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

Shares of Neurogene Inc. (NASDAQ:NGNE) have earned an average recommendation of “Buy” from the eight analysts that are covering the company, Marketbeat Ratings reports. Seven research analysts have rated the stock with a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month price target among analysts that have updated their coverage on the stock in the last year is $60.83.

NGNE has been the topic of several analyst reports. Leerink Partners lifted their target price on shares of Neurogene from $45.00 to $72.00 and gave the stock an “outperform” rating in a research report on Tuesday, November 12th. Stifel Nicolaus boosted their target price on shares of Neurogene from $44.00 to $60.00 and gave the company a “buy” rating in a research note on Tuesday, November 12th. Robert W. Baird raised their target price on Neurogene from $54.00 to $72.00 and gave the stock an “outperform” rating in a research report on Tuesday, November 12th. BMO Capital Markets dropped their price target on Neurogene from $60.00 to $45.00 and set an “outperform” rating on the stock in a research report on Wednesday, November 20th. Finally, HC Wainwright restated a “buy” rating and set a $55.00 price objective on shares of Neurogene in a research report on Monday, November 25th.

Neurogene Price Performance

Shares of NGNE opened at $19.58 on Monday. The business’s 50-day moving average price is $29.08 and its 200 day moving average price is $36.78. Neurogene has a 1-year low of $14.44 and a 1-year high of $74.49.

Insider Activity at Neurogene

In other Neurogene news, major shareholder Samsara Biocapital Gp, Llc purchased 48,770 shares of the business’s stock in a transaction dated Tuesday, November 26th. The shares were acquired at an average price of $25.83 per share, for a total transaction of $1,259,729.10. Following the acquisition, the insider now owns 1,717,127 shares of the company’s stock, valued at $44,353,390.41. This trade represents a 2.92 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Rachel Mcminn acquired 47,500 shares of the firm’s stock in a transaction that occurred on Friday, November 22nd. The stock was acquired at an average price of $20.40 per share, with a total value of $969,000.00. Following the completion of the acquisition, the chief executive officer now directly owns 1,297,859 shares of the company’s stock, valued at $26,476,323.60. This represents a 3.80 % increase in their position. The disclosure for this purchase can be found here. Over the last 90 days, insiders bought 120,270 shares of company stock valued at $2,720,249. Insiders own 9.92% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Bank of New York Mellon Corp acquired a new position in Neurogene during the second quarter valued at approximately $1,107,000. Rhumbline Advisers bought a new position in Neurogene in the 2nd quarter worth $491,000. Quest Partners LLC acquired a new position in Neurogene during the 2nd quarter worth $55,000. Avoro Capital Advisors LLC bought a new stake in Neurogene during the second quarter valued at about $802,000. Finally, Integral Health Asset Management LLC acquired a new stake in shares of Neurogene in the second quarter valued at about $2,547,000. 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.