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

Shares of Neurogene Inc. (NASDAQ:NGNE) have received a consensus rating of “Moderate Buy” from the seven brokerages that are presently covering the stock, Marketbeat Ratings reports. Two investment analysts have rated the stock with a hold recommendation and five have assigned a buy recommendation to the company. The average 1 year price objective among brokers that have issued a report on the stock in the last year is $43.40.

Several analysts have weighed in on NGNE shares. Baird R W downgraded Neurogene from a “strong-buy” rating to a “hold” rating in a research report on Friday. BMO Capital Markets lowered their price objective on Neurogene from $45.00 to $16.00 and set an “outperform” rating for the company in a research report on Monday, April 14th. William Blair reiterated an “outperform” rating on shares of Neurogene in a research report on Tuesday, March 25th. Robert W. Baird downgraded Neurogene from an “outperform” rating to a “neutral” rating and lowered their price objective for the company from $38.00 to $24.00 in a research report on Friday. Finally, HC Wainwright lowered their price objective on Neurogene from $50.00 to $45.00 and set a “buy” rating for the company in a research report on Tuesday, May 13th.

Neurogene Price Performance

NASDAQ:NGNE opened at $17.99 on Wednesday. The business has a 50 day moving average of $13.49 and a 200 day moving average of $20.31. The company has a market capitalization of $256.57 million, a price-to-earnings ratio of -4.14 and a beta of 1.56. Neurogene has a 1-year low of $6.88 and a 1-year high of $74.49.

Neurogene (NASDAQ:NGNE) last released its earnings results on Friday, May 9th. The company reported ($1.08) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.05) by ($0.03). As a group, sell-side analysts anticipate that Neurogene will post -4.27 EPS for the current year.

Insider Activity

In other news, insider Stuart Cobb sold 6,797 shares of the business’s stock in a transaction that occurred on Wednesday, May 14th. The stock was sold at an average price of $15.15, for a total transaction of $102,974.55. Following the transaction, the insider now directly owns 20,794 shares of the company’s stock, valued at approximately $315,029.10. The trade was a 24.63% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Christine Mikail Cvijic sold 4,501 shares of the business’s stock in a transaction that occurred 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 transaction, the chief financial officer now directly owns 72,343 shares in the company, valued at $1,225,490.42. This trade represents a 5.86% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 11.64% of the company’s stock.

Institutional Investors Weigh In On Neurogene

Several hedge funds and other institutional investors have recently added to or reduced their stakes in NGNE. Barclays PLC grew its stake in Neurogene by 319.4% in the third 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. China Universal Asset Management Co. Ltd. purchased a new stake in Neurogene in the fourth quarter worth $72,000. Rhumbline Advisers grew its stake in Neurogene by 9.2% in the fourth 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. M&T Bank Corp purchased a new stake in Neurogene in the fourth quarter worth $323,000. Finally, PNC Financial Services Group Inc. purchased a new stake in Neurogene in the fourth quarter worth $71,000. 52.37% of the stock is owned by hedge funds and other institutional investors.

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.