Rachel Mcminn Buys 47,500 Shares of Neurogene Inc. (NASDAQ:NGNE) Stock

Neurogene Inc. (NASDAQ:NGNE) CEO Rachel Mcminn purchased 47,500 shares of Neurogene stock in a transaction dated Friday, November 22nd. The shares were acquired at an average cost of $20.40 per share, with a total value of $969,000.00. Following the transaction, the chief executive officer now directly owns 1,297,859 shares in the company, valued at approximately $26,476,323.60. The trade was a 3.80 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

Neurogene Stock Up 20.4 %

NASDAQ NGNE opened at $26.87 on Wednesday. Neurogene Inc. has a twelve month low of $12.49 and a twelve month high of $74.49. The business has a 50-day moving average price of $44.30 and a 200-day moving average price of $39.50.

Institutional Investors Weigh In On Neurogene

Institutional investors have recently added to or reduced their stakes in the stock. Driehaus Capital Management LLC lifted its holdings in shares of Neurogene by 123.8% in the second quarter. Driehaus Capital Management LLC now owns 102,187 shares of the company’s stock worth $3,719,000 after buying an additional 56,533 shares in the last quarter. Bank of New York Mellon Corp bought a new stake in Neurogene in the 2nd quarter valued at $1,107,000. Jennison Associates LLC purchased a new stake in Neurogene in the 3rd quarter worth $3,300,000. Vanguard Group Inc. boosted its holdings in shares of Neurogene by 906.5% during the 1st quarter. Vanguard Group Inc. now owns 507,483 shares of the company’s stock valued at $25,831,000 after purchasing an additional 457,062 shares during the last quarter. Finally, Marshall Wace LLP grew its position in shares of Neurogene by 37.2% during the second quarter. Marshall Wace LLP now owns 41,447 shares of the company’s stock valued at $1,508,000 after purchasing an additional 11,229 shares in the last quarter. 52.37% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on NGNE shares. Robert W. Baird increased their price target on shares of Neurogene from $54.00 to $72.00 and gave the stock an “outperform” rating in a research report on Tuesday, November 12th. Stifel Nicolaus lifted 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. HC Wainwright reissued a “buy” rating and set a $55.00 price target on shares of Neurogene in a report on Monday. Leerink Partners raised their price objective on Neurogene from $45.00 to $72.00 and gave the stock an “outperform” rating in a research note on Tuesday, November 12th. Finally, BMO Capital Markets cut their price objective on Neurogene from $60.00 to $45.00 and set an “outperform” rating for the company in a research note on Wednesday, November 20th. Eight equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Neurogene presently has an average rating of “Buy” and a consensus price target of $60.83.

Neurogene Company Profile

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.