Insider Buying: Neurogene Inc. (NASDAQ:NGNE) CEO Buys 47,500 Shares of Stock

Neurogene Inc. (NASDAQ:NGNE) CEO Rachel Mcminn purchased 47,500 shares of the business’s stock in a transaction on Friday, November 22nd. The shares were purchased at an average cost of $20.40 per share, for a total transaction of $969,000.00. Following the transaction, the chief executive officer now owns 1,297,859 shares of the company’s stock, valued at $26,476,323.60. This trade represents a 3.80 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

Neurogene Stock Performance

Shares of NASDAQ:NGNE opened at $25.80 on Thursday. Neurogene Inc. has a 52 week low of $12.49 and a 52 week high of $74.49. The company has a 50-day moving average price of $43.99 and a 200 day moving average price of $39.40.

Wall Street Analysts Forecast Growth

NGNE has been the topic of a number of recent research reports. HC Wainwright reaffirmed a “buy” rating and issued a $55.00 target price on shares of Neurogene in a report on Monday. Robert W. Baird upped their target price on shares of Neurogene from $54.00 to $72.00 and gave the company an “outperform” rating in a report on Tuesday, November 12th. BMO Capital Markets decreased their target price on shares of Neurogene from $60.00 to $45.00 and set an “outperform” rating for the company in a research note on Wednesday, November 20th. Stifel Nicolaus boosted their price target on Neurogene from $44.00 to $60.00 and gave the company a “buy” rating in a research report on Tuesday, November 12th. Finally, William Blair reaffirmed an “outperform” rating on shares of Neurogene in a research report on Tuesday, November 19th. Eight analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $60.83.

Institutional Trading of Neurogene

Hedge funds have recently modified their holdings of the business. Quest Partners LLC acquired a new position in Neurogene during the second quarter worth $55,000. BNP Paribas Financial Markets boosted its position in shares of Neurogene by 192.8% during the 3rd quarter. BNP Paribas Financial Markets now owns 2,170 shares of the company’s stock worth $91,000 after purchasing an additional 1,429 shares in the last quarter. SG Americas Securities LLC acquired a new position in shares of Neurogene during the 1st quarter worth $120,000. MetLife Investment Management LLC purchased a new position in shares of Neurogene in the 3rd quarter valued at about $254,000. Finally, Franklin Resources Inc. acquired a new stake in shares of Neurogene in the third quarter valued at about $296,000. 52.37% of the stock is owned by institutional investors and hedge funds.

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.