Neurogene Inc. (NASDAQ:NGNE) Shares Bought by Redmile Group LLC

Redmile Group LLC lifted its stake in Neurogene Inc. (NASDAQ:NGNE) by 36.9% during the fourth quarter, Holdings Channel reports. The institutional investor owned 1,319,763 shares of the company’s stock after acquiring an additional 355,416 shares during the quarter. Neurogene makes up approximately 2.1% of Redmile Group LLC’s investment portfolio, making the stock its 18th largest position. Redmile Group LLC owned about 0.09% of Neurogene worth $30,170,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently bought and sold shares of the stock. PNC Financial Services Group Inc. purchased a new stake in Neurogene during the fourth quarter worth $71,000. China Universal Asset Management Co. Ltd. acquired a new stake in shares of Neurogene during the 4th quarter valued at about $72,000. Virtus ETF Advisers LLC raised its holdings in Neurogene by 45.1% in the 4th quarter. Virtus ETF Advisers LLC now owns 3,183 shares of the company’s stock worth $73,000 after purchasing an additional 989 shares during the period. Wells Fargo & Company MN boosted its position in Neurogene by 34.5% during the fourth quarter. Wells Fargo & Company MN now owns 5,444 shares of the company’s stock worth $124,000 after purchasing an additional 1,397 shares in the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. grew its holdings in Neurogene by 72.8% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 10,290 shares of the company’s stock valued at $239,000 after purchasing an additional 4,334 shares during the period. 52.37% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, CFO Christine Mikail Cvijic sold 4,501 shares of the business’s stock in a transaction dated Thursday, March 13th. The shares were sold at an average price of $16.94, for a total value of $76,246.94. Following the sale, the chief financial officer now directly owns 72,343 shares in the company, valued at approximately $1,225,490.42. The trade was a 5.86% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 11.64% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the company. BMO Capital Markets decreased their target price on Neurogene from $45.00 to $16.00 and set an “outperform” rating on the stock in a research report on Monday, April 14th. HC Wainwright dropped their target price on shares of Neurogene from $50.00 to $45.00 and set a “buy” rating on the stock in a research report on Tuesday. William Blair restated an “outperform” rating on shares of Neurogene in a research report on Tuesday, March 25th. Finally, Robert W. Baird set a $38.00 price objective on Neurogene in a report on Tuesday, March 25th. Six investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of $46.20.

Neurogene Stock Down 1.9%

Neurogene stock opened at $15.22 on Thursday. Neurogene Inc. has a 52-week low of $6.88 and a 52-week high of $74.49. The firm has a market capitalization of $217.07 million, a price-to-earnings ratio of -3.50 and a beta of 1.56. The company has a fifty day simple moving average of $13.43 and a 200-day simple moving average of $21.01.

Neurogene (NASDAQ:NGNE) last announced its quarterly earnings data on Friday, May 9th. The company reported ($1.08) EPS for the quarter, missing analysts’ consensus estimates of ($1.05) by ($0.03). On average, research analysts anticipate that Neurogene Inc. will post -4.27 EPS for the current fiscal year.

Neurogene 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.