Wells Fargo & Company Forecasts Strong Price Appreciation for Neurocrine Biosciences (NASDAQ:NBIX) Stock

Key Points

• Wells Fargo raised its price target on Neurocrine Biosciences from $175 to $200 and kept an overweight rating, implying about 16.34% upside from the current price.
• Other analysts remain generally positive on the stock, with recent target increases and upgrades from firms including HC Wainwright, Morgan Stanley, Goldman Sachs, and Wall Street Zen. MarketBeat says NBIX currently has a Moderate Buy consensus and an average price target of $192.86.
• Neurocrine shares were recently trading at $171.91, near the top of their 52-week range of $122.14 to $181.18. The company also has heavy institutional ownership at 92.59%, while insiders have recently sold shares under pre-arranged trading plans.

Neurocrine Biosciences (NASDAQ:NBIX - Get Free Report) had its target price boosted by Wells Fargo & Company from $175.00 to $200.00 in a research report issued on Friday,Benzinga reports. The firm presently has an "overweight" rating on the stock. Wells Fargo & Company's price target indicates a potential upside of 16.34% from the company's current price.

Several other research analysts have also commented on the company. HC Wainwright lifted their price target on Neurocrine Biosciences from $192.00 to $215.00 and gave the stock a "buy" rating in a research report on Tuesday, April 7th. Wall Street Zen upgraded shares of Neurocrine Biosciences from a "buy" rating to a "strong-buy" rating in a research report on Saturday, April 25th. Weiss Ratings cut shares of Neurocrine Biosciences from a "buy (b)" rating to a "buy (b-)" rating in a report on Friday, July 10th. Morgan Stanley upped their price target on shares of Neurocrine Biosciences from $185.00 to $191.00 and gave the company an "equal weight" rating in a research report on Wednesday, May 6th. Finally, The Goldman Sachs Group initiated coverage on shares of Neurocrine Biosciences in a research note on Tuesday, June 2nd. They set a "buy" rating and a $213.00 price target for the company. Two research 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 stock. According to MarketBeat.com, Neurocrine Biosciences presently has an average rating of "Moderate Buy" and a consensus price target of $192.86.

Neurocrine Biosciences Price Performance

Shares of NBIX traded up $0.36 during mid-day trading on Friday, reaching $171.91. The company's stock had a trading volume of 64,252 shares, compared to its average volume of 1,170,616. Neurocrine Biosciences has a 12-month low of $122.14 and a 12-month high of $181.18. The company's 50 day moving average is $163.37 and its 200 day moving average is $143.60. The stock has a market cap of $17.29 billion, a PE ratio of 26.49, a price-to-earnings-growth ratio of 0.65 and a beta of 0.39.

Insider Buying and Selling at Neurocrine Biosciences

In other Neurocrine Biosciences news, insider Julie Cooke sold 36,937 shares of Neurocrine Biosciences stock in a transaction that occurred on 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 of the company's stock, valued at approximately $3,495,266.28. The trade was a 62.28% decrease in their position. The sale was disclosed in a document filed 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, Director Kevin Charles Gorman sold 245,088 shares of the firm's stock in a transaction that occurred on Tuesday, May 19th. The shares were sold at an average price of $154.33, for a total value of $37,824,431.04. Following the completion of the sale, the director directly owned 511,293 shares of the company's stock, valued at $78,907,848.69. This represents a 32.40% 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 sold 394,172 shares of company stock valued at $62,221,181. Insiders own 4.60% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Generali Investments Management Co LLC lifted its holdings in 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 acquiring an additional 1,762 shares during the period. Handelsbanken Fonder AB increased its holdings in shares of Neurocrine Biosciences by 9.6% in the 2nd quarter. Handelsbanken Fonder AB now owns 205,871 shares of the company's stock valued at $34,696,000 after purchasing an additional 18,004 shares in the last quarter. Fulton Bank N.A. lifted its stake in shares of Neurocrine Biosciences by 5.2% in the second quarter. Fulton Bank N.A. now owns 4,895 shares of the company's stock valued at $825,000 after purchasing an additional 243 shares during the period. Valeo Financial Advisors LLC purchased a new stake in Neurocrine Biosciences during the second quarter worth about $283,000. Finally, Trust Point Inc. purchased a new stake in Neurocrine Biosciences during the second quarter worth about $245,000. Institutional investors and hedge funds own 92.59% of the company's stock.

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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