Analysts Set Neurogene Inc. (NASDAQ:NGNE) PT at $47.20

Shares of Neurogene Inc. (NASDAQ:NGNE - Get Free Report) have been assigned an average rating of "Buy" from the eight research firms that are currently covering the stock, Marketbeat Ratings reports. Seven analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. The average 1-year target price among brokers that have updated their coverage on the stock in the last year is $47.20.

Several brokerages have recently commented on NGNE. BMO Capital Markets reduced their price objective on shares of Neurogene from $45.00 to $16.00 and set an "outperform" rating for the company in a research report on Monday, April 14th. William Blair reiterated an "outperform" rating on shares of Neurogene in a report on Tuesday, March 25th. Robert W. Baird set a $38.00 target price on Neurogene in a research report on Tuesday, March 25th. Finally, HC Wainwright cut their price target on Neurogene from $55.00 to $50.00 and set a "buy" rating on the stock in a report on Tuesday, March 25th.

Neurogene Stock Performance

Shares of Neurogene stock traded down $0.44 during trading on Friday, reaching $15.00. 59,077 shares of the company's stock were exchanged, compared to its average volume of 227,808. The company has a market cap of $223.95 million, a P/E ratio of -3.51 and a beta of 1.46. The firm's 50-day moving average price is $14.04 and its 200 day moving average price is $24.64. Neurogene has a 1-year low of $6.88 and a 1-year high of $74.49.

Neurogene (NASDAQ:NGNE - Get Free Report) last issued its quarterly earnings data on Monday, March 24th. The company reported ($0.99) earnings per share for the quarter, topping the consensus estimate of ($1.04) by $0.05. The business had revenue of $0.93 million during the quarter. As a group, equities research analysts predict that Neurogene will post -4.27 EPS for the current year.

Insider Activity

In other Neurogene news, CFO Christine Mikail Cvijic sold 4,501 shares of Neurogene 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 in the company, valued at $1,225,490.42. The trade was a 5.86 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 9.92% of the company's stock.

Hedge Funds Weigh In On Neurogene

A number of institutional investors have recently made changes to their positions in NGNE. GAMMA Investing LLC increased its stake in Neurogene by 2,985.1% in the first quarter. GAMMA Investing LLC now owns 4,134 shares of the company's stock valued at $48,000 after acquiring an additional 4,000 shares during the last quarter. PNC Financial Services Group Inc. purchased a new position in shares of Neurogene during the 4th quarter valued at about $71,000. China Universal Asset Management Co. Ltd. bought a new stake in Neurogene in the 4th quarter worth approximately $72,000. Virtus ETF Advisers LLC boosted its stake in Neurogene by 45.1% in the fourth quarter. Virtus ETF Advisers LLC now owns 3,183 shares of the company's stock worth $73,000 after buying an additional 989 shares in the last quarter. Finally, Wells Fargo & Company MN grew its position in Neurogene by 34.5% during the fourth quarter. Wells Fargo & Company MN now owns 5,444 shares of the company's stock valued at $124,000 after acquiring an additional 1,397 shares during the last quarter. 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.