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

Neurogene Inc. (NASDAQ:NGNE) has been given a consensus recommendation of “Buy” by the eight ratings firms that are currently covering the company, MarketBeat Ratings reports. Seven equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating on the company. The average 1-year price objective among analysts that have updated their coverage on the stock in the last year is $48.60.

Several brokerages recently issued reports on NGNE. Baird R W upgraded Neurogene to a “strong-buy” rating in a report on Tuesday, June 11th. Robert W. Baird started coverage on Neurogene in a report on Tuesday, June 11th. They set an “outperform” rating and a $54.00 target price on the stock. William Blair started coverage on Neurogene in a report on Thursday, March 21st. They set an “outperform” rating and a $61.00 target price on the stock. Leerink Partnrs restated an “outperform” rating on shares of Neurogene in a report on Monday, April 29th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $51.00 price target on shares of Neurogene in a research report on Thursday, June 20th.

Neurogene Stock Up 2.9 %

NGNE opened at $32.01 on Thursday. The firm has a fifty day simple moving average of $33.80. Neurogene has a 12-month low of $12.20 and a 12-month high of $53.00.

Neurogene (NASDAQ:NGNE) last released its earnings results on Friday, May 10th. The company reported ($1.00) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.03) by $0.03. Sell-side analysts anticipate that Neurogene will post -4.15 EPS for the current fiscal year.

Institutional Investors Weigh In On Neurogene

Institutional investors have recently added to or reduced their stakes in the company. Avidity Partners Management LP acquired a new stake in Neurogene during the fourth quarter worth about $9,036,000. Great Point Partners LLC acquired a new stake in Neurogene during the fourth quarter worth about $19,268,000. BML Capital Management LLC acquired a new stake in Neurogene during the fourth quarter worth about $478,000. Vanguard Group Inc. lifted its stake in 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. Finally, SG Americas Securities LLC bought a new position in Neurogene during the first quarter worth about $120,000. 52.37% of the stock is owned by institutional investors and hedge funds.

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.