Neurocrine Biosciences (NASDAQ:NBIX) Price Target Raised to $204.00

Key Points

• Needham raised Neurocrine Biosciences’ price target to $204 from $200 and maintained a “buy” rating, implying roughly 10% upside from the reported $185.50 share price.
• Analyst sentiment remains favorable: Neurocrine has a “Moderate Buy” consensus rating and an average price target of $194.95, with recent upgrades and positive coverage from several firms.
• Shares were up 2.6% and near their 52-week high, while institutional investors owned 92.59% of the company; insiders sold 395,422 shares worth about $62.4 million over the prior three months.

Neurocrine Biosciences (NASDAQ:NBIX - Get Free Report) had its target price raised by equities researchers at Needham & Company LLC from $200.00 to $204.00 in a research note issued to investors on Friday,Benzinga reports. The firm presently has a "buy" rating on the stock. Needham & Company LLC's price objective suggests a potential upside of 9.97% from the company's current price.

A number of other research analysts have also recently weighed in on NBIX. Zacks Research raised shares of Neurocrine Biosciences from a "hold" rating to a "strong-buy" rating in a report on Tuesday, June 23rd. Weiss Ratings upgraded Neurocrine Biosciences from a "buy (b-)" rating to a "buy (b)" rating in a research report on Tuesday. Sanford C. Bernstein began coverage on Neurocrine Biosciences in a report on Friday, May 22nd. They issued an "outperform" rating and a $221.00 price objective on the stock. The Goldman Sachs Group initiated coverage on Neurocrine Biosciences in a research note on Tuesday, June 2nd. They set a "buy" rating and a $213.00 target price for the company. Finally, Wells Fargo & Company boosted their price target on shares of Neurocrine Biosciences from $175.00 to $200.00 and gave the stock an "overweight" rating in a report on Friday, July 17th. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $194.95.

Neurocrine Biosciences Stock Up 2.6%

Shares of NASDAQ NBIX opened at $185.50 on Friday. The business's 50 day moving average price is $167.61 and its 200 day moving average price is $146.25. Neurocrine Biosciences has a 52 week low of $122.14 and a 52 week high of $186.12. The firm has a market cap of $18.65 billion, a P/E ratio of 28.58, a P/E/G ratio of 0.76 and a beta of 0.39.

Insider Activity at Neurocrine Biosciences

In related news, Director Stephen A. Sherwin sold 25,000 shares of the company's stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $165.32, for a total transaction of $4,133,000.00. Following the sale, the director directly owned 15,860 shares of the company's stock, valued at $2,621,975.20. This represents a 61.18% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Richard F. Pops sold 15,000 shares of Neurocrine Biosciences stock in a transaction dated Friday, May 15th. The shares were sold at an average price of $157.65, for a total value of $2,364,750.00. Following the completion of the transaction, the director owned 34,480 shares of the company's stock, valued at $5,435,772. The trade was a 30.32% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 395,422 shares of company stock valued at $62,448,693 in the last three months. Company insiders own 4.60% of the company's stock.

Institutional Trading of Neurocrine Biosciences

A number of hedge funds and other institutional investors have recently made changes to their positions in NBIX. Royal Bank of Canada boosted its stake in shares of Neurocrine Biosciences by 36.7% in the first quarter. Royal Bank of Canada now owns 82,810 shares of the company's stock valued at $9,158,000 after buying an additional 22,224 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Neurocrine Biosciences by 60.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 14,783 shares of the company's stock valued at $1,647,000 after acquiring an additional 5,577 shares in the last quarter. NewEdge Advisors LLC lifted its position in Neurocrine Biosciences by 56.3% during the 1st quarter. NewEdge Advisors LLC now owns 7,630 shares of the company's stock worth $844,000 after acquiring an additional 2,747 shares in the last quarter. Empowered Funds LLC purchased a new position in shares of Neurocrine Biosciences in the first quarter valued at $1,333,000. Finally, Geneos Wealth Management Inc. boosted its holdings in Neurocrine Biosciences by 143.6% in the first quarter. Geneos Wealth Management Inc. now owns 229 shares of the company's stock valued at $25,000 after purchasing an additional 135 shares during the last quarter. Institutional investors and hedge funds own 92.59% of the company's stock.

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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