Neurogene Inc. (NASDAQ:NGNE) Receives Consensus Rating of “Buy” from Analysts

Neurogene Inc. (NASDAQ:NGNE) has received an average recommendation of “Buy” from the eight analysts that are covering the company, Marketbeat Ratings reports. Seven investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. The average twelve-month price objective among analysts that have issued a report on the stock in the last year is $60.83.

NGNE has been the subject of several research reports. William Blair reiterated an “outperform” rating on shares of Neurogene in a research note on Tuesday, November 19th. BMO Capital Markets dropped their price target on Neurogene from $60.00 to $45.00 and set an “outperform” rating on the stock in a research note on Wednesday, November 20th. Leerink Partners raised their price objective on Neurogene from $45.00 to $72.00 and gave the stock an “outperform” rating in a research note on Tuesday, November 12th. Robert W. Baird upped their target price on Neurogene from $54.00 to $72.00 and gave the company an “outperform” rating in a research report on Tuesday, November 12th. Finally, HC Wainwright reiterated a “buy” rating and issued a $55.00 price target on shares of Neurogene in a report on Monday, November 25th.

Neurogene Trading Down 8.9 %

NGNE stock opened at $19.58 on Monday. Neurogene has a 52 week low of $14.44 and a 52 week high of $74.49. The firm has a 50 day moving average of $29.08 and a 200 day moving average of $36.85.

Insiders Place Their Bets

In other Neurogene news, CEO Rachel Mcminn purchased 47,500 shares of the stock in a transaction on Friday, November 22nd. The shares were bought at an average price of $20.40 per share, for a total transaction of $969,000.00. Following the completion of the transaction, the chief executive officer now owns 1,297,859 shares of the company’s stock, valued at $26,476,323.60. This trade represents a 3.80 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, major shareholder Samsara Biocapital Gp, Llc bought 48,770 shares of Neurogene stock in a transaction dated Tuesday, November 26th. The shares were acquired at an average cost of $25.83 per share, with a total value of $1,259,729.10. Following the completion of the purchase, the insider now owns 1,717,127 shares in the company, valued at approximately $44,353,390.41. This trade represents a 2.92 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last 90 days, insiders have purchased 120,270 shares of company stock worth $2,720,249. Corporate insiders own 9.92% of the company’s stock.

Institutional Investors Weigh In On Neurogene

Several institutional investors and hedge funds have recently added to or reduced their stakes in NGNE. FMR LLC grew 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 valued at $30,706,000 after purchasing an additional 659,515 shares during the period. Jennison Associates LLC purchased a new position in Neurogene in the 3rd quarter valued at about $3,300,000. Integral Health Asset Management LLC acquired a new stake in Neurogene in the 2nd quarter worth about $2,547,000. RTW Investments LP increased its stake in Neurogene by 6.0% during the 3rd quarter. RTW Investments LP now owns 1,135,256 shares of the company’s stock worth $47,635,000 after buying an additional 64,691 shares in the last quarter. Finally, Driehaus Capital Management LLC raised its holdings 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 valued at $3,719,000 after acquiring an additional 56,533 shares during the last quarter. Hedge funds and other 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.