Neurocrine Biosciences (NASDAQ:NBIX) Stock Price Expected to Rise, Guggenheim Analyst Says

Key Points

• Guggenheim raised its price target on Neurocrine Biosciences from $175 to $200 and kept a buy rating, implying about 12.45% upside from the current share price.
• Other analysts have also turned more positive on NBIX, with several firms lifting targets and the stock now carrying a Moderate Buy consensus rating and a $194.05 average price target.
• The shares were up 2.8% to $177.85 in Tuesday trading, while recent insider selling and heavy institutional ownership were also noted in the report.

Neurocrine Biosciences (NASDAQ:NBIX - Get Free Report) had its target price lifted by analysts at Guggenheim from $175.00 to $200.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage currently has a "buy" rating on the stock. Guggenheim's price objective indicates a potential upside of 12.45% from the stock's current price.

Several other research analysts have also weighed in on NBIX. Canaccord Genuity Group lifted their target price on Neurocrine Biosciences from $164.00 to $200.00 and gave the stock a "buy" rating in a report on Tuesday, April 7th. Morgan Stanley increased their price target on Neurocrine Biosciences from $185.00 to $191.00 and gave the stock an "equal weight" rating in a report on Wednesday, May 6th. Royal Bank Of Canada lifted their price objective on Neurocrine Biosciences from $183.00 to $195.00 and gave the company an "outperform" rating in a report on Tuesday, July 7th. BMO Capital Markets boosted their price objective on Neurocrine Biosciences from $144.00 to $170.00 and gave the company a "market perform" rating in a research report on Monday, July 13th. Finally, Piper Sandler increased their target price on Neurocrine Biosciences from $190.00 to $207.00 and gave the stock an "overweight" rating in a research note on Wednesday, May 6th. 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's stock. According to data from MarketBeat.com, Neurocrine Biosciences currently has a consensus rating of "Moderate Buy" and a consensus price target of $194.05.

Neurocrine Biosciences Trading Up 2.8%

Shares of NBIX stock traded up $4.85 on Tuesday, hitting $177.85. The stock had a trading volume of 119,240 shares, compared to its average volume of 1,167,579. Neurocrine Biosciences has a twelve month low of $122.14 and a twelve month high of $181.18. The company has a fifty day moving average price of $164.19 and a two-hundred day moving average price of $144.02. The firm has a market cap of $17.88 billion, a P/E ratio of 27.40, a PEG ratio of 0.68 and a beta of 0.39.

Insider Buying and Selling

In related news, Director Stephen A. Sherwin sold 25,000 shares of Neurocrine Biosciences stock in a transaction dated 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 sale, the director owned 15,860 shares of the company's stock, valued at approximately $2,621,975.20. The trade was a 61.18% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Julie Cooke sold 36,937 shares of the company's stock in a transaction dated Tuesday, June 2nd. The stock was sold at an average price of $156.22, for a total value of $5,770,298.14. Following the sale, the insider owned 22,374 shares in the company, valued at $3,495,266.28. The trade was a 62.28% 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 have sold 394,172 shares of company stock worth $62,221,181 over the last three months. Company insiders own 4.60% of the company's stock.

Institutional Investors Weigh In On Neurocrine Biosciences

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Generali Investments Management Co LLC grew its stake in shares of Neurocrine Biosciences by 19.8% in the second quarter. Generali Investments Management Co LLC now owns 10,644 shares of the company's stock valued at $1,794,000 after buying an additional 1,762 shares in the last quarter. Handelsbanken Fonder AB raised its position in Neurocrine Biosciences by 9.6% during the second quarter. Handelsbanken Fonder AB now owns 205,871 shares of the company's stock worth $34,696,000 after acquiring an additional 18,004 shares in the last quarter. Fulton Bank N.A. raised its position in Neurocrine Biosciences by 5.2% during the second quarter. Fulton Bank N.A. now owns 4,895 shares of the company's stock worth $825,000 after acquiring an additional 243 shares in the last quarter. Valeo Financial Advisors LLC acquired a new stake in Neurocrine Biosciences in the second quarter valued at $283,000. Finally, Trust Point Inc. acquired a new stake in Neurocrine Biosciences in the second quarter valued at $245,000. Institutional investors 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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