BMO Capital Markets Forecasts Strong Price Appreciation for Neurocrine Biosciences (NASDAQ:NBIX) Stock

Key Points

• BMO Capital Markets raised its price target on Neurocrine Biosciences to $170 from $144, while keeping a market perform rating on the stock.
• Other analysts remain broadly bullish, with several price target increases and a consensus rating of Moderate Buy; the average target price stands at $189.52.
• Insiders have been selling shares recently, including two directors who completed large stock sales under pre-arranged trading plans, while institutional investors own 92.59% of the company.

Neurocrine Biosciences (NASDAQ:NBIX - Get Free Report) had its price objective lifted by equities research analysts at BMO Capital Markets from $144.00 to $170.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage currently has a "market perform" rating on the stock. BMO Capital Markets' target price would indicate a potential downside of 4.01% from the company's previous close.

A number of other equities analysts have also weighed in on NBIX. Leerink Partners lifted their price target on shares of Neurocrine Biosciences from $160.00 to $170.00 and gave the company an "outperform" rating in a report on Wednesday, April 22nd. The Goldman Sachs Group initiated coverage on shares of Neurocrine Biosciences in a research report on Tuesday, June 2nd. They set a "buy" rating and a $213.00 target price on the stock. 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. Truist Financial increased their price target on shares of Neurocrine Biosciences from $140.00 to $155.00 and gave the stock a "buy" rating in a research report on Thursday, May 7th. Finally, Citigroup boosted their target price on shares of Neurocrine Biosciences from $242.00 to $246.00 and gave the company a "buy" 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 company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $189.52.

Neurocrine Biosciences Price Performance

Shares of NASDAQ NBIX opened at $177.11 on Monday. Neurocrine Biosciences has a 12-month low of $122.14 and a 12-month high of $181.18. The company has a market capitalization of $17.81 billion, a PE ratio of 27.29, a price-to-earnings-growth ratio of 0.71 and a beta of 0.39. The firm's 50-day moving average is $160.84 and its two-hundred day moving average is $142.87.

Insider Activity

In related news, Director Stephen A. Sherwin sold 25,000 shares of the firm's stock in a transaction 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 directly owned 15,860 shares of the company's stock, valued at $2,621,975.20. This trade represents a 61.18% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Kevin Charles Gorman sold 245,088 shares of the company's stock in a transaction that occurred on Tuesday, May 19th. The stock was sold at an average price of $154.33, for a total transaction of $37,824,431.04. Following the transaction, the director owned 511,293 shares in the company, valued at $78,907,848.69. The trade was a 32.40% 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. Over the last quarter, insiders sold 379,805 shares of company stock worth $59,634,666. Corporate insiders own 4.60% of the company's stock.

Institutional Trading of Neurocrine Biosciences

A number of large investors have recently bought and sold shares of NBIX. AQR Capital Management LLC boosted its stake in shares of Neurocrine Biosciences by 83.7% during the 3rd quarter. AQR Capital Management LLC now owns 2,773,648 shares of the company's stock worth $388,435,000 after buying an additional 1,263,633 shares during the last quarter. Norges Bank acquired a new position in shares of Neurocrine Biosciences during the 4th quarter worth approximately $162,664,000. UBS Group AG boosted 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 valued at $139,494,000 after buying an additional 618,956 shares during the last quarter. First Trust Advisors LP boosted 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 valued at $126,367,000 after buying an additional 472,408 shares during the last quarter. Finally, Zurich Insurance Group Ltd FI bought a new position in shares of Neurocrine Biosciences in the fourth quarter valued at $65,162,000. 92.59% of the stock is owned by institutional investors.

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.

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