Neurogene Inc. (NASDAQ:NGNE) Receives $60.83 Consensus Target Price from Analysts

Neurogene Inc. (NASDAQ:NGNE) has received an average recommendation of “Buy” from the eight brokerages that are covering the company, Marketbeat.com reports. Seven investment analysts have rated the stock with a buy recommendation and one has issued a strong buy recommendation on the company. The average 1 year price objective among analysts that have issued ratings on the stock in the last year is $60.83.

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

Insider Buying and Selling at Neurogene

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

Institutional Trading of Neurogene

A number of large investors have recently modified their holdings of NGNE. China Universal Asset Management Co. Ltd. purchased a new position in Neurogene in the fourth quarter valued at $72,000. BNP Paribas Financial Markets raised its position in Neurogene by 192.8% in the 3rd quarter. BNP Paribas Financial Markets now owns 2,170 shares of the company’s stock valued at $91,000 after purchasing an additional 1,429 shares in the last quarter. SG Americas Securities LLC acquired a new stake in Neurogene in the 3rd quarter valued at about $150,000. MetLife Investment Management LLC purchased a new position in shares of Neurogene in the 3rd quarter valued at about $254,000. Finally, Franklin Resources Inc. acquired a new position in shares of Neurogene during the third quarter worth about $296,000. Hedge funds and other institutional investors own 52.37% of the company’s stock.

Neurogene Stock Performance

Shares of NASDAQ:NGNE opened at $23.30 on Friday. Neurogene has a 52-week low of $14.42 and a 52-week high of $74.49. The business has a fifty day moving average of $20.74 and a two-hundred day moving average of $34.00.

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.