Neurogene Inc. (NASDAQ:NGNE) Given Consensus Recommendation of “Buy” by Brokerages

Shares of Neurogene Inc. (NASDAQ:NGNE) have earned a consensus rating of “Buy” from the eight brokerages that are covering the stock, 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 price target among brokers that have issued a report on the stock in the last year is $59.80.

Separately, HC Wainwright lowered their price target on shares of Neurogene from $55.00 to $50.00 and set a “buy” rating on the stock in a report on Tuesday.

Insider Buying and Selling

In related news, CFO Christine Mikail Cvijic sold 4,501 shares of the company’s stock in a transaction dated Thursday, March 13th. The stock was sold at an average price of $16.94, for a total transaction of $76,246.94. Following the sale, the chief financial officer now owns 72,343 shares in the company, valued at $1,225,490.42. This represents a 5.86 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 9.92% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Neurogene

A number of institutional investors have recently modified their holdings of the company. Barclays PLC raised its stake in shares of Neurogene by 319.4% in the third quarter. Barclays PLC now owns 14,859 shares of the company’s stock worth $623,000 after purchasing an additional 11,316 shares during the last quarter. FMR LLC grew its stake in shares of Neurogene by 912.4% in the 3rd quarter. FMR LLC now owns 731,801 shares of the company’s stock worth $30,706,000 after acquiring an additional 659,515 shares in the last quarter. Franklin Resources Inc. bought a new stake in shares of Neurogene in the 3rd quarter worth $296,000. State Street Corp raised its holdings in shares of Neurogene by 17.5% in the third quarter. State Street Corp now owns 246,540 shares of the company’s stock valued at $10,345,000 after purchasing an additional 36,687 shares during the last quarter. Finally, Jane Street Group LLC bought a new position in shares of Neurogene during the third quarter valued at about $324,000. 52.37% of the stock is owned by institutional investors and hedge funds.

Neurogene Price Performance

NGNE stock traded up $0.00 during midday trading on Tuesday, reaching $13.96. The stock had a trading volume of 51,444 shares, compared to its average volume of 208,478. Neurogene has a twelve month low of $13.47 and a twelve month high of $74.49. The business has a fifty day simple moving average of $17.09 and a two-hundred day simple moving average of $29.30.

Neurogene (NASDAQ:NGNE) last released its quarterly earnings results on Monday, March 24th. The company reported ($0.99) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.04) by $0.05. Research analysts expect that Neurogene will post -4.27 EPS for the current year.

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.