at Neurogene

In other news, CFO Christine Mikail Cvijic sold 4,501 shares of Neurogene stock in a transaction 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 in the company, valued at approximately $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 accessible through the SEC website. Insiders own 9.92% of the company’s stock.

Hedge Funds Weigh In On Neurogene

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. grew its stake in Neurogene by 2.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 30,317 shares of the company’s stock valued at $1,272,000 after purchasing an additional 741 shares during the last quarter. Virtus ETF Advisers LLC boosted its position in Neurogene by 45.1% in the fourth quarter. Virtus ETF Advisers LLC now owns 3,183 shares of the company’s stock valued at $73,000 after buying an additional 989 shares during the last quarter. Rhumbline Advisers increased its holdings in Neurogene by 9.2% in the 4th quarter. Rhumbline Advisers now owns 15,704 shares of the company’s stock worth $359,000 after buying an additional 1,326 shares during the period. Wells Fargo & Company MN raised its position in Neurogene by 34.5% during the 4th quarter. Wells Fargo & Company MN now owns 5,444 shares of the company’s stock worth $124,000 after buying an additional 1,397 shares during the last quarter. Finally, BNP Paribas Financial Markets lifted its stake 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 acquiring an additional 1,429 shares during the period. Hedge funds and other institutional investors own 52.37% of the company’s stock.

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.