Today, Neurogene Inc. (NASDAQ:NGNE), a biopharmaceutical company specializing in pharmaceutical preparations, announced the results of its 2024 Annual Meeting of Stockholders, which took place on Thursday. The company reported that shareholders voted on several key matters, including the election of directors and executive compensation.
The meeting saw the election of two Class I directors, Cory Freedland and Rachel McMinn, to serve on the company's board until the 2027 annual meeting. Both nominees received a strong endorsement from shareholders, with Freedland securing 9,198,010 votes for and McMinn receiving a nearly identical count of 9,198,031 votes in favor. Shares withheld totaled 382,881 for Freedland and 382,860 for McMinn, with 248,681 broker non-votes recorded for each.
In addition to the board elections, shareholders approved, on an advisory basis, the compensation of the company’s named executive officers. The proposal received significant support, with 9,092,990 votes for, 482,023 votes against, and 5,878 abstentions. There were also 248,681 broker non-votes.
The appointment of Deloitte & Touche LLP as Neurogene's independent registered public accounting firm for the year ending December 31, 2024, was ratified with an overwhelming majority. The accounting firm received 9,826,384 votes for, 1,361 against, and 1,827 abstentions.
The company's definitive proxy statement, which provides a detailed description of each proposal, was filed with the Securities and Exchange Commission on April 26, 2024. The total number of shares present at the meeting, either in person or by proxy, was 9,829,572, representing approximately 76.40% of the voting power of the shares entitled to vote, thus meeting the quorum requirement for the transaction of business.
Neurogene, headquartered in New York, has undergone several name changes in its history, previously known as Neoleukin Therapeutics (NASDAQ:NGNE), Inc., Aquinox Pharmaceuticals, Inc., and Aquinox Pharmaceuticals (USA) Inc. The company's fiscal year-end is December 31, and the information provided is based on a press release statement.
In other recent news, Neurogene Inc. has been making significant strides with its gene therapy for Rett syndrome, NGN-401. The U.S. Food and Drug Administration (FDA) selected this therapy for its START Pilot Program, designed to expedite development of treatments for rare diseases. This will likely accelerate the development of NGN-401, with interim efficacy data from an ongoing Phase 1/2 clinical trial expected in the fourth quarter of 2024.
In the realm of financial analysis, H.C. Wainwright has adjusted its price target for Neurogene to $51.00, while maintaining its Buy rating. William Blair also initiated coverage on Neurogene, setting an Outperform rating and a $61.00 price target. Both firms emphasize the potential of NGN-401 in upcoming developments.
Furthermore, Neurogene reported initial safety results from its Phase 1/2 trial of NGN-401, indicating the treatment was well-tolerated in the first three patients. There were no observed signs or symptoms of overexpression toxicity. These findings were presented at the American Society of Gene and Cell Therapy (ASGCT) Annual Meeting, demonstrating a favorable tolerability profile for NGN-401.
InvestingPro Insights
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