Wellington Management Group LLP Invests $767,000 in Neurogene Inc. (NASDAQ:NGNE)

Wellington Management Group LLP purchased a new stake in shares of Neurogene Inc. (NASDAQ:NGNE) during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 18,290 shares of the company’s stock, valued at approximately $767,000.

Other large investors have also recently added to or reduced their stakes in the company. Quest Partners LLC bought a new stake in Neurogene during the second quarter valued at $55,000. BNP Paribas Financial Markets boosted its holdings in shares of Neurogene by 192.8% in the 3rd quarter. BNP Paribas Financial Markets now owns 2,170 shares of the company’s stock valued at $91,000 after buying an additional 1,429 shares during the period. SG Americas Securities LLC bought a new stake in shares of Neurogene during the 3rd quarter valued at about $150,000. MetLife Investment Management LLC acquired a new stake in Neurogene during the third quarter worth about $254,000. Finally, Rhumbline Advisers bought a new position in Neurogene in the second quarter worth about $491,000. 52.37% of the stock is currently owned by institutional investors.

Neurogene Price Performance

Shares of NGNE opened at $22.08 on Friday. Neurogene Inc. has a one year low of $12.49 and a one year high of $74.49. The stock’s fifty day moving average is $37.54 and its 200-day moving average is $38.30.

Analyst Ratings Changes

A number of analysts have recently weighed in on NGNE shares. Stifel Nicolaus increased their price target on Neurogene from $44.00 to $60.00 and gave the stock a “buy” rating in a research report on Tuesday, November 12th. Robert W. Baird increased their target price on Neurogene from $54.00 to $72.00 and gave the stock an “outperform” rating in a research report on Tuesday, November 12th. BMO Capital Markets cut their target price on Neurogene from $60.00 to $45.00 and set an “outperform” rating on the stock in a research note on Wednesday, November 20th. William Blair restated an “outperform” rating on shares of Neurogene in a research report on Tuesday, November 19th. Finally, HC Wainwright reiterated a “buy” rating and issued a $55.00 price objective on shares of Neurogene in a research report on Monday, November 25th. Eight investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $60.83.

Insider Activity at Neurogene

In other news, major shareholder Samsara Biocapital Gp, Llc bought 48,770 shares of the company’s stock in a transaction that occurred on Tuesday, November 26th. The shares were purchased at an average price of $25.83 per share, with a total value of $1,259,729.10. Following the completion of the acquisition, the insider now directly owns 1,717,127 shares in the company, valued at approximately $44,353,390.41. This trade represents a 2.92 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Rachel Mcminn purchased 47,500 shares of the firm’s stock in a transaction on Friday, November 22nd. The shares were purchased at an average cost of $20.40 per share, with a total value of $969,000.00. Following the completion of the purchase, the chief executive officer now owns 1,297,859 shares in the company, valued at $26,476,323.60. This represents a 3.80 % increase in their position. The disclosure for this purchase can be found here. Insiders purchased 120,270 shares of company stock worth $2,720,249 in the last 90 days. Corporate insiders own 9.92% 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.