Neurocrine Biosciences (NASDAQ:NBIX) Hits New 1-Year High – Time to Buy?

Neurocrine Biosciences, Inc. (NASDAQ:NBIX)’s share price reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $180.00 and last traded at $173.5810, with a volume of 2867 shares. The stock had previously closed at $174.26.

Analyst Ratings Changes

A number of equities research analysts have recently commented on NBIX shares. Weiss Ratings upgraded shares of Neurocrine Biosciences from a “buy (b-)” rating to a “buy (b)” rating in a report on Wednesday, June 24th. Guggenheim restated a “buy” rating and set a $175.00 target price on shares of Neurocrine Biosciences in a research report on Wednesday, May 6th. Royal Bank Of Canada lifted their target price on shares of Neurocrine Biosciences from $183.00 to $195.00 and gave the stock an “outperform” rating in a research note on Tuesday. Wedbush boosted their price target on Neurocrine Biosciences from $166.00 to $176.00 and gave the company an “outperform” rating in a report on Wednesday, May 6th. Finally, Citigroup increased their price target on Neurocrine Biosciences from $242.00 to $246.00 and gave the stock a “buy” rating in a research note on Wednesday, May 6th. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, Neurocrine Biosciences has a consensus rating of “Moderate Buy” and a consensus target price of $188.10.

Neurocrine Biosciences Price Performance

The company’s 50-day moving average is $157.87 and its 200-day moving average is $142.16. The firm has a market capitalization of $17.85 billion, a price-to-earnings ratio of 27.35, a PEG ratio of 0.69 and a beta of 0.39.

Insider Activity at Neurocrine Biosciences

In other news, insider Jude Onyia sold 11,000 shares of the company’s stock in a transaction on Monday, June 1st. The stock was sold at an average price of $160.25, for a total transaction of $1,762,750.00. Following the completion of the sale, the insider directly owned 25,846 shares in the company, valued at $4,141,821.50. This represents a 29.85% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Julie Cooke sold 36,937 shares of the company’s stock in a transaction on Tuesday, June 2nd. The stock was sold at an average price of $156.22, for a total value of $5,770,298.14. Following the sale, the insider owned 22,374 shares of the company’s stock, valued at approximately $3,495,266.28. The trade was a 62.28% decrease in their ownership of the stock. 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 a total of 365,234 shares of company stock valued at $57,031,540 over the last 90 days. 4.60% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Neurocrine Biosciences

A number of institutional investors have recently added to or reduced their stakes in the company. AQR Capital Management LLC raised its stake in shares of 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 acquiring an additional 1,263,633 shares during the period. Norges Bank purchased a new stake in Neurocrine Biosciences during the 4th quarter worth $162,664,000. UBS Group AG boosted its position in Neurocrine Biosciences by 169.8% during 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 period. First Trust Advisors LP increased its holdings in Neurocrine Biosciences by 97.0% in the 1st quarter. First Trust Advisors LP now owns 959,217 shares of the company’s stock valued at $126,367,000 after purchasing an additional 472,408 shares in the last quarter. Finally, Zurich Insurance Group Ltd FI acquired a new stake in Neurocrine Biosciences in the 4th quarter valued at $65,162,000. Hedge funds and other 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.