Neurogene's NGN-401: Strong Clinical Results and Market Misalignment Justify Buy RatingValuation and Risks. Using a 13% discount rate and 1% terminal growth rate, our discounted cash flow (DCF)-based analysis has resulted in an estimated enterprise value of $1.6B. We ascribe a 55% probability of approval to NGN-401 in Rett syndrome. Assuming 25M fully-diluted shares outstanding, we derive a 12-month price objective of $70 per share, which includes the forecast cash position. We conservatively do not model any expansion into other indications or pipeline programs beyond NGN-401, which may drive upside to our valuation.