HC Wainwright Lowers Neurogene (NASDAQ:NGNE) Price Target to $45.00

Neurogene (NASDAQ:NGNE) had its price target cut by analysts at HC Wainwright from $50.00 to $45.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. HC Wainwright’s price target indicates a potential upside of 195.66% from the stock’s current price.

Other equities analysts have also issued research reports about the stock. Robert W. Baird set a $38.00 price target on shares of Neurogene in a research report on Tuesday, March 25th. William Blair reaffirmed an “outperform” rating on shares of Neurogene in a research report on Tuesday, March 25th. Finally, BMO Capital Markets dropped their price target on shares of Neurogene from $45.00 to $16.00 and set an “outperform” rating for the company in a research report on Monday, April 14th. Six analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $46.20.

Neurogene Stock Performance

Shares of NGNE stock opened at $15.22 on Tuesday. Neurogene has a one year low of $6.88 and a one year high of $74.49. The company has a 50 day moving average price of $13.43 and a 200 day moving average price of $21.01. The firm has a market capitalization of $217.07 million, a price-to-earnings ratio of -3.50 and a beta of 1.56.

Neurogene (NASDAQ:NGNE) last issued its quarterly earnings results on Friday, May 9th. The company reported ($1.08) EPS for the quarter, missing the consensus estimate of ($1.05) by ($0.03). As a group, equities analysts forecast that Neurogene will post -4.27 EPS for the current fiscal year.

Insider Transactions at Neurogene

In other news, CFO Christine Mikail Cvijic sold 4,501 shares of the stock in a transaction on 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 sale, the chief financial officer now owns 72,343 shares of the company’s stock, valued at $1,225,490.42. This represents a 5.86% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 11.64% of the company’s stock.

Institutional Investors Weigh In On Neurogene

Several large investors have recently made changes to their positions in NGNE. Casdin Capital LLC increased its position in shares of Neurogene by 146.9% in the fourth quarter. Casdin Capital LLC now owns 1,295,361 shares of the company’s stock worth $29,612,000 after acquiring an additional 770,745 shares in the last quarter. JPMorgan Chase & Co. grew its holdings in Neurogene by 10,395.3% during the 4th quarter. JPMorgan Chase & Co. now owns 481,001 shares of the company’s stock valued at $10,996,000 after purchasing an additional 476,418 shares in the last quarter. Samsara BioCapital LLC grew its holdings in Neurogene by 35.4% during the 4th quarter. Samsara BioCapital LLC now owns 1,717,127 shares of the company’s stock valued at $39,254,000 after purchasing an additional 449,337 shares in the last quarter. Deerfield Management Company L.P. Series C acquired a new stake in Neurogene during the 4th quarter valued at $10,245,000. Finally, Redmile Group LLC grew its holdings in Neurogene by 36.9% during the 4th quarter. Redmile Group LLC now owns 1,319,763 shares of the company’s stock valued at $30,170,000 after purchasing an additional 355,416 shares in the last quarter. Institutional investors and hedge funds 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.