JPMorgan Chase & Co. Grows Stock Position in Neurogene Inc. (NASDAQ:NGNE)

JPMorgan Chase & Co. increased its stake in Neurogene Inc. (NASDAQ:NGNE) by 10,395.3% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 481,001 shares of the company’s stock after acquiring an additional 476,418 shares during the period. JPMorgan Chase & Co.’s holdings in Neurogene were worth $10,996,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of NGNE. State Street Corp lifted its position in Neurogene by 17.5% in the third quarter. State Street Corp now owns 246,540 shares of the company’s stock valued at $10,345,000 after purchasing an additional 36,687 shares during the last quarter. Wellington Management Group LLP purchased a new position in shares of Neurogene in the third quarter worth $767,000. M&T Bank Corp bought a new stake in Neurogene during the 4th quarter valued at $323,000. Barclays PLC boosted its position in Neurogene by 319.4% during the 3rd 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 period. Finally, Jane Street Group LLC bought a new stake in Neurogene in the 3rd quarter worth $324,000. 52.37% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Neurogene

In related news, CFO Christine Mikail Cvijic sold 4,501 shares of the business’s stock in a transaction dated Thursday, March 13th. The shares were sold at an average price of $16.94, for a total transaction of $76,246.94. Following the sale, the chief financial officer now owns 72,343 shares of the company’s stock, valued at $1,225,490.42. The trade was a 5.86 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 9.92% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on NGNE. Robert W. Baird set a $38.00 target price on shares of Neurogene in a report on Tuesday, March 25th. William Blair reaffirmed an “outperform” rating on shares of Neurogene in a research report on Tuesday, March 25th. HC Wainwright cut their price objective on Neurogene from $55.00 to $50.00 and set a “buy” rating on the stock in a research report on Tuesday, March 25th. Finally, BMO Capital Markets decreased their target price on Neurogene from $45.00 to $16.00 and set an “outperform” rating for the company in a report on Monday. Seven investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Neurogene presently has an average rating of “Buy” and a consensus price target of $47.20.

Neurogene Stock Performance

Neurogene stock opened at $10.89 on Tuesday. Neurogene Inc. has a fifty-two week low of $6.88 and a fifty-two week high of $74.49. The stock’s 50 day simple moving average is $15.04 and its two-hundred day simple moving average is $25.90. The stock has a market cap of $162.59 million, a price-to-earnings ratio of -2.55 and a beta of 1.46.

Neurogene (NASDAQ:NGNE) last issued its quarterly earnings results on Monday, March 24th. The company reported ($0.99) earnings per share for the quarter, topping the consensus estimate of ($1.04) by $0.05. The firm had revenue of $0.93 million during the quarter. On average, analysts predict that Neurogene Inc. will post -4.27 earnings per share for the current year.

Neurogene 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.