Neurogene Inc. (NASDAQ:NGNE) Given Average Recommendation of “Buy” by Brokerages

Neurogene Inc. (NASDAQ:NGNE) has been given an average rating of “Buy” by the nine ratings firms that are covering the stock, MarketBeat reports. Eight research analysts have rated the stock with a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1-year price objective among brokers that have issued a report on the stock in the last year is $60.83.

A number of analysts have issued reports on the company. HC Wainwright reissued a “buy” rating and issued a $55.00 target price on shares of Neurogene in a research report on Monday, November 25th. Stifel Nicolaus increased their price target on shares of Neurogene from $44.00 to $60.00 and gave the stock a “buy” rating in a research note on Tuesday, November 12th. BMO Capital Markets cut their price target on shares of Neurogene from $60.00 to $45.00 and set an “outperform” rating for the company in a report on Wednesday, November 20th. William Blair restated an “outperform” rating on shares of Neurogene in a research note on Tuesday, November 19th. Finally, Leerink Partners upped their price target on shares of Neurogene from $45.00 to $72.00 and gave the stock an “outperform” rating in a research note on Tuesday, November 12th.

Insider Buying and Selling at Neurogene

In other Neurogene news, CEO Rachel Mcminn bought 47,500 shares of Neurogene stock in a transaction on Friday, November 22nd. The shares were purchased at an average cost of $20.40 per share, with a total value of $969,000.00. Following the acquisition, the chief executive officer now directly owns 1,297,859 shares of the company’s stock, valued at $26,476,323.60. The trade was a 3.80 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Samsara Biocapital Gp, Llc bought 48,770 shares of the firm’s stock in a transaction on Tuesday, November 26th. The shares were purchased at an average cost of $25.83 per share, with a total value of $1,259,729.10. Following the transaction, the insider now directly owns 1,717,127 shares in the company, valued at approximately $44,353,390.41. This trade represents a 2.92 % increase in their position. The disclosure for this purchase can be found here. Over the last ninety days, insiders acquired 120,270 shares of company stock valued at $2,720,249. Company insiders own 9.92% of the company’s stock.

Institutional Investors Weigh In On Neurogene

Institutional investors have recently made changes to their positions in the stock. Bank of New York Mellon Corp bought a new position in Neurogene in the 2nd quarter worth $1,107,000. Rhumbline Advisers purchased a new stake in shares of Neurogene during the 2nd quarter worth approximately $491,000. Quest Partners LLC purchased a new stake in shares of Neurogene in the second quarter valued at $55,000. Avoro Capital Advisors LLC bought a new stake in shares of Neurogene during the second quarter valued at approximately $802,000. Finally, Integral Health Asset Management LLC bought a new position in shares of Neurogene in the 2nd quarter worth $2,547,000. Hedge funds and other institutional investors own 52.37% of the company’s stock.

Neurogene Stock Down 2.1 %

Shares of NGNE opened at $23.20 on Thursday. The company has a 50 day simple moving average of $40.91 and a two-hundred day simple moving average of $38.89. Neurogene has a 1 year low of $12.49 and a 1 year high of $74.49.

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.