Neurogene (NASDAQ:NGNE) Stock Price Expected to Rise, Leerink Partners Analyst Says

Neurogene (NASDAQ:NGNE) had its price objective increased by Leerink Partners from $45.00 to $72.00 in a report issued on Tuesday,Benzinga reports. The brokerage currently has an outperform rating on the stock.

Several other equities research analysts have also recently commented on the stock. HC Wainwright boosted their price objective on shares of Neurogene from $49.00 to $55.00 and gave the company a “buy” rating in a research report on Tuesday. Robert W. Baird lifted their target price on Neurogene from $54.00 to $72.00 and gave the company an “outperform” rating in a research report on Tuesday. Eight analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Neurogene currently has an average rating of “Buy” and an average target price of $63.33.

Neurogene Price Performance

NGNE traded down $2.31 during midday trading on Tuesday, reaching $36.89. 144,574 shares of the company were exchanged, compared to its average volume of 139,768. The stock’s 50-day simple moving average is $47.11 and its 200 day simple moving average is $40.11. Neurogene has a one year low of $12.49 and a one year high of $74.49.

Hedge Funds Weigh In On Neurogene

Large investors have recently modified their holdings of the stock. FMR LLC raised its holdings in Neurogene by 912.4% in the 3rd quarter. FMR LLC now owns 731,801 shares of the company’s stock valued at $30,706,000 after acquiring an additional 659,515 shares during the period. Vanguard Group Inc. increased its stake in shares of Neurogene by 906.5% during the first quarter. Vanguard Group Inc. now owns 507,483 shares of the company’s stock worth $25,831,000 after purchasing an additional 457,062 shares during the period. Baker BROS. Advisors LP boosted its stake in Neurogene by 0.6% in the 1st quarter. Baker BROS. Advisors LP now owns 456,015 shares of the company’s stock valued at $23,211,000 after purchasing an additional 2,499 shares during the period. Driehaus Capital Management LLC boosted its stake in Neurogene by 123.8% in the 2nd 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 period. Finally, Jennison Associates LLC acquired a new position in Neurogene in the 3rd quarter valued at $3,300,000. 52.37% of the stock is owned by institutional investors.

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.