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

Shares of Neurogene Inc. (NASDAQ:NGNE) have earned an average rating of “Buy” from the eight analysts that are covering the company, MarketBeat reports. Seven analysts have rated the stock with a buy recommendation and one has given a strong buy recommendation to the company. The average 12-month price target among brokers that have covered the stock in the last year is $60.83.

NGNE has been the subject of a number of recent research reports. HC Wainwright reiterated a “buy” rating and issued a $55.00 price objective on shares of Neurogene in a research note on Monday, November 25th. Leerink Partners increased their price objective on Neurogene from $45.00 to $72.00 and gave the stock an “outperform” rating in a report on Tuesday, November 12th. Stifel Nicolaus lifted their target price on Neurogene from $44.00 to $60.00 and gave the company a “buy” rating in a report on Tuesday, November 12th. William Blair restated an “outperform” rating on shares of Neurogene in a research report on Tuesday, November 19th. Finally, Robert W. Baird upped their target price on shares of Neurogene from $54.00 to $72.00 and gave the stock an “outperform” rating in a report on Tuesday, November 12th.

Insider Activity at Neurogene

In other news, major shareholder Samsara Biocapital Gp, Llc acquired 48,770 shares of the firm’s stock in a transaction that occurred on Tuesday, November 26th. The shares were bought at an average cost of $25.83 per share, with a total value of $1,259,729.10. Following the acquisition, the insider now owns 1,717,127 shares in the company, valued at approximately $44,353,390.41. This represents a 2.92 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Christine Mikail Cvijic bought 24,000 shares of the business’s stock in a transaction on Friday, November 22nd. The stock was purchased at an average cost of $20.48 per share, with a total value of $491,520.00. Following the purchase, the chief financial officer now owns 76,844 shares of the company’s stock, valued at $1,573,765.12. This represents a 45.42 % 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 valued at $2,720,249 over the last three months. 9.92% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Neurogene

A number of hedge funds have recently made changes to their positions in the business. Rhumbline Advisers raised its position in Neurogene by 9.2% in the 4th quarter. Rhumbline Advisers now owns 15,704 shares of the company’s stock worth $359,000 after purchasing an additional 1,326 shares during the period. China Universal Asset Management Co. Ltd. purchased a new stake in Neurogene during the 4th quarter valued at about $72,000. Franklin Resources Inc. bought a new position in Neurogene during the 3rd quarter worth approximately $296,000. Barclays PLC increased its stake in Neurogene by 319.4% in 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. Finally, Jane Street Group LLC purchased a new stake in shares of Neurogene during the third quarter valued at approximately $324,000. 52.37% of the stock is currently owned by institutional investors.

Neurogene Trading Up 0.1 %

Shares of NASDAQ:NGNE opened at $15.53 on Friday. The company has a 50-day moving average price of $21.20 and a two-hundred day moving average price of $34.92. Neurogene has a twelve month low of $14.42 and a twelve month high of $74.49.

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.