BMO Capital Markets Has Lowered Expectations for Neurogene (NASDAQ:NGNE) Stock Price

Neurogene (NASDAQ:NGNE) had its price objective lowered by equities research analysts at BMO Capital Markets from $60.00 to $45.00 in a report issued on Wednesday,Benzinga reports. The brokerage currently has an “outperform” rating on the stock. BMO Capital Markets’ price objective indicates a potential upside of 188.65% from the stock’s previous close.

A number of other brokerages have also commented on NGNE. HC Wainwright reiterated a “buy” rating and issued a $55.00 target price on shares of Neurogene in a research report on Tuesday. Robert W. Baird upped their target price on Neurogene from $54.00 to $72.00 and gave the company an “outperform” rating in a research report on Tuesday, November 12th. William Blair reiterated an “outperform” rating on shares of Neurogene in a research report on Tuesday. Stifel Nicolaus upped their target price on Neurogene from $44.00 to $60.00 and gave the company a “buy” rating in a research report on Tuesday, November 12th. Finally, Leerink Partners upped their target price on Neurogene from $45.00 to $72.00 and gave the company an “outperform” rating in a research report on Tuesday, November 12th. Eight investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus target price of $60.83.

Neurogene Stock Performance

Shares of NGNE stock opened at $15.59 on Wednesday. Neurogene has a fifty-two week low of $12.49 and a fifty-two week high of $74.49. The stock’s 50-day simple moving average is $45.41 and its 200-day simple moving average is $39.62.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of NGNE. Barclays PLC raised its stake in shares of Neurogene by 319.4% during the 3rd quarter. Barclays PLC now owns 14,859 shares of the company’s stock worth $623,000 after buying an additional 11,316 shares during the period. Jane Street Group LLC acquired a new position in shares of Neurogene during the 3rd quarter worth approximately $324,000. Wellington Management Group LLP acquired a new position in Neurogene in the 3rd quarter valued at $767,000. State Street Corp raised its stake in Neurogene by 17.5% in the 3rd 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, RTW Investments LP raised its stake in Neurogene by 6.0% in the 3rd quarter. RTW Investments LP now owns 1,135,256 shares of the company’s stock valued at $47,635,000 after purchasing an additional 64,691 shares during the last quarter. 52.37% of the stock is owned by institutional investors and hedge funds.

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.