Redmile Group LLC Sells 11,645 Shares of Neurogene Inc. (NASDAQ:NGNE)

Redmile Group LLC lowered its holdings in shares of Neurogene Inc. (NASDAQ:NGNE) by 1.2% in the first quarter, according to its most recent disclosure with the SEC. The firm owned 935,252 shares of the company’s stock after selling 11,645 shares during the period. Neurogene accounts for approximately 1.7% of Redmile Group LLC’s holdings, making the stock its 19th largest position. Redmile Group LLC owned about 7.21% of Neurogene worth $47,604,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Great Point Partners LLC acquired a new stake in Neurogene during the fourth quarter worth approximately $19,268,000. Vanguard Group Inc. increased its holdings in shares of Neurogene by 906.5% during the first quarter. Vanguard Group Inc. now owns 507,483 shares of the company’s stock worth $25,831,000 after purchasing an additional 457,062 shares during the period. Avidity Partners Management LP acquired a new stake in shares of Neurogene in the fourth quarter valued at approximately $9,036,000. Baker BROS. Advisors LP boosted its stake in shares of Neurogene by 0.6% in the first quarter. Baker BROS. Advisors LP now owns 456,015 shares of the company’s stock valued at $23,211,000 after buying an additional 2,499 shares during the period. Finally, BML Capital Management LLC bought a new stake in shares of Neurogene during the 4th quarter valued at $478,000. Institutional investors and hedge funds own 52.37% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the stock. Baird R W raised shares of Neurogene to a “strong-buy” rating in a research report on Tuesday, June 11th. BMO Capital Markets initiated coverage on shares of Neurogene in a research report on Thursday, June 27th. They set an “outperform” rating and a $65.00 target price on the stock. Leerink Partnrs restated an “outperform” rating on shares of Neurogene in a research report on Monday, April 29th. Robert W. Baird initiated coverage on shares of Neurogene in a report on Tuesday, June 11th. They set an “outperform” rating and a $54.00 price target on the stock. Finally, HC Wainwright restated a “buy” rating and issued a $51.00 price objective on shares of Neurogene in a report on Thursday, June 20th. Eight equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of $51.33.

Neurogene Trading Down 7.8 %

Shares of NGNE traded down $3.48 during trading hours on Monday, hitting $41.35. 146,182 shares of the stock were exchanged, compared to its average volume of 124,082. Neurogene Inc. has a fifty-two week low of $12.20 and a fifty-two week high of $53.00. The business has a 50-day moving average of $37.41 and a 200-day moving average of $35.88.

Neurogene (NASDAQ:NGNE) last issued its quarterly earnings results on Friday, May 10th. The company reported ($1.00) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.03) by $0.03. On average, sell-side analysts predict that Neurogene Inc. will post -4.15 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.