Craig Hallum Begins Coverage on Neurogene (NASDAQ:NGNE)

Equities research analysts at Craig Hallum initiated coverage on shares of Neurogene (NASDAQ:NGNE) in a research report issued to clients and investors on Tuesday, MarketBeat reports. The brokerage set a “buy” rating and a $50.00 price target on the stock. Craig Hallum’s price target would suggest a potential upside of 173.22% from the company’s current price.

A number of other equities research analysts have also issued reports on the stock. BMO Capital Markets reiterated an “outperform” rating and set a $26.00 target price (up from $22.00) on shares of Neurogene in a report on Thursday, June 12th. HC Wainwright decreased their target price on Neurogene from $50.00 to $45.00 and set a “buy” rating for the company in a report on Tuesday, May 13th. William Blair reissued an “outperform” rating on shares of Neurogene in a research note on Tuesday, March 25th. Robert W. Baird lowered Neurogene from an “outperform” rating to a “neutral” rating and reduced their price target for the company from $38.00 to $24.00 in a research report on Friday, May 16th. Finally, Baird R W cut Neurogene from a “strong-buy” rating to a “hold” rating in a research note on Friday, May 16th. Two investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $46.17.

Neurogene Trading Down 0.7%

Shares of NASDAQ NGNE opened at $18.30 on Tuesday. The stock has a market capitalization of $260.96 million, a PE ratio of -4.21 and a beta of 1.57. Neurogene has a twelve month low of $6.88 and a twelve month high of $74.49. The stock has a fifty day simple moving average of $16.44 and a 200-day simple moving average of $17.44.

Neurogene (NASDAQ:NGNE) last released its earnings results on Friday, May 9th. The company reported ($1.08) earnings per share for the quarter, missing the consensus estimate of ($1.05) by ($0.03). On average, equities analysts predict that Neurogene will post -4.27 earnings per share for the current year.

Insider Transactions at Neurogene

In related news, insider Stuart Cobb sold 6,797 shares of the business’s stock in a transaction on Wednesday, May 14th. The shares were sold at an average price of $15.15, for a total value of $102,974.55. Following the completion of the sale, the insider now directly owns 20,794 shares of the company’s stock, valued at $315,029.10. The trade was a 24.63% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 11.64% of the company’s stock.

Hedge Funds Weigh In On Neurogene

A number of hedge funds have recently modified their holdings of NGNE. Two Sigma Investments LP purchased a new position in Neurogene in the 4th quarter valued at $472,000. PNC Financial Services Group Inc. purchased a new stake in shares of Neurogene in the fourth quarter valued at about $71,000. Wellington Management Group LLP boosted its holdings in shares of Neurogene by 18.7% in the fourth quarter. Wellington Management Group LLP now owns 21,717 shares of the company’s stock valued at $496,000 after acquiring an additional 3,427 shares in the last quarter. Rhumbline Advisers increased its stake in shares of Neurogene by 9.2% during the fourth quarter. Rhumbline Advisers now owns 15,704 shares of the company’s stock worth $359,000 after acquiring an additional 1,326 shares during the period. Finally, Vestal Point Capital LP purchased a new position in Neurogene during the fourth quarter worth about $1,829,000. 52.37% of the stock is currently owned by hedge funds and other 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.