# Neurogene Inc. (NGNE)

> Source: Nexqual · https://nexqual.com/NGNE · data as of 2026-10-28 20:00 UTC · cite as "Nexqual, Neurogene Inc. (NGNE), nexqual.com/NGNE" · informational, not investment advice.

**Price:** USD 30.42 (+12.71% on the day) · last close of Oct 28, 2026; US market after hours, not a live price. Prev close 26.99 · day 25.81–31.08 · 52w 15.93–43.66 · market cap $609M · NGM

## Key facts
- Insider open-market sales, last ~7 months: 3 Form 4 filings, $640K; 0 not under a Rule 10b5-1 plan ($0K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 1.90 on a 1–5 scale) (10 analysts), mean target USD 77.88 (range 46–166).
- Total return with dividends: 1Y -6.9% vs S&P 500 +13.6%; 5Y -79.3% vs S&P 500 +79.8%.
- Next earnings: 2026-11-12, EPS estimate USD -1.45, revenue estimate $0K.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | — | — | $0K | $925K | $0K | — |
| Operating income | -$60.7M | -$56.5M | -$55.6M | -$82.6M | -$103M | -$121M |
| Net income | -$60.7M | -$55.2M | -$36.3M | -$75.1M | -$90.4M | -$111M |
| EPS (diluted) | -$22.00 | -$20.80 | — | -$4.28 | -$4.24 | — |
| Free cash flow | -$50.8M | -$55.1M | -$51.7M | -$71.4M | -$78.4M | -$87.7M |
| Operating margin | — | — | — | -8930.3% | — | — |
| Net margin | — | — | — | -8123.7% | — | — |
| Revenue growth | — | — | — | — | -100.0% | — |
| Cash + short-term investments | $142M | $82.0M | $197M | $312M | $269M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/B 2.8x · FCF yield -14.41% · Earnings yield -18.25%

## Insider sales (SEC Form 4, open-market, last ~7 months)
3 of 3 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-07-06…2026-07-07 | Cvijic Christine Mikail | President and CFO | 4,800 | $173K | 5.4% | Yes (adopted August 18, 2025) | Too little history (no open-market trades in 2023) |
| 2026-07-01…2026-07-02 | Cvijic Christine Mikail | President and CFO | 4,800 | $167K | 5.1% | Yes (adopted August 18, 2025) | Too little history (no open-market trades in 2023) |
| 2026-05-06 | Cvijic Christine Mikail | President and CFO | 9,600 | $300K | 9.3% | Yes (adopted August 18, 2025) | Too little history (no open-market trades in 2023) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 1.90 on a 1–5 scale), 10 analysts; mean target USD 77.88 (low 46, high 166).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-28 | HC Wainwright & Co. | Reiterated | Buy | $65 |
| 2026-10-08 | JP Morgan | Initiated | Overweight | $60 |
| 2026-08-12 | Canaccord Genuity | Target lowered | Buy | $180 → $166 |
| 2026-08-12 | Guggenheim | Target raised | Buy | $69 → $81 |
| 2026-08-12 | HC Wainwright & Co. | Target lowered | Buy | $70 → $65 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-29) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | -6.9% | -79.3% |
| S&P 500 (SPY) | +13.6% | +79.8% |
| Per year | -6.9% | -26.9% |
| Volatility (annualized) | 78.6% | 92.2% |
| Max drawdown | -52.2% (Oct 2025→Feb 2026) | -94.5% (Nov 2021→Dec 2022) |

## Peers (Biotechnology)
RYTM (Rhythm Pharmaceuticals, Inc.) USD 91.97 -0.23% · ORKA (Oruka Therapeutics, Inc.) USD 95.97 +0.17% · IOVA (Iovance Biotherapeutics, Inc.) USD 14.81 +1.58% · IONS (Ionis Pharmaceuticals, Inc.) USD 44.9 +2.14% · AXSM (Axsome Therapeutics, Inc.) USD 143.51 +0.92% · PRAX (Praxis Precision Medicines, Inc) USD 285.48 +6.69%

