HC Wainwright Reiterates “Buy” Rating for Neurogene (NASDAQ:NGNE)

Neurogene (NASDAQ:NGNE)‘s stock had its “buy” rating restated by investment analysts at HC Wainwright in a report released on Monday,Benzinga reports. They presently have a $55.00 price target on the stock. HC Wainwright’s target price suggests a potential upside of 104.69% from the stock’s previous close.

A number of other analysts also recently issued reports on the company. Robert W. Baird raised their price target on Neurogene from $54.00 to $72.00 and gave the stock an “outperform” rating in a research report on Tuesday, November 12th. Stifel Nicolaus lifted their target price on Neurogene from $44.00 to $60.00 and gave the stock a “buy” rating in a research report on Tuesday, November 12th. Leerink Partners lifted their price objective on Neurogene from $45.00 to $72.00 and gave the company an “outperform” rating in a report on Tuesday, November 12th. William Blair restated an “outperform” rating on shares of Neurogene in a report on Tuesday, November 19th. Finally, BMO Capital Markets decreased their price objective on Neurogene from $60.00 to $45.00 and set an “outperform” rating for the company in a report on Wednesday, November 20th. Eight investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Buy” and a consensus target price of $60.83.

Neurogene Stock Up 20.4 %

Shares of NGNE opened at $26.87 on Monday. Neurogene has a 1 year low of $12.49 and a 1 year high of $74.49. The company has a 50 day simple moving average of $44.30 and a two-hundred day simple moving average of $39.50.

Insider Buying and Selling at Neurogene

In other Neurogene news, CFO Christine Mikail Cvijic purchased 24,000 shares of Neurogene stock in a transaction on Friday, November 22nd. The shares were bought at an average price of $20.48 per share, with a total value of $491,520.00. Following the purchase, the chief financial officer now directly owns 76,844 shares in the company, valued at $1,573,765.12. This trade represents a 45.42 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Rachel Mcminn purchased 47,500 shares of the stock in a transaction that occurred on Friday, November 22nd. The stock was bought at an average price of $20.40 per share, with a total value of $969,000.00. Following the completion of the acquisition, the chief executive officer now owns 1,297,859 shares in the company, valued at $26,476,323.60. This represents a 3.80 % increase in their position. The disclosure for this purchase can be found here. 9.92% of the stock is owned by company insiders.

Institutional Trading of Neurogene

Several large investors have recently modified their holdings of the business. Driehaus Capital Management LLC grew its stake in Neurogene by 123.8% in 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. Bank of New York Mellon Corp bought a new position in Neurogene in the second quarter worth about $1,107,000. Jennison Associates LLC bought a new position in Neurogene in the third quarter worth about $3,300,000. Vanguard Group Inc. lifted its holdings in Neurogene by 906.5% in the first quarter. Vanguard Group Inc. now owns 507,483 shares of the company’s stock worth $25,831,000 after acquiring an additional 457,062 shares during the last quarter. Finally, Marshall Wace LLP raised its holdings in shares of Neurogene by 37.2% during the second quarter. Marshall Wace LLP now owns 41,447 shares of the company’s stock valued at $1,508,000 after buying an additional 11,229 shares during the last quarter. 52.37% of the stock is currently owned by institutional investors and hedge funds.

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.