Neurogene Inc. (NASDAQ:NGNE) Receives Consensus Rating of “Buy” from Brokerages

Neurogene Inc. (NASDAQ:NGNE) has been assigned an average recommendation of “Buy” from the eight brokerages that are presently covering the firm, Marketbeat.com reports. Seven research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. The average 1 year target price among brokers that have updated their coverage on the stock in the last year is $48.60.

A number of analysts have recently commented on NGNE shares. Robert W. Baird started coverage on shares of Neurogene in a research note on Tuesday, June 11th. They issued an “outperform” rating and a $54.00 price target for the company. William Blair started coverage on shares of Neurogene in a research report on Thursday, March 21st. They set an “outperform” rating and a $61.00 target price for the company. HC Wainwright restated a “buy” rating and set a $51.00 target price on shares of Neurogene in a research report on Thursday, June 20th. Baird R W upgraded shares of Neurogene to a “strong-buy” rating in a research report on Tuesday, June 11th. Finally, SVB Leerink started coverage on shares of Neurogene in a research report on Monday, April 29th. They set an “outperform” rating and a $46.00 target price for the company.

Hedge Funds Weigh In On Neurogene

Large investors have recently added to or reduced their stakes in the company. SG Americas Securities LLC purchased a new position in Neurogene during the first quarter valued at approximately $120,000. Privium Fund Management UK Ltd purchased a new position in shares of Neurogene in the first quarter worth $274,000. BML Capital Management LLC purchased a new position in shares of Neurogene in the fourth quarter worth $478,000. Avidity Partners Management LP purchased a new position in shares of Neurogene in the fourth quarter worth $9,036,000. Finally, Great Point Partners LLC purchased a new position in shares of Neurogene in the fourth quarter worth $19,268,000. Hedge funds and other institutional investors own 52.37% of the company’s stock.

Neurogene Price Performance

Shares of NGNE stock opened at $32.01 on Thursday. The business has a 50 day moving average of $33.80. Neurogene has a 52 week low of $12.20 and a 52 week high of $53.00.

Neurogene (NASDAQ:NGNE) last announced its quarterly earnings results on Friday, May 10th. The company reported ($1.00) EPS for the quarter, topping analysts’ consensus estimates of ($1.03) by $0.03. Equities research analysts anticipate that Neurogene will post -4.15 EPS for the current fiscal 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.