BMO Capital Markets Lowers Neurogene (NASDAQ:NGNE) Price Target to $60.00

Neurogene (NASDAQ:NGNE) had its target price decreased by BMO Capital Markets from $65.00 to $60.00 in a research report issued on Tuesday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. BMO Capital Markets’ price target would suggest a potential upside of 51.29% from the company’s previous close.

Several other research firms also recently commented on NGNE. Leerink Partners raised their price objective on Neurogene from $45.00 to $72.00 and gave the stock an “outperform” rating in a report on Tuesday. Robert W. Baird lifted their price objective on Neurogene from $54.00 to $72.00 and gave the company an “outperform” rating in a report on Tuesday. Finally, HC Wainwright upped their price objective on shares of Neurogene from $49.00 to $55.00 and gave the stock a “buy” rating in a research note on Tuesday. Eight equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $63.33.

Neurogene Stock Performance

Shares of NGNE stock opened at $39.66 on Tuesday. The company’s 50-day simple moving average is $46.91 and its two-hundred day simple moving average is $40.12. Neurogene has a one year low of $12.49 and a one year high of $74.49.

Hedge Funds Weigh In On Neurogene

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Quest Partners LLC purchased a new stake in shares of Neurogene during the second quarter valued at about $55,000. BNP Paribas Financial Markets boosted its stake in Neurogene by 192.8% in the third quarter. BNP Paribas Financial Markets now owns 2,170 shares of the company’s stock valued at $91,000 after acquiring an additional 1,429 shares in the last quarter. SG Americas Securities LLC purchased a new position in Neurogene in the first quarter worth $120,000. MetLife Investment Management LLC acquired a new position in shares of Neurogene during the third quarter worth $254,000. Finally, Rhumbline Advisers purchased a new stake in shares of Neurogene during the 2nd quarter valued at $491,000. Hedge funds and other institutional investors own 52.37% of the company’s stock.

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.