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BMO Capital raised its price target on Neurogene (NASDAQ:NGNE) to $26.00 from $22.00 on Wednesday, while maintaining an Outperform rating on the stock. Currently trading at $20.92, the company has a market capitalization of $297 million and shows a "Fair" overall financial health score according to InvestingPro analysis. The adjustment follows the company’s updated monitoring protocol for its NGN-401 treatment.
The research firm noted that the updated HLH monitoring protocol for NGN-401 demonstrated effective management of ferritin levels in recently dosed patients. Initial analysis of the five most recently dosed patients showed ferritin control, with no patients exceeding the 500 ng/mL level considered clinically concerning for HLH. The company maintains a strong balance sheet, with more cash than debt and liquid assets exceeding short-term obligations.
BMO Capital highlighted that none of the patients exhibited clinical symptoms of HLH under the updated monitoring protocol. This outcome has increased the firm’s confidence in Neurogene’s ability to control reactions in future treatments.
The company’s regulatory update remains expected in the first half of 2025, though BMO noted this timeline was not addressed in detail in the recent communication.
The price target increase reflects BMO Capital’s growing confidence in Neurogene’s clinical protocols and the potential of its NGN-401 treatment following the positive ferritin control data. With analyst targets ranging from $22 to $72, InvestingPro subscribers can access 8 additional key insights and a comprehensive Pro Research Report, helping investors make more informed decisions about this emerging biotech company.
In other recent news, Neurogene has been the focus of several significant developments. BMO Capital Markets raised its price target for Neurogene to $22, up from $16, while maintaining an Outperform rating, citing positive regulatory signals and cost management strategies. Conversely, Baird downgraded Neurogene from Outperform to Neutral, adjusting the price target to $24 from $38, due to perceived regulatory uncertainties under new FDA leadership. Stifel analysts maintained a Buy rating with a $46 target, noting the competitive landscape in the Rett Gene Therapy sector. Neurogene also presented a treatment strategy for hemophagocytic lymphohistiocytosis at the American Society of Gene and Cell Therapy meeting, emphasizing early monitoring and treatment. Additionally, the company amended an agreement with Baker Bros. Advisors, increasing the ownership threshold for board nominations, and entered an exchange agreement involving warrants. These recent developments reflect ongoing strategic and regulatory dynamics impacting Neurogene’s market positioning and investor outlook.
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