Neurocrine Biosciences (NASDAQ:NBIX) Downgraded by Zacks Research to Hold

Zacks Research cut shares of Neurocrine Biosciences (NASDAQ:NBIX) from a strong-buy rating to a hold rating in a research note issued to investors on Tuesday,Zacks.com reports.

Several other brokerages have also weighed in on NBIX. JPMorgan Chase & Co. raised their price objective on shares of Neurocrine Biosciences from $177.00 to $185.00 and gave the stock an “overweight” rating in a report on Friday, May 8th. Piper Sandler increased their price target on shares of Neurocrine Biosciences from $207.00 to $210.00 and gave the stock an “overweight” rating in a research report on Friday, July 31st. Cantor Fitzgerald lifted their price target on Neurocrine Biosciences from $210.00 to $215.00 and gave the stock an “overweight” rating in a research note on Friday, July 31st. Citigroup upped their price objective on Neurocrine Biosciences from $246.00 to $249.00 and gave the company a “buy” rating in a research note on Friday, July 31st. Finally, Wedbush boosted their price target on Neurocrine Biosciences from $185.00 to $194.00 and gave the company an “outperform” rating in a report on Monday. One investment analyst has rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $201.50.

Neurocrine Biosciences Trading Down 2.7%

NBIX stock opened at $161.50 on Tuesday. The firm has a 50 day simple moving average of $168.32 and a 200-day simple moving average of $147.15. The company has a market capitalization of $16.42 billion, a P/E ratio of 23.68, a PEG ratio of 0.60 and a beta of 0.39. Neurocrine Biosciences has a twelve month low of $122.14 and a twelve month high of $186.12.

Insider Transactions at Neurocrine Biosciences

In other news, Director Leslie V. Norwalk sold 1,250 shares of the firm’s stock in a transaction dated Tuesday, July 28th. The shares were sold at an average price of $182.01, for a total transaction of $227,512.50. Following the completion of the transaction, the director owned 1,588 shares in the company, valued at approximately $289,031.88. This trade represents a 44.05% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible 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 business’s stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $165.32, for a total transaction of $4,133,000.00. Following the completion of the sale, the director owned 15,860 shares in the company, valued at $2,621,975.20. The trade was 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. Insiders sold a total of 395,422 shares of company stock worth $62,448,693 over the last 90 days. 4.60% of the stock is currently owned by corporate insiders.

Institutional Trading of Neurocrine Biosciences

A number of hedge funds have recently bought and sold shares of NBIX. AQR Capital Management LLC lifted its holdings in shares of Neurocrine Biosciences by 18.0% in the fourth quarter. AQR Capital Management LLC now owns 3,271,706 shares of the company’s stock valued at $462,652,000 after purchasing an additional 498,058 shares in the last quarter. Renaissance Technologies LLC raised its stake in shares of Neurocrine Biosciences by 8.0% during the 1st quarter. Renaissance Technologies LLC now owns 2,418,897 shares of the company’s stock worth $318,665,000 after purchasing an additional 180,100 shares in the last quarter. Geode Capital Management LLC increased its holdings in Neurocrine Biosciences by 1.7% in the fourth quarter. Geode Capital Management LLC now owns 2,059,282 shares of the company’s stock worth $291,342,000 after buying an additional 34,457 shares during the last quarter. Los Angeles Capital Management LLC lifted its stake in Neurocrine Biosciences by 7.4% in the fourth quarter. Los Angeles Capital Management LLC now owns 1,291,278 shares of the company’s stock valued at $178,248,000 after acquiring an additional 88,522 shares during the last quarter. Finally, Northern Trust Corp increased its stake in shares of Neurocrine Biosciences by 31.9% during the 4th quarter. Northern Trust Corp now owns 1,221,184 shares of the company’s stock worth $173,201,000 after purchasing an additional 295,470 shares during the last quarter. 92.59% of the stock is owned by hedge funds and other institutional investors.

Neurocrine Biosciences Company Profile

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.