Canaccord Genuity Group Issues Positive Forecast for Neurocrine Biosciences (NASDAQ:NBIX) Stock Price

Key Points

• Canaccord Genuity Group raised its Neurocrine Biosciences price target from $200 to $210 while maintaining a Buy rating, implying 26.33% upside from the previous close.
• Analyst sentiment remains favorable: MarketBeat reports a consensus Moderate Buy rating and an average target price of $201.50, with several firms recently increasing their targets.
• Neurocrine shares closed at $166.23, while institutional investors own 92.59% of the stock; insiders have sold approximately $62.4 million worth of shares over the past 90 days.

Neurocrine Biosciences (NASDAQ:NBIX - Get Free Report) had its price target increased by stock analysts at Canaccord Genuity Group from $200.00 to $210.00 in a report issued on Monday,Benzinga reports. The brokerage presently has a "buy" rating on the stock. Canaccord Genuity Group's target price indicates a potential upside of 26.33% from the company's previous close.

Several other research analysts have also issued reports on the stock. Weiss Ratings raised shares of Neurocrine Biosciences from a "buy (b-)" rating to a "buy (b)" rating in a research note on Tuesday, July 28th. HC Wainwright upped their price objective on shares of Neurocrine Biosciences from $192.00 to $215.00 and gave the company a "buy" rating in a report on Tuesday, April 7th. Truist Financial raised their target price on Neurocrine Biosciences from $200.00 to $213.00 and gave the company a "buy" rating in a research note on Monday. Needham & Company LLC increased their price target on Neurocrine Biosciences from $200.00 to $204.00 and gave the stock a "buy" rating in a report on Friday. Finally, Wall Street Zen cut Neurocrine Biosciences from a "strong-buy" rating to a "buy" rating in a report on Saturday. Two research analysts have rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $201.50.

Neurocrine Biosciences Stock Performance

Shares of Neurocrine Biosciences stock traded down $0.57 on Monday, reaching $166.23. 1,515,942 shares of the company's stock were exchanged, compared to its average volume of 1,208,010. The company has a market capitalization of $16.71 billion, a P/E ratio of 24.37, a price-to-earnings-growth ratio of 0.70 and a beta of 0.39. Neurocrine Biosciences has a 52 week low of $122.14 and a 52 week high of $186.12. The firm's 50-day moving average is $167.81 and its two-hundred day moving average is $146.50.

Insider Activity

In related news, Director Leslie V. Norwalk sold 1,250 shares of the business'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 in the company, valued at approximately $289,031.88. The trade was a 44.05% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed 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 value of $4,133,000.00. Following the completion of the transaction, the director owned 15,860 shares in the company, valued at $2,621,975.20. The trade was a 61.18% decrease in their position. 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. In the last 90 days, insiders have sold 395,422 shares of company stock worth $62,448,693. 4.60% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Ruffer LLP bought a new position in shares of Neurocrine Biosciences during the 4th quarter valued at approximately $2,479,000. Robinhood Asset Management LLC bought a new stake in Neurocrine Biosciences in the 4th quarter valued at about $5,715,000. Wesbanco Bank Inc. boosted its position in Neurocrine Biosciences by 88.9% during the fourth quarter. Wesbanco Bank Inc. now owns 17,000 shares of the company's stock worth $2,411,000 after purchasing an additional 8,000 shares during the period. Fideuram Intesa Sanpaolo Private Banking S.P.A. purchased a new position in shares of Neurocrine Biosciences in the fourth quarter worth about $1,866,000. Finally, Swedbank AB raised its position in shares of Neurocrine Biosciences by 6.7% in the fourth quarter. Swedbank AB now owns 584,129 shares of the company's stock valued at $82,847,000 after purchasing an additional 36,800 shares during the period. Hedge funds and other institutional investors own 92.59% of the company's stock.

Trending Headlines about Neurocrine Biosciences

Here are the key news stories impacting Neurocrine Biosciences this week:

• Positive Sentiment: Truist Financial raised its price target from $200 to $213 and maintained a Buy rating, implying approximately 28% upside from the referenced share price. Benzinga report on Truist price-target increase
• Positive Sentiment: Wedbush lifted its target from $185 to $194 and assigned an Outperform rating, indicating roughly 17% potential upside. Benzinga report on Wedbush price-target increase
• Positive Sentiment: Additional analysts also raised their targets, with reported new levels of $198, $210, $215, $220, $222, and $249. The breadth of upward revisions reinforces the view that Neurocrine’s earnings potential and commercial growth may be underappreciated. Neurocrine price target raised to $249 Neurocrine price target raised to $222 Neurocrine price target raised to $220
• Positive Sentiment: Coverage of Neurocrine’s second-quarter earnings call highlighted expectations for scaled growth, supporting the investment case if the company can sustain operating momentum and expand its marketed products. Neurocrine Biosciences earnings call signals scaled growth

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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