Neurocrine Biosciences, Inc. (NASDAQ:NBIX) Receives Average Rating of "Moderate Buy" from Brokerages

Key Points

• Neurocrine Biosciences has an average analyst rating of “Moderate Buy” from 23 brokerages, with 18 buy ratings and 2 strong buy ratings. The average 12-month price target is about $192.86.
• Several firms recently raised their views on the stock, including Truist Financial lifting its target to $200 and Goldman Sachs initiating coverage with a buy rating and a $213 target. Sanford C. Bernstein also started coverage with an outperform rating and a $221 target.
• Insiders have been selling shares, including Jude Onyia and Julie Cooke, with insiders selling 394,172 shares worth about $62.2 million over the last quarter. Despite that, institutional investors still own 92.59% of the company.

Neurocrine Biosciences, Inc. (NASDAQ:NBIX - Get Free Report) has received an average rating of "Moderate Buy" from the twenty-three ratings firms that are covering the company, Marketbeat Ratings reports. Three investment analysts have rated the stock with a hold recommendation, eighteen have issued a buy recommendation and two have issued a strong buy recommendation on the company. The average twelve-month price objective among brokerages that have issued a report on the stock in the last year is $192.8571.

Several analysts have issued reports on the stock. Truist Financial boosted their target price on shares of Neurocrine Biosciences from $155.00 to $200.00 and gave the company a "buy" rating in a research note on Monday, July 13th. Morgan Stanley raised their target price on Neurocrine Biosciences from $185.00 to $191.00 and gave the stock an "equal weight" rating in a research report on Wednesday, May 6th. The Goldman Sachs Group assumed coverage on Neurocrine Biosciences in a research report on Tuesday, June 2nd. They issued a "buy" rating and a $213.00 target price for the company. Sanford C. Bernstein began coverage on Neurocrine Biosciences in a report on Friday, May 22nd. They set an "outperform" rating and a $221.00 price target on the stock. Finally, Needham & Company LLC reissued a "buy" rating and set a $185.00 price target on shares of Neurocrine Biosciences in a research report on Monday, April 6th.

Insider Activity at Neurocrine Biosciences

In other news, insider Jude Onyia sold 11,000 shares of the stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $160.25, for a total value of $1,762,750.00. Following the completion of the sale, the insider directly owned 25,846 shares of the company's stock, valued at $4,141,821.50. This represents a 29.85% 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, insider Julie Cooke sold 36,937 shares of the firm's stock in a transaction that occurred on Tuesday, June 2nd. The stock was sold at an average price of $156.22, for a total transaction 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. This represents a 62.28% 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 have sold 394,172 shares of company stock worth $62,221,181. Company insiders own 4.60% of the company's stock.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the stock. Nilsine Partners LLC acquired a new position in shares of Neurocrine Biosciences during the 4th quarter worth $1,197,000. Ruffer LLP acquired a new stake in shares of Neurocrine Biosciences in the 4th quarter valued at $2,479,000. Nordea Investment Management AB lifted its stake in shares of Neurocrine Biosciences by 81.3% in the 4th quarter. Nordea Investment Management AB now owns 27,202 shares of the company's stock valued at $3,834,000 after purchasing an additional 12,195 shares during the last quarter. CIBC Private Wealth Group LLC boosted its holdings in Neurocrine Biosciences by 17,250.0% in the third quarter. CIBC Private Wealth Group LLC now owns 7,981 shares of the company's stock worth $1,120,000 after purchasing an additional 7,935 shares in the last quarter. Finally, SG Americas Securities LLC boosted its holdings in Neurocrine Biosciences by 785.6% in the fourth quarter. SG Americas Securities LLC now owns 134,530 shares of the company's stock worth $19,080,000 after purchasing an additional 119,339 shares in the last quarter. Institutional investors and hedge funds own 92.59% of the company's stock.

Neurocrine Biosciences Price Performance

NBIX stock opened at $170.88 on Friday. The firm has a market capitalization of $17.18 billion, a P/E ratio of 26.33, a P/E/G ratio of 0.68 and a beta of 0.39. Neurocrine Biosciences has a 52-week low of $122.14 and a 52-week high of $181.18. The company's 50 day simple moving average is $163.74 and its 200-day simple moving average is $143.79.

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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