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

Neurogene Inc. (NASDAQ:NGNE) has been assigned an average rating of “Buy” from the eight brokerages that are presently covering the firm, Marketbeat Ratings 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 analysts that have updated their coverage on the stock in the last year is $60.83.

A number of analysts have recently weighed in on the company. Robert W. Baird increased their price objective on Neurogene from $54.00 to $72.00 and gave the company an “outperform” rating in a research note on Tuesday, November 12th. Stifel Nicolaus increased their price target on shares of Neurogene from $44.00 to $60.00 and gave the company a “buy” rating in a research report on Tuesday, November 12th. William Blair reissued an “outperform” rating on shares of Neurogene in a report on Tuesday, November 19th. Leerink Partners upped their price objective on shares of Neurogene from $45.00 to $72.00 and gave the company an “outperform” rating in a research note on Tuesday, November 12th. Finally, BMO Capital Markets cut their target price on Neurogene from $60.00 to $45.00 and set an “outperform” rating on the stock in a research note on Wednesday, November 20th.

Insider Activity at Neurogene

In other Neurogene news, CFO Christine Mikail Cvijic bought 24,000 shares of the company’s stock in a transaction dated Friday, November 22nd. The shares were purchased at an average price of $20.48 per share, for a total transaction of $491,520.00. Following the acquisition, the chief financial officer now owns 76,844 shares in the company, valued at approximately $1,573,765.12. This represents a 45.42 % increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Rachel Mcminn bought 47,500 shares of Neurogene stock in a transaction dated Friday, November 22nd. The stock was acquired at an average cost of $20.40 per share, for a total transaction of $969,000.00. Following the completion of the transaction, the chief executive officer now directly owns 1,297,859 shares in the company, valued at approximately $26,476,323.60. This trade represents a 3.80 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have purchased 120,270 shares of company stock worth $2,720,249 over the last 90 days. 9.92% of the stock is owned by company insiders.

Institutional Investors Weigh In On Neurogene

Several hedge funds have recently bought and sold shares of NGNE. FMR LLC lifted its holdings in shares of Neurogene by 912.4% during 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 last quarter. Barclays PLC raised its stake in Neurogene by 319.4% during the third quarter. Barclays PLC now owns 14,859 shares of the company’s stock valued at $623,000 after buying an additional 11,316 shares during the last quarter. Driehaus Capital Management LLC raised its stake in 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 buying an additional 56,533 shares during the last quarter. Jennison Associates LLC bought a new stake in Neurogene in the third quarter worth $3,300,000. Finally, Bank of New York Mellon Corp purchased a new stake in shares of Neurogene in the second quarter worth $1,107,000. Institutional investors own 52.37% of the company’s stock.

Neurogene Price Performance

NASDAQ NGNE opened at $23.23 on Monday. Neurogene has a 1-year low of $14.44 and a 1-year high of $74.49. The stock has a 50-day moving average of $31.43 and a 200-day moving average of $37.15.

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.