Neurogene Inc. (NASDAQ:NGNE) Receives Average Recommendation of “Buy” from Brokerages

Shares of Neurogene Inc. (NASDAQ:NGNE) have been given a consensus recommendation of “Buy” by the eight ratings firms that are currently covering the firm, Marketbeat reports. Seven analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. The average 12-month target price among brokers that have issued ratings on the stock in the last year is $60.83.

A number of equities analysts recently commented on the company. William Blair restated an “outperform” rating on shares of Neurogene in a report on Tuesday, November 19th. Leerink Partners lifted their target price on shares of Neurogene from $45.00 to $72.00 and gave the company an “outperform” rating in a research note on Tuesday, November 12th. HC Wainwright reissued a “buy” rating and issued a $55.00 price target on shares of Neurogene in a research note on Monday, November 25th. Stifel Nicolaus upped their target price on Neurogene from $44.00 to $60.00 and gave the stock a “buy” rating in a report on Tuesday, November 12th. Finally, BMO Capital Markets lowered their target price on Neurogene from $60.00 to $45.00 and set an “outperform” rating for the company in a research note on Wednesday, November 20th.

Insider Transactions at Neurogene

In other news, CFO Christine Mikail Cvijic acquired 24,000 shares of the business’s stock in a transaction that occurred on Friday, November 22nd. The shares were bought at an average cost of $20.48 per share, with a total value of $491,520.00. Following the transaction, the chief financial officer now owns 76,844 shares of the company’s stock, valued at $1,573,765.12. This trade represents a 45.42 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, major shareholder Samsara Biocapital Gp, Llc bought 48,770 shares of the firm’s stock in a transaction on Tuesday, November 26th. The stock was purchased at an average cost of $25.83 per share, with a total value of $1,259,729.10. Following the completion of the acquisition, the insider now directly owns 1,717,127 shares of the company’s stock, valued at approximately $44,353,390.41. The trade was a 2.92 % increase in their position. The disclosure for this purchase can be found here. Insiders have purchased a total of 120,270 shares of company stock valued at $2,720,249 in the last ninety days. 9.92% of the stock is currently owned by corporate insiders.

Institutional Trading of Neurogene

Several institutional investors have recently added to or reduced their stakes in the business. China Universal Asset Management Co. Ltd. bought a new position in shares of Neurogene during the fourth quarter valued at $72,000. BNP Paribas Financial Markets boosted its holdings in shares of Neurogene by 192.8% during the 3rd quarter. BNP Paribas Financial Markets now owns 2,170 shares of the company’s stock valued at $91,000 after acquiring an additional 1,429 shares during the last quarter. SG Americas Securities LLC bought a new stake in shares of Neurogene in the third quarter worth approximately $150,000. MetLife Investment Management LLC purchased a new position in shares of Neurogene during the third quarter valued at approximately $254,000. Finally, Franklin Resources Inc. bought a new position in Neurogene during the third quarter valued at approximately $296,000. 52.37% of the stock is currently owned by hedge funds and other institutional investors.

Neurogene Stock Performance

Shares of NASDAQ:NGNE opened at $15.53 on Friday. The stock’s 50-day moving average is $21.20 and its 200 day moving average is $34.92. Neurogene has a 1 year low of $14.42 and a 1 year high of $74.49.

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.