Brokerages Set Neurogene Inc. (NASDAQ:NGNE) Price Target at $60.83

Shares of Neurogene Inc. (NASDAQ:NGNE) have received an average recommendation of “Buy” from the nine ratings firms that are covering the firm, Marketbeat reports. Eight research analysts have rated the stock with a buy rating and one has issued a strong buy rating on the company. The average twelve-month target price among brokerages that have covered the stock in the last year is $60.83.

Several research analysts recently commented on NGNE shares. BMO Capital Markets reduced their price objective on Neurogene from $60.00 to $45.00 and set an “outperform” rating for the company in a research note on Wednesday, November 20th. Leerink Partners increased their target price on shares of Neurogene from $45.00 to $72.00 and gave the company an “outperform” rating in a research report on Tuesday, November 12th. Stifel Nicolaus boosted their price target on shares of Neurogene from $44.00 to $60.00 and gave the stock a “buy” rating in a research report on Tuesday, November 12th. HC Wainwright reiterated a “buy” rating and issued a $55.00 price objective on shares of Neurogene in a report on Monday, November 25th. Finally, Robert W. Baird boosted their target price on Neurogene from $54.00 to $72.00 and gave the stock an “outperform” rating in a report on Tuesday, November 12th.

Insider Activity at Neurogene

In related news, major shareholder Samsara Biocapital Gp, Llc acquired 48,770 shares of Neurogene stock in a transaction that occurred on Tuesday, November 26th. The shares were purchased at an average cost of $25.83 per share, for a total transaction of $1,259,729.10. Following the acquisition, the insider now owns 1,717,127 shares in the company, valued at approximately $44,353,390.41. This represents a 2.92 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Christine Mikail Cvijic bought 24,000 shares of the stock in a transaction on Friday, November 22nd. The shares were bought at an average cost of $20.48 per share, with a total value of $491,520.00. Following the purchase, the chief financial officer now owns 76,844 shares of the company’s stock, valued at $1,573,765.12. This trade represents a 45.42 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last three months, insiders have acquired 120,270 shares of company stock worth $2,720,249. Insiders own 9.92% of the company’s stock.

Institutional Trading of Neurogene

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. FMR LLC boosted its position in shares of Neurogene by 912.4% during 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 during the period. Jennison Associates LLC acquired a new position in Neurogene in the 3rd quarter valued at about $3,300,000. Integral Health Asset Management LLC purchased a new stake in Neurogene during the second quarter worth about $2,547,000. RTW Investments LP increased its stake in Neurogene by 6.0% during the third quarter. RTW Investments LP now owns 1,135,256 shares of the company’s stock worth $47,635,000 after purchasing an additional 64,691 shares during the period. Finally, Driehaus Capital Management LLC lifted its position in shares of Neurogene by 123.8% during the second quarter. Driehaus Capital Management LLC now owns 102,187 shares of the company’s stock worth $3,719,000 after purchasing an additional 56,533 shares in the last quarter. Hedge funds and other institutional investors own 52.37% of the company’s stock.

Neurogene Trading Down 8.1 %

NASDAQ:NGNE opened at $21.79 on Thursday. The stock has a 50 day moving average of $38.07 and a two-hundred day moving average of $38.41. Neurogene has a 12 month low of $12.49 and a 12 month 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.