Neurocrine Biosciences (NASDAQ:NBIX) Given New $200.00 Price Target at Truist Financial

Key Points

• Truist Financial raised its price target on Neurocrine Biosciences to $200 from $155 and kept a buy rating, implying about 14% upside from the prior close.
• Other analysts remain generally upbeat: several firms reiterated or upgraded the stock, and MarketBeat shows a consensus “Moderate Buy” with an average target price of $191.67.
• The stock traded down about 1% to $175.33, while recent insider sales and heavy institutional ownership highlight ongoing activity around the name.

Neurocrine Biosciences (NASDAQ:NBIX - Get Free Report) had its price target raised by analysts at Truist Financial from $155.00 to $200.00 in a note issued to investors on Monday,Benzinga reports. The firm currently has a "buy" rating on the stock. Truist Financial's target price would indicate a potential upside of 14.07% from the stock's previous close.

Several other equities analysts also recently weighed in on NBIX. Guggenheim reissued a "buy" rating and issued a $175.00 price target on shares of Neurocrine Biosciences in a research note on Wednesday, May 6th. Citigroup upped their price objective 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. Needham & Company LLC reiterated a "buy" rating and issued a $185.00 price objective on shares of Neurocrine Biosciences in a report on Monday, April 6th. Zacks Research raised shares of Neurocrine Biosciences from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, June 23rd. Finally, Wall Street Zen upgraded Neurocrine Biosciences from a "buy" rating to a "strong-buy" rating in a report on Saturday, April 25th. Two research 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. Based on data from MarketBeat, Neurocrine Biosciences currently has a consensus rating of "Moderate Buy" and a consensus target price of $191.67.

Neurocrine Biosciences Trading Down 1.0%

NBIX stock traded down $1.78 during midday trading on Monday, reaching $175.33. The stock had a trading volume of 473,597 shares, compared to its average volume of 1,175,717. The company's fifty day simple moving average is $160.84 and its 200 day simple moving average is $142.87. The company has a market cap of $17.63 billion, a price-to-earnings ratio of 26.97, a price-to-earnings-growth ratio of 0.71 and a beta of 0.39. Neurocrine Biosciences has a 52-week low of $122.14 and a 52-week high of $181.18.

Insider Activity

In other Neurocrine Biosciences news, Director Stephen A. Sherwin sold 25,000 shares of the business's stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $165.32, for a total value of $4,133,000.00. Following the transaction, the director directly owned 15,860 shares in the company, valued at $2,621,975.20. The trade was a 61.18% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Ingrid Delaet sold 8,433 shares of the stock in a transaction that occurred on Thursday, July 9th. The shares were sold at an average price of $178.72, for a total transaction of $1,507,145.76. Following the completion of the sale, the insider directly owned 16,225 shares of the company's stock, valued at approximately $2,899,732. This trade represents a 34.20% 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. Insiders sold 379,805 shares of company stock valued at $59,634,666 in the last quarter. Insiders own 4.60% of the company's stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. USA Financial Formulas acquired a new stake in Neurocrine Biosciences during the fourth quarter worth $25,000. DJE Kapital AG acquired a new position in shares of Neurocrine Biosciences in the 4th quarter valued at $28,000. Geneos Wealth Management Inc. grew its holdings in shares of Neurocrine Biosciences by 143.6% during the 1st quarter. Geneos Wealth Management Inc. now owns 229 shares of the company's stock worth $25,000 after purchasing an additional 135 shares during the period. Meeder Asset Management Inc. grew its holdings in shares of Neurocrine Biosciences by 651.6% during the 4th quarter. Meeder Asset Management Inc. now owns 233 shares of the company's stock worth $33,000 after purchasing an additional 202 shares during the period. Finally, Basecamp Wealth Advisors LLC increased its position in shares of Neurocrine Biosciences by 582.9% during the 1st quarter. Basecamp Wealth Advisors LLC now owns 239 shares of the company's stock worth $31,000 after purchasing an additional 204 shares during the last quarter. 92.59% of the stock is currently owned by institutional investors and hedge funds.

Neurocrine Biosciences Company Profile

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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