Neurogene Inc. (NASDAQ:NGNE) Given Consensus Recommendation of “Buy” by Analysts

Neurogene Inc. (NASDAQ:NGNE) has been assigned an average recommendation of “Buy” from the eight brokerages that are currently covering the stock, Marketbeat.com reports. Seven analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. The average 12-month price objective among brokers that have issued a report on the stock in the last year is $59.80.

Several brokerages have weighed in on NGNE. William Blair reiterated an “outperform” rating on shares of Neurogene in a research note on Tuesday, March 25th. HC Wainwright lowered their price objective on shares of Neurogene from $55.00 to $50.00 and set a “buy” rating on the stock in a research report on Tuesday, March 25th.

Insider Activity

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

Hedge Funds Weigh In On Neurogene

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in NGNE. Barclays PLC lifted its stake in shares of Neurogene by 319.4% during the 3rd quarter. Barclays PLC now owns 14,859 shares of the company’s stock worth $623,000 after purchasing an additional 11,316 shares during the period. FMR LLC grew its stake in 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. Franklin Resources Inc. purchased a new stake in Neurogene during the 3rd quarter worth $296,000. State Street Corp grew its stake in shares of Neurogene by 17.5% in the third quarter. State Street Corp now owns 246,540 shares of the company’s stock valued at $10,345,000 after buying an additional 36,687 shares in the last quarter. Finally, Jane Street Group LLC acquired a new stake in Neurogene in the third quarter valued at approximately $324,000. Institutional investors and hedge funds own 52.37% of the company’s stock.

Neurogene Price Performance

Shares of Neurogene stock opened at $11.71 on Tuesday. The firm’s fifty day simple moving average is $16.78 and its 200-day simple moving average is $28.48. Neurogene has a 12 month low of $11.02 and a 12 month high of $74.49. The stock has a market capitalization of $174.83 million, a price-to-earnings ratio of -2.74 and a beta of 1.01.

Neurogene (NASDAQ:NGNE) last announced its earnings results on Monday, March 24th. The company reported ($0.99) EPS for the quarter, beating analysts’ consensus estimates of ($1.04) by $0.05. The business had revenue of $0.93 million during the quarter. Analysts anticipate that Neurogene will post -4.27 earnings per share for the current year.

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.