Neurogene Inc. (NASDAQ:NGNE) Stock Has Consensus Target Price of $83.67

Shares of Neurogene Inc. (NASDAQ:NGNE) have been assigned a consensus recommendation of “Moderate Buy” from the six brokerages that are currently covering the firm, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell rating, four have issued a buy rating and one has given a strong buy rating to the company. The average 1-year target price among brokers that have issued ratings on the stock in the last year is $83.67.

Several brokerages recently commented on NGNE. Canaccord Genuity Group dropped their price objective on Neurogene from $180.00 to $166.00 and set a “buy” rating on the stock in a research note on Wednesday, August 12th. Rodman & Renshaw began coverage on Neurogene in a research note on Wednesday, June 3rd. They issued a “buy” rating and a $70.00 target price for the company. Guggenheim increased their price target on Neurogene from $69.00 to $81.00 and gave the stock a “buy” rating in a report on Wednesday, August 12th. HC Wainwright dropped their price target on Neurogene from $70.00 to $65.00 and set a “buy” rating on the stock in a research report on Wednesday, August 12th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Neurogene in a report on Friday, July 17th.

Neurogene Stock Performance

Shares of NASDAQ:NGNE opened at $28.31 on Friday. The company has a 50 day moving average price of $35.71 and a two-hundred day moving average price of $30.49. The company has a market capitalization of $566.48 million, a PE ratio of -5.63 and a beta of 1.69. Neurogene has a 52 week low of $15.93 and a 52 week high of $43.66.

Neurogene (NASDAQ:NGNE) last announced its quarterly earnings results on Tuesday, August 11th. The company reported ($1.53) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.42) by ($0.11). On average, sell-side analysts forecast that Neurogene will post -5.55 earnings per share for the current year.

Insider Transactions at Neurogene

In other Neurogene news, CFO Christine Cvijic sold 4,200 shares of the firm’s stock in a transaction that occurred on Tuesday, July 7th. The shares were sold at an average price of $36.13, for a total transaction of $151,746.00. Following the sale, the chief financial officer directly owned 84,040 shares in the company, valued at approximately $3,036,365.20. This trade represents a 4.76% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 9,600 shares of company stock worth $339,932. 11.68% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in NGNE. Bank of New York Mellon Corp acquired a new stake in shares of Neurogene during the second quarter worth $904,000. BlackRock Inc. acquired a new position in Neurogene in the 2nd quarter worth $33,274,000. Renaissance Technologies LLC increased its holdings in Neurogene by 210.0% during the 1st quarter. Renaissance Technologies LLC now owns 43,400 shares of the company’s stock worth $875,000 after purchasing an additional 29,400 shares in the last quarter. Deutsche Bank AG bought a new position in Neurogene during the 2nd quarter worth about $3,354,000. Finally, Trails Edge Capital Partners LP acquired a new stake in shares of Neurogene in the 2nd quarter valued at about $22,483,133. Institutional investors and hedge funds own 52.37% of the company’s stock.

About Neurogene

Neurogene Inc (NASDAQ: NGNE) is a clinical-stage biotechnology company focused on developing genetic medicines for patients with rare neurological diseases. The company’s research programs are designed to address disorders caused by genetic mutations for which existing treatment options are limited.

Neurogene is developing an investigational gene therapy platform known as EXACT, which is intended to help regulate therapeutic gene expression and support the delivery of genetic medicines.