Neurogene Inc. (NASDAQ:NGNE) Major Shareholder Purchases $1,259,729.10 in Stock

Neurogene Inc. (NASDAQ:NGNE) major shareholder Samsara Biocapital Gp, Llc acquired 48,770 shares of Neurogene stock in a transaction that occurred on Tuesday, November 26th. The shares were purchased at an average cost of $25.83 per share, with a total value of $1,259,729.10. Following the purchase, the insider now owns 1,717,127 shares of the company’s stock, valued at $44,353,390.41. This represents a 2.92 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Large shareholders that own more than 10% of a company’s stock are required to disclose their sales and purchases with the SEC.

Neurogene Price Performance

Neurogene stock traded down $1.07 during trading hours on Wednesday, reaching $25.80. The company had a trading volume of 527,814 shares, compared to its average volume of 173,875. Neurogene Inc. has a 12-month low of $12.49 and a 12-month high of $74.49. The company has a 50-day moving average price of $44.30 and a 200 day moving average price of $39.50.

Institutional Investors Weigh In On Neurogene

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in NGNE. Vanguard Group Inc. grew its position in shares of Neurogene by 906.5% in the 1st quarter. Vanguard Group Inc. now owns 507,483 shares of the company’s stock worth $25,831,000 after buying an additional 457,062 shares during the period. Bank of New York Mellon Corp bought a new position in shares of Neurogene during the second quarter valued at approximately $1,107,000. Rhumbline Advisers purchased a new position in shares of Neurogene during the second quarter valued at approximately $491,000. Quest Partners LLC bought a new stake in shares of Neurogene in the 2nd quarter worth approximately $55,000. Finally, Avoro Capital Advisors LLC purchased a new stake in shares of Neurogene in the 2nd quarter worth approximately $802,000. 52.37% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the stock. HC Wainwright reaffirmed a “buy” rating and issued a $55.00 price target on shares of Neurogene in a report on Monday. BMO Capital Markets cut their price objective on Neurogene from $60.00 to $45.00 and set an “outperform” rating for the company in a report on Wednesday, November 20th. Leerink Partners raised their target price on shares of Neurogene from $45.00 to $72.00 and gave the company an “outperform” rating in a research note on Tuesday, November 12th. Robert W. Baird boosted their price target on shares of Neurogene from $54.00 to $72.00 and gave the stock an “outperform” rating in a research note on Tuesday, November 12th. Finally, William Blair restated an “outperform” rating on shares of Neurogene in a research report on Tuesday, November 19th. Eight investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Buy” and an average price target of $60.83.

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.