HC Wainwright Issues Pessimistic Forecast for Neurogene (NASDAQ:NGNE) Stock Price

Neurogene (NASDAQ:NGNE) had its price target reduced by research analysts at HC Wainwright from $55.00 to $50.00 in a research report issued on Tuesday,Benzinga reports. The firm currently has a “buy” rating on the stock. HC Wainwright’s target price would suggest a potential upside of 258.17% from the stock’s previous close.

Neurogene Stock Performance

Shares of Neurogene stock opened at $13.96 on Tuesday. Neurogene has a 1 year low of $13.47 and a 1 year high of $74.49. The company’s fifty day simple moving average is $17.09 and its 200-day simple moving average is $29.30.

Neurogene (NASDAQ:NGNE) last posted its quarterly earnings results on Monday, March 24th. The company reported ($0.99) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.04) by $0.05. Equities analysts forecast that Neurogene will post -4.27 earnings per share for the current year.

Insider Buying and Selling at Neurogene

In other Neurogene news, CFO Christine Mikail Cvijic sold 4,501 shares of the business’s stock in a transaction on Thursday, March 13th. The shares were sold at an average price of $16.94, for a total value of $76,246.94. Following the sale, the chief financial officer now owns 72,343 shares of the company’s stock, valued at $1,225,490.42. The trade was a 5.86 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 9.92% of the company’s stock.

Institutional Trading of Neurogene

Several institutional investors have recently made changes to their positions in NGNE. BNP Paribas Financial Markets raised its position in Neurogene by 192.8% in the third quarter. BNP Paribas Financial Markets now owns 2,170 shares of the company’s stock worth $91,000 after purchasing an additional 1,429 shares in the last quarter. PNC Financial Services Group Inc. acquired a new position in shares of Neurogene in the 4th quarter worth approximately $71,000. China Universal Asset Management Co. Ltd. bought a new position in shares of Neurogene during the 4th quarter worth approximately $72,000. Virtus ETF Advisers LLC boosted its stake in Neurogene by 45.1% in the 4th 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 in the last quarter. Finally, Wells Fargo & Company MN grew its position in Neurogene by 34.5% in 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 period. 52.37% of the stock is currently owned by institutional investors and hedge funds.

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.