HC Wainwright Lowers Neurogene (NASDAQ:NGNE) Price Target to $50.00

Neurogene (NASDAQ:NGNE) had its target price lowered by analysts at HC Wainwright from $55.00 to $50.00 in a research report issued on Tuesday,Benzinga reports. The firm currently has a “buy” rating on the stock. HC Wainwright’s price target suggests a potential upside of 209.79% from the company’s current price.

Neurogene Price Performance

Shares of NASDAQ NGNE opened at $16.14 on Tuesday. The company’s 50 day simple moving average is $16.97 and its 200 day simple moving average is $29.06. Neurogene has a fifty-two week low of $13.47 and a fifty-two week high of $74.49. The firm has a market capitalization of $239.76 million, a P/E ratio of -3.78 and a beta of 1.01.

Neurogene (NASDAQ:NGNE) last announced its quarterly earnings data on Monday, March 24th. The company reported ($0.99) EPS for the quarter, topping analysts’ consensus estimates of ($1.04) by $0.05. The company had revenue of $0.93 million for the quarter. Sell-side analysts expect that Neurogene will post -4.27 EPS for the current fiscal year.

Insider Activity at Neurogene

In other Neurogene news, CFO Christine Mikail Cvijic sold 4,501 shares of the stock in a transaction dated Thursday, March 13th. The stock was sold at an average price of $16.94, for a total value of $76,246.94. Following the completion of the sale, the chief financial officer now directly owns 72,343 shares in the company, valued at $1,225,490.42. This represents a 5.86 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 9.92% of the company’s stock.

Hedge Funds Weigh In On Neurogene

Several institutional investors and hedge funds have recently modified their holdings of the business. Barclays PLC boosted its holdings in shares of Neurogene by 319.4% in the third quarter. Barclays PLC now owns 14,859 shares of the company’s stock valued at $623,000 after buying an additional 11,316 shares during the period. FMR LLC raised its position 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 buying an additional 659,515 shares during the last quarter. Franklin Resources Inc. acquired a new position in Neurogene during the 3rd quarter worth approximately $296,000. State Street Corp grew its stake in shares of Neurogene by 17.5% during the 3rd quarter. State Street Corp now owns 246,540 shares of the company’s stock worth $10,345,000 after acquiring an additional 36,687 shares in the last quarter. Finally, Jane Street Group LLC acquired a new stake in shares of Neurogene in the third quarter valued at approximately $324,000. 52.37% of the stock is currently owned by institutional investors and hedge funds.

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.