Royal Bank Of Canada Raises Neurocrine Biosciences (NASDAQ:NBIX) Price Target to $195.00

Neurocrine Biosciences (NASDAQ:NBIX) had its price target upped by investment analysts at Royal Bank Of Canada from $183.00 to $195.00 in a report released on Tuesday,Benzinga reports. The firm presently has an “outperform” rating on the stock. Royal Bank Of Canada’s target price would indicate a potential upside of 9.55% from the stock’s previous close.

Several other research analysts have also weighed in on NBIX. JPMorgan Chase & Co. lifted their price objective on Neurocrine Biosciences from $177.00 to $185.00 and gave the stock an “overweight” rating in a research report on Friday, May 8th. HC Wainwright upped their target price on Neurocrine Biosciences from $192.00 to $215.00 and gave the company a “buy” rating in a research report on Tuesday, April 7th. Morgan Stanley raised their target price on Neurocrine Biosciences from $185.00 to $191.00 and gave the stock an “equal weight” rating in a research note on Wednesday, May 6th. Wedbush lifted their target price on Neurocrine Biosciences from $166.00 to $176.00 and gave the stock an “outperform” rating in a report on Wednesday, May 6th. Finally, Piper Sandler boosted their price target on Neurocrine Biosciences from $190.00 to $207.00 and gave the company an “overweight” rating in a research note on Wednesday, May 6th. Two analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, Neurocrine Biosciences currently has a consensus rating of “Moderate Buy” and an average price target of $188.10.

Neurocrine Biosciences Price Performance

Shares of NBIX traded up $3.90 during trading hours on Tuesday, hitting $178.00. 366,509 shares of the stock were exchanged, compared to its average volume of 1,177,133. Neurocrine Biosciences has a fifty-two week low of $122.14 and a fifty-two week high of $178.66. The business has a 50-day moving average of $156.87 and a 200-day moving average of $141.91. The firm has a market capitalization of $17.90 billion, a P/E ratio of 27.44, a price-to-earnings-growth ratio of 0.69 and a beta of 0.39.

Insider Activity

In other news, Director Richard F. Pops sold 15,000 shares of the stock in a transaction dated Friday, May 15th. The shares were sold at an average price of $157.65, for a total transaction of $2,364,750.00. Following the transaction, the director owned 34,480 shares of the company’s stock, valued at $5,435,772. This represents a 30.32% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Stephen A. Sherwin sold 25,000 shares of the firm’s stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $165.32, for a total value of $4,133,000.00. Following the completion of the sale, the director owned 15,860 shares of the company’s stock, valued at approximately $2,621,975.20. This represents a 61.18% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 365,234 shares of company stock valued at $57,031,540. Corporate insiders own 4.60% of the company’s stock.

Institutional Investors Weigh In On Neurocrine Biosciences

Several hedge funds and other institutional investors have recently modified their holdings of NBIX. Nilsine Partners LLC purchased a new stake in shares of Neurocrine Biosciences during the 4th quarter worth approximately $1,197,000. Ruffer LLP purchased a new position in Neurocrine Biosciences in the fourth quarter valued at approximately $2,479,000. Korea Investment CORP lifted its stake in Neurocrine Biosciences by 94.3% in the third quarter. Korea Investment CORP now owns 71,689 shares of the company’s stock valued at $10,064,000 after purchasing an additional 34,800 shares during the last quarter. Nordea Investment Management AB grew its holdings in Neurocrine Biosciences by 81.3% during the fourth quarter. Nordea Investment Management AB now owns 27,202 shares of the company’s stock valued at $3,834,000 after purchasing an additional 12,195 shares during the period. Finally, CIBC Private Wealth Group LLC increased its position in Neurocrine Biosciences by 17,250.0% in the third quarter. CIBC Private Wealth Group LLC now owns 7,981 shares of the company’s stock worth $1,120,000 after buying an additional 7,935 shares during the last quarter. Institutional investors own 92.59% of the company’s stock.

About Neurocrine Biosciences

Neurocrine Biosciences (NASDAQ: NBIX) is a biopharmaceutical company based in San Diego, California, focused on developing treatments for neurological, endocrine and neuropsychiatric disorders. Since its founding in 1992, the company has pursued a research‐driven strategy aimed at addressing unmet medical needs in movement disorders, reproductive health and central nervous system conditions. Neurocrine’s operations encompass drug discovery, clinical development and commercialization activities.

The company’s lead marketed product, Ingrezza™ (valbenazine), is indicated for the treatment of tardive dyskinesia, a movement disorder associated with long-term antipsychotic use.