Walleye Capital LLC Reduces Stock Position in Neurogene Inc. (NASDAQ:NGNE)

Walleye Capital LLC lessened its stake in shares of Neurogene Inc. (NASDAQ:NGNE) by 51.9% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 44,500 shares of the company’s stock after selling 48,000 shares during the quarter. Walleye Capital LLC owned approximately 0.34% of Neurogene worth $1,867,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Quest Partners LLC purchased a new stake in Neurogene in the 2nd quarter valued at about $55,000. BNP Paribas Financial Markets grew its holdings 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 buying an additional 1,429 shares during the period. SG Americas Securities LLC purchased a new stake in Neurogene in the 3rd quarter valued at about $150,000. MetLife Investment Management LLC purchased a new stake in Neurogene in the 3rd quarter valued at about $254,000. Finally, Rhumbline Advisers purchased a new stake in Neurogene in the 2nd quarter valued at about $491,000. Hedge funds and other institutional investors own 52.37% of the company’s stock.

Neurogene Price Performance

Neurogene stock opened at $22.02 on Thursday. The stock’s 50 day moving average price is $42.29 and its 200 day moving average price is $39.11. Neurogene Inc. has a one year low of $12.49 and a one year high of $74.49.

Insider Buying and Selling

In other Neurogene news, CEO Rachel Mcminn acquired 47,500 shares of the company’s stock in a transaction on Friday, November 22nd. The shares were bought at an average cost of $20.40 per share, for a total transaction of $969,000.00. Following 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 trade represents a 3.80 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Samsara Biocapital Gp, Llc acquired 48,770 shares of the company’s stock in a transaction on 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 completion of the acquisition, the insider now directly owns 1,717,127 shares in the company, valued at $44,353,390.41. The trade was a 2.92 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last ninety days, insiders have purchased 120,270 shares of company stock valued at $2,720,249. Corporate insiders own 9.92% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently weighed in on NGNE. Leerink Partners lifted their price objective on Neurogene from $45.00 to $72.00 and gave the company an “outperform” rating in a research note on Tuesday, November 12th. William Blair reaffirmed an “outperform” rating on shares of Neurogene in a research note on Tuesday, November 19th. Robert W. Baird lifted their price objective on Neurogene from $54.00 to $72.00 and gave the company an “outperform” rating in a research note on Tuesday, November 12th. BMO Capital Markets reduced their price objective on Neurogene from $60.00 to $45.00 and set an “outperform” rating on the stock in a research note on Wednesday, November 20th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $55.00 price objective on shares of Neurogene in a research note on Monday, November 25th. Eight investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Neurogene has an average rating of “Buy” and an average target price of $60.83.

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.