Neurogene Inc. (NASDAQ:NGNE) Receives $51.00 Consensus Target Price from Brokerages

Shares of Neurogene Inc. (NASDAQ:NGNE) have been assigned a consensus recommendation of “Buy” from the nine ratings firms that are covering the firm, MarketBeat.com reports. Eight research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. The average 12 month price objective among brokers that have covered the stock in the last year is $51.00.

Separately, HC Wainwright cut their price objective on shares of Neurogene from $51.00 to $49.00 and set a “buy” rating for the company in a research report on Monday, August 12th.

Institutional Investors Weigh In On Neurogene

A number of institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its stake in shares of Neurogene by 906.5% in the first 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 period. Integral Health Asset Management LLC purchased a new position in shares of Neurogene in the second quarter valued at approximately $2,547,000. Driehaus Capital Management LLC boosted its stake 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 valued at $3,719,000 after purchasing an additional 56,533 shares during the period. Bank of New York Mellon Corp purchased a new position in shares of Neurogene in the second quarter valued at approximately $1,107,000. Finally, Avoro Capital Advisors LLC purchased a new position in shares of Neurogene in the second quarter valued at approximately $802,000. 52.37% of the stock is currently owned by institutional investors and hedge funds.

Neurogene Stock Performance

Neurogene stock opened at $48.37 on Wednesday. Neurogene has a 12-month low of $12.49 and a 12-month high of $55.21. The company has a 50-day moving average price of $41.85 and a 200 day moving average price of $38.19.

Neurogene (NASDAQ:NGNE) last released its quarterly earnings data on Friday, August 9th. The company reported ($1.09) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.02) by ($0.07). The company had revenue of $0.93 million for the quarter. On average, equities research analysts expect that Neurogene will post -4.47 earnings per share 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.