Neurocrine Biosciences (NASDAQ:NBIX) Price Target Raised to $210.00

Neurocrine Biosciences (NASDAQ:NBIX) had its price objective increased by Canaccord Genuity Group from $200.00 to $210.00 in a research report report published on Monday,Benzinga reports. The brokerage currently has a buy rating on the stock.

A number of other equities analysts have also recently issued reports on NBIX. HC Wainwright increased their price objective on shares of Neurocrine Biosciences from $192.00 to $215.00 and gave the stock a “buy” rating in a research report on Tuesday, April 7th. JPMorgan Chase & Co. boosted their price objective on Neurocrine Biosciences from $177.00 to $185.00 and gave the company an “overweight” rating in a report on Friday, May 8th. Cantor Fitzgerald upped their target price on Neurocrine Biosciences from $210.00 to $215.00 and gave the stock an “overweight” rating in a research report on Friday, July 31st. The Goldman Sachs Group started coverage on Neurocrine Biosciences in a report on Tuesday, June 2nd. They issued a “buy” rating and a $213.00 target price on the stock. Finally, Truist Financial lifted their price target on shares of Neurocrine Biosciences from $200.00 to $213.00 and gave the company a “buy” rating in a research report on Monday. Two equities research analysts have rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $201.50.

Neurocrine Biosciences Trading Down 2.7%

NASDAQ:NBIX opened at $161.50 on Monday. Neurocrine Biosciences has a 12 month low of $122.14 and a 12 month high of $186.12. The stock has a market capitalization of $16.42 billion, a price-to-earnings ratio of 23.68, a PEG ratio of 0.60 and a beta of 0.39. The firm has a fifty day simple moving average of $168.32 and a two-hundred day simple moving average of $147.15.

Insider Buying and Selling

In related 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 transaction, the director directly owned 1,588 shares of the company’s stock, valued at $289,031.88. This trade represents a 44.05% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Darin Lippoldt sold 10,000 shares of the business’s stock in a transaction dated Thursday, July 9th. The stock was sold at an average price of $179.60, for a total transaction of $1,796,000.00. Following the transaction, the insider owned 54,729 shares in the company, valued at approximately $9,829,328.40. This trade represents a 15.45% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 395,422 shares of company stock valued at $62,448,693. 4.60% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Neurocrine Biosciences

A number of hedge funds and other institutional investors have recently modified their holdings of NBIX. Ruffer LLP bought a new stake in Neurocrine Biosciences in the fourth quarter worth about $2,479,000. Robinhood Asset Management LLC bought a new position in shares of Neurocrine Biosciences during the 4th quarter valued at approximately $5,715,000. Wesbanco Bank Inc. grew its position in shares of Neurocrine Biosciences by 88.9% during the 4th quarter. Wesbanco Bank Inc. now owns 17,000 shares of the company’s stock valued at $2,411,000 after acquiring an additional 8,000 shares during the period. Fideuram Intesa Sanpaolo Private Banking S.P.A. purchased a new stake in shares of Neurocrine Biosciences during the 4th quarter worth approximately $1,866,000. Finally, Swedbank AB increased its stake in shares of Neurocrine Biosciences by 6.7% during the 4th quarter. Swedbank AB now owns 584,129 shares of the company’s stock worth $82,847,000 after purchasing an additional 36,800 shares during the last quarter. 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.