Neurogene’s (NGNE) Outperform Rating Reaffirmed at BMO Capital Markets

Neurogene (NASDAQ:NGNE)‘s stock had its “outperform” rating reiterated by research analysts at BMO Capital Markets in a note issued to investors on Thursday, MarketBeat.com reports. They presently have a $26.00 target price on the stock, up from their previous target price of $22.00. BMO Capital Markets’ price objective would suggest a potential upside of 34.40% from the company’s previous close.

Other equities analysts also recently issued research reports about the stock. Baird R W downgraded shares of Neurogene from a “strong-buy” rating to a “hold” rating in a research note on Friday, May 16th. Robert W. Baird downgraded shares of Neurogene from an “outperform” rating to a “neutral” rating and cut their price target for the stock from $38.00 to $24.00 in a research note on Friday, May 16th. HC Wainwright cut their price target on shares of Neurogene from $50.00 to $45.00 and set a “buy” rating on the stock in a research note on Tuesday, May 13th. Finally, William Blair reaffirmed an “outperform” rating on shares of Neurogene in a research note on Tuesday, March 25th. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $45.40.

Neurogene Stock Performance

NASDAQ NGNE traded down $0.42 during mid-day trading on Thursday, reaching $19.35. 31,968 shares of the stock were exchanged, compared to its average volume of 249,702. Neurogene has a 1-year low of $6.88 and a 1-year high of $74.49. The business’s fifty day simple moving average is $15.84 and its 200 day simple moving average is $17.47. The stock has a market capitalization of $275.90 million, a PE ratio of -4.49 and a beta of 1.57.

Neurogene (NASDAQ:NGNE) last posted its quarterly 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). On average, analysts anticipate that Neurogene will post -4.27 EPS for the current year.

Insider Activity

In other Neurogene news, insider Stuart Cobb sold 6,797 shares of the business’s stock in a transaction on Wednesday, May 14th. The shares were sold at an average price of $15.15, for a total transaction of $102,974.55. Following the sale, the insider now directly owns 20,794 shares of the company’s stock, valued at $315,029.10. The trade was a 24.63% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 11.64% of the company’s stock.

Hedge Funds Weigh In On Neurogene

A number of hedge funds have recently modified their holdings of NGNE. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Neurogene by 17.9% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 6,983 shares of the company’s stock worth $82,000 after purchasing an additional 1,059 shares in the last quarter. ADAR1 Capital Management LLC bought a new stake in Neurogene during the first quarter valued at about $327,000. Baker BROS. Advisors LP boosted its holdings in Neurogene by 120.4% during the first quarter. Baker BROS. Advisors LP now owns 1,486,200 shares of the company’s stock valued at $17,403,000 after acquiring an additional 811,750 shares during the period. Corebridge Financial Inc. boosted its holdings in Neurogene by 13.8% during the first quarter. Corebridge Financial Inc. now owns 5,826 shares of the company’s stock valued at $68,000 after acquiring an additional 705 shares during the period. Finally, Walleye Capital LLC lifted its stake in shares of Neurogene by 25.7% in the first quarter. Walleye Capital LLC now owns 94,083 shares of the company’s stock valued at $1,102,000 after buying an additional 19,247 shares during the period. 52.37% of the stock is owned by institutional investors and hedge funds.

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.