Sanford C. Bernstein Initiates Coverage on Neurocrine Biosciences (NASDAQ:NBIX)

Sanford C. Bernstein initiated coverage on shares of Neurocrine Biosciences (NASDAQ:NBIX) in a research report issued on Friday. The firm set an “outperform” rating and a $221.00 price target on the stock. Sanford C. Bernstein’s target price points to a potential upside of 42.12% from the stock’s current price.

Several other research analysts also recently weighed in on the stock. JPMorgan Chase & Co. lifted their target price on shares of Neurocrine Biosciences from $177.00 to $185.00 and gave the stock an “overweight” rating in a research report on Friday, May 8th. Piper Sandler boosted their price objective on shares of Neurocrine Biosciences from $190.00 to $207.00 and gave the company an “overweight” rating in a research report on Wednesday, May 6th. UBS Group reduced their target price on shares of Neurocrine Biosciences from $188.00 to $178.00 and set a “buy” rating for the company in a research note on Friday, January 23rd. Guggenheim restated a “buy” rating and issued a $175.00 price objective on shares of Neurocrine Biosciences in a research note on Wednesday, May 6th. Finally, Wall Street Zen upgraded shares of Neurocrine Biosciences from a “buy” rating to a “strong-buy” rating in a research note on Saturday, April 25th. One analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $185.90.

Neurocrine Biosciences Price Performance

Shares of NBIX opened at $155.50 on Friday. The firm’s 50 day moving average is $136.13 and its 200-day moving average is $138.77. The stock has a market capitalization of $15.64 billion, a P/E ratio of 23.96, a P/E/G ratio of 1.16 and a beta of 0.34. Neurocrine Biosciences has a 12-month low of $117.59 and a 12-month high of $162.39.

Insider Buying and Selling at Neurocrine Biosciences

In other Neurocrine Biosciences news, Director Richard F. Pops sold 15,000 shares of the business’s stock in a transaction on Friday, May 15th. The shares were sold at an average price of $157.65, for a total value of $2,364,750.00. Following the sale, the director owned 34,480 shares of the company’s stock, valued at $5,435,772. The trade was a 30.32% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Leslie V. Norwalk sold 3,810 shares of the business’s stock in a transaction on Tuesday, May 12th. The shares were sold at an average price of $155.01, for a total transaction of $590,588.10. Following the completion of the sale, the director directly owned 2,429 shares in the company, valued at $376,519.29. This trade represents a 61.07% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 263,898 shares of company stock valued at $40,779,769 in the last 90 days. 4.60% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Neurocrine Biosciences

Several institutional investors and hedge funds have recently bought and sold shares of NBIX. AQR Capital Management LLC increased its holdings in Neurocrine Biosciences by 83.7% in the 3rd quarter. AQR Capital Management LLC now owns 2,773,648 shares of the company’s stock valued at $388,435,000 after buying an additional 1,263,633 shares during the period. Norges Bank bought a new stake in shares of Neurocrine Biosciences in the 4th quarter worth about $162,664,000. UBS Group AG grew its holdings in shares of Neurocrine Biosciences by 169.8% in the 4th quarter. UBS Group AG now owns 983,528 shares of the company’s stock worth $139,494,000 after purchasing an additional 618,956 shares during the last quarter. First Trust Advisors LP grew its holdings in shares of Neurocrine Biosciences by 97.0% in the 1st quarter. First Trust Advisors LP now owns 959,217 shares of the company’s stock worth $126,367,000 after purchasing an additional 472,408 shares during the last quarter. Finally, JPMorgan Chase & Co. grew its holdings in shares of Neurocrine Biosciences by 11.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 4,730,152 shares of the company’s stock worth $664,019,000 after purchasing an additional 468,405 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.