Investment firm Baird has downgraded its rating for Neurogene (NGNE, Financial) from Outperform to Neutral. The firm's price target for the biotech company has been reduced to $24, down from a previous target of $38. This change comes despite Neurogene's recent stock gains over the past month, driven by increased market confidence that the FDA might accept a single-arm registrational trial for approval.
However, Baird raises concerns about potential challenges ahead, particularly regarding the approval process under the new leadership at the FDA. The firm believes that these new leaders may impose higher standards for approval, leading to "significant regulatory uncertainty" for NGN-401, one of Neurogene's key projects.
Wall Street Analysts Forecast
Based on the one-year price targets offered by 5 analysts, the average target price for Neurogene Inc (NGNE, Financial) is $43.40 with a high estimate of $72.00 and a low estimate of $16.00. The average target implies an upside of 123.71% from the current price of $19.40.
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