## More
Full page: https://nexqual.com/NGNE · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in NGNE's own 10-K filed 2026-03-24 (https://www.sec.gov/Archives/edgar/data/1404644/000140464426000019/ngne-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | Neoleukin Therapeutics | "We have generated licensing revenue from the recognition of upfront payments received under agreements with third parties for the disposition of legacy Neoleukin assets (the "December 2023 CVR Licensing Agreement" and th…" |
| Partner | Virovek | "In September 2020, we entered into a Non-Exclusive License Agreement with Virovek, Inc., pursuant to which we have a license to use certain patents and know-how on a non-exclusive basis related to our baculovirus process…" |
| Partner | Leerink Partners | "In August 2025, we entered into the Sales Agreement with Leerink, pursuant to which we have sold $31.0 million in shares of our common stock as of December 31, 2025 in "at the market" offerings." |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-1.45 | $-1.27 | −$0.18 | $0 | 5 |
| Next quarter (ends 2026-12-31) | $-1.43 | $-1.29 | −$0.14 | $0 | 5 |
| Current fiscal year (ends 2026-12-31) | $-5.75 | $-5.31 | −$0.43 | $0 | 6 |
| Next fiscal year (ends 2027-12-31) | $-5.72 | $-5.46 | −$0.27 | $0 | 6 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-12): ±20.2%; last 8 reports averaged ±15.6%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 23 | 101.6% | ±20.2% |
| 2026-12-18 | 51 | 86.8% | ±29.6% |
| 2027-01-15 | 79 | 98.2% | ±37.7% |
| 2027-03-19 | 142 | 96.9% | ±48.6% |
| 2027-06-17 | 232 | 91.7% | ±57.7% |

## Earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| Aug 11, 2026 | Quarter ended Jun 30, 2026 | −$1.53 | −$1.37 | Miss −11.7% | +1.2% |
| May 12, 2026 | Quarter ended Mar 31, 2026 | — | — | — | +5.6% |
| Mar 24, 2026 | Quarter ended Dec 31, 2025 | −$1.13 | −$1.24 | Beat +8.9% | +13.8% |
| Nov 13, 2025 | Quarter ended Sep 30, 2025 | −$0.99 | −$1.09 | Beat +9.2% | -26.7% |
| Aug 11, 2025 | — | — | — | — | -9.4% |
| May 9, 2025 | — | — | — | — | +18.0% |
| Mar 24, 2025 | — | — | — | — | -0.1% |
| Nov 18, 2024 | — | — | — | — | -50.1% |
EPS as reported against the analyst consensus before the release; surprise uses the cent-rounded figures shown (in dollars when EPS and consensus have opposite signs). Stock reaction = close before the results to close after (the first close following a release after the bell or before the open).

## Recent SEC filings (last 120 days)
| Filed | Form | What it says | Filing |
|---|---|---|---|
| 2026-10-07 | Schedule 13G | PRUDENTIAL FINANCIAL INC: 11.2% of shares, passive 5%+ holder | https://www.sec.gov/Archives/edgar/data/1404644/000113777426000205/0001137774-26-000205-index.htm |
| 2026-10-06 | Schedule 13G | Jennison Associates LLC: 11.1% of shares, passive 5%+ holder | https://www.sec.gov/Archives/edgar/data/1404644/000005341726000058/0000053417-26-000058-index.htm |
| 2026-08-14 | Schedule 13G/A | Redmile Group, LLC, Jeremy C. Green: 9.9% of shares, passive 5%+ holder (amended) | https://www.sec.gov/Archives/edgar/data/1404644/000110465926097193/0001104659-26-097193-index.htm |
| 2026-08-14 | Schedule 13G/A | Trails Edge Capital Partners, LP, Trails Edge Biotechnology Master Fund, LP: 4.5% of shares, passive 5%+ holder (amended) | https://www.sec.gov/Archives/edgar/data/1404644/000149315226038383/0001493152-26-038383-index.htm |
| 2026-08-14 | Schedule 13G | BALYASNY ASSET MANAGEMENT L.P., BAM GP LLC: 5.2% of shares, passive 5%+ holder | https://www.sec.gov/Archives/edgar/data/1404644/000117266126003430/0001172661-26-003430-index.htm |
| 2026-08-11 | 10-Q | Quarterly report · period ended Jun 30, 2026 | https://www.sec.gov/Archives/edgar/data/1404644/000140464426000059/0001404644-26-000059-index.htm |
| 2026-08-11 | 8-K | Quarterly results | https://www.sec.gov/Archives/edgar/data/1404644/000140464426000056/0001404644-26-000056-index.htm |
| 2026-07-02 | 8-K | Entered a material agreement; Other material event — “On June 30, 2026, Neurogene Inc. (the "Company") entered into an underwriting agreement (the "Underwriting Agreement") with Leerink Partners LLC, Stifel, Nicolaus & Company, Incorporated, and Guggenheim Securities, LLC, as representatives of the underwriters named therein (the "Underwriters"), to issue and sell 3,500,000 shares of the Company's common stock at a public offering price of $30.00 per share and, in lieu of common stock to certain investors, pre-funded warrants to purchase up to 666,666 shares of the…” | https://www.sec.gov/Archives/edgar/data/1404644/000140464426000050/0001404644-26-000050-index.htm |
Source: SEC EDGAR. Quotes are the opening words of each item as filed.