BMO Capital Markets Cuts Neurogene (NASDAQ:NGNE) Price Target to $60.00

Neurogene (NASDAQ:NGNE) had its price target lowered by BMO Capital Markets from $65.00 to $60.00 in a report published on Tuesday,Benzinga reports. The firm currently has an outperform rating on the stock.

Several other analysts have also issued reports on the company. Leerink Partners boosted their target price on Neurogene from $45.00 to $72.00 and gave the company an “outperform” rating in a research note on Tuesday. Robert W. Baird upped their price objective on shares of Neurogene from $54.00 to $72.00 and gave the company an “outperform” rating in a report on Tuesday. Finally, HC Wainwright lifted their target price on shares of Neurogene from $49.00 to $55.00 and gave the stock a “buy” rating in a research note on Tuesday. Eight investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Buy” and a consensus target price of $63.33.

Neurogene Stock Down 5.9 %

NGNE traded down $2.31 during midday trading on Tuesday, reaching $36.89. The company had a trading volume of 144,574 shares, compared to its average volume of 139,768. Neurogene has a 12-month low of $12.49 and a 12-month high of $74.49. The business has a 50-day moving average price of $47.11 and a two-hundred day moving average price of $40.11.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the company. FMR LLC raised its position in shares of Neurogene by 912.4% in the third quarter. FMR LLC now owns 731,801 shares of the company’s stock worth $30,706,000 after buying an additional 659,515 shares in the last quarter. Vanguard Group Inc. increased its stake in Neurogene by 906.5% in the 1st quarter. Vanguard Group Inc. now owns 507,483 shares of the company’s stock worth $25,831,000 after acquiring an additional 457,062 shares during the last quarter. Baker BROS. Advisors LP raised its holdings in shares of Neurogene by 0.6% in the 1st quarter. Baker BROS. Advisors LP now owns 456,015 shares of the company’s stock valued at $23,211,000 after acquiring an additional 2,499 shares in the last quarter. Driehaus Capital Management LLC boosted its position in shares of Neurogene by 123.8% during the 2nd quarter. Driehaus Capital Management LLC now owns 102,187 shares of the company’s stock valued at $3,719,000 after acquiring an additional 56,533 shares during the last quarter. Finally, Jennison Associates LLC purchased a new position in shares of Neurogene during the third quarter worth about $3,300,000. 52.37% of the stock is currently owned by hedge funds and other institutional investors.

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.