H.C. Wainwright analyst Mitchell Kapoor reiterated a Buy rating on Neurogene today and set a price target of $45.00.
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Mitchell Kapoor has given his Buy rating due to a combination of factors that position Neurogene favorably in the competitive landscape of CNS gene therapy. The FDA’s clearance of the registrational trial for NGN-401, with a planned dosing start in the fourth quarter of 2025, aligns Neurogene with its competitor Taysha but with a more streamlined regulatory process and a broader patient eligibility starting from age three. This broader label path is seen as advantageous for early intervention, which is crucial in treating Rett syndrome.
Additionally, Neurogene’s approach, which includes the use of ICV delivery, has shown significant scientific advantages in terms of brain expression compared to intrathecal-lumbar administration. The company’s expansion to 13 clinical sites in the U.S. enhances its capacity for rapid patient enrollment. Furthermore, feedback from key opinion leaders highlights the importance of durable, multi-domain improvements over short-term gains, suggesting that Neurogene’s strategy is more likely to yield meaningful long-term outcomes. These factors, combined with a valuation significantly lower than Taysha’s, contribute to a compelling risk-reward profile, justifying the Buy rating and a price target of $45.