Neurogene Inc. (NASDAQ:NGNE) Given Average Rating of “Buy” by Analysts

Neurogene Inc. (NASDAQ:NGNE) has received an average recommendation of “Buy” from the nine ratings firms that are covering the stock, MarketBeat Ratings reports. Eight investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. The average 1-year price target among analysts that have updated their coverage on the stock in the last year is $60.83.

A number of research firms recently issued reports on NGNE. Robert W. Baird boosted their price objective on Neurogene from $54.00 to $72.00 and gave the company an “outperform” rating in a research report on Tuesday, November 12th. HC Wainwright restated a “buy” rating and set a $55.00 price objective on shares of Neurogene in a research report on Monday, November 25th. BMO Capital Markets reduced their price objective on Neurogene from $60.00 to $45.00 and set an “outperform” rating for the company in a research report on Wednesday, November 20th. Leerink Partners boosted their price objective on Neurogene from $45.00 to $72.00 and gave the company an “outperform” rating in a research report on Tuesday, November 12th. 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 news, CEO Rachel Mcminn acquired 47,500 shares of the company’s stock in a transaction dated Friday, November 22nd. The shares were bought at an average price of $20.40 per share, with a total value of $969,000.00. Following the purchase, the chief executive officer now owns 1,297,859 shares of the company’s stock, valued at approximately $26,476,323.60. This represents a 3.80 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Christine Mikail Cvijic acquired 24,000 shares of the company’s stock in a transaction dated Friday, November 22nd. The stock was purchased at an average cost of $20.48 per share, for a total transaction of $491,520.00. Following the purchase, the chief financial officer now directly owns 76,844 shares in the company, valued at approximately $1,573,765.12. This represents a 45.42 % increase in their position. The disclosure for this purchase can be found here. Insiders have acquired 120,270 shares of company stock valued at $2,720,249 in the last quarter. Corporate insiders own 9.92% of the company’s stock.

Institutional Trading of Neurogene

Hedge funds and other institutional investors have recently modified their holdings of the company. FMR LLC raised 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 buying an additional 659,515 shares in the last quarter. Driehaus Capital Management LLC lifted its holdings in shares of Neurogene by 123.8% during the second quarter. Driehaus Capital Management LLC now owns 102,187 shares of the company’s stock valued at $3,719,000 after purchasing an additional 56,533 shares during the last quarter. Jennison Associates LLC purchased a new stake in shares of Neurogene during the third quarter valued at $3,300,000. Bank of New York Mellon Corp purchased a new stake in shares of Neurogene during the second quarter valued at $1,107,000. Finally, MetLife Investment Management LLC purchased a new stake in shares of Neurogene during the third quarter valued at $254,000. Institutional investors own 52.37% of the company’s stock.

Neurogene Trading Up 6.9 %

Shares of NGNE opened at $25.13 on Thursday. The stock has a 50 day moving average of $39.15 and a 200-day moving average of $38.63. Neurogene has a 52 week low of $12.49 and a 52 week high of $74.49.

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.