Zacks Research Downgrades Neurocrine Biosciences (NASDAQ:NBIX) to Hold

Key Points

• Zacks Research downgraded Neurocrine Biosciences from “strong buy” to “hold,” although the broader analyst consensus remains “Moderate Buy” with an average price target of $201.50.
• Neurocrine shares opened at $161.50, compared with a 52-week range of $122.14 to $186.12, and the company had a market capitalization of approximately $16.42 billion.
• Insiders sold about 395,422 shares worth $62.45 million during the last quarter, while institutional investors and hedge funds owned 92.59% of the stock.

Neurocrine Biosciences (NASDAQ:NBIX - Get Free Report) was downgraded by analysts at Zacks Research from a "strong-buy" rating to a "hold" rating in a report issued on Tuesday,Zacks.com reports.

Several other analysts also recently commented on the stock. BMO Capital Markets raised their target price on shares of Neurocrine Biosciences from $144.00 to $170.00 and gave the stock a "market perform" rating in a report on Monday, July 13th. Wells Fargo & Company upped their price target on shares of Neurocrine Biosciences from $175.00 to $200.00 and gave the company an "overweight" rating in a report on Friday, July 17th. Royal Bank Of Canada increased their price objective on shares of Neurocrine Biosciences from $195.00 to $198.00 and gave the stock an "outperform" rating in a research report on Friday, July 31st. Needham & Company LLC raised their price objective on shares of Neurocrine Biosciences from $200.00 to $204.00 and gave the stock a "buy" rating in a report on Friday, July 31st. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Neurocrine Biosciences from $177.00 to $185.00 and gave the company an "overweight" rating in a research report on Friday, May 8th. One analyst has rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $201.50.

Neurocrine Biosciences Price Performance

NASDAQ:NBIX opened at $161.50 on Tuesday. Neurocrine Biosciences has a fifty-two week low of $122.14 and a fifty-two week high of $186.12. The stock has a market capitalization of $16.42 billion, a PE ratio of 23.68, a price-to-earnings-growth ratio of 0.60 and a beta of 0.39. The business's 50-day simple moving average is $168.32 and its 200-day simple moving average is $147.15.

Insider Activity

In other news, insider Jude Onyia sold 11,000 shares of Neurocrine Biosciences 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 sale, the insider directly owned 25,846 shares in the company, valued at $4,141,821.50. This trade 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 is available at 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 business's stock in a transaction on Tuesday, May 19th. The stock was sold at an average price of $154.33, for a total transaction of $37,824,431.04. Following the completion of the sale, the director directly owned 511,293 shares in the company, valued at approximately $78,907,848.69. This represents a 32.40% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 395,422 shares of company stock worth $62,448,693. 4.60% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Neurocrine Biosciences

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Royal Bank of Canada grew its holdings in shares of Neurocrine Biosciences by 36.7% in the 1st quarter. Royal Bank of Canada now owns 82,810 shares of the company's stock valued at $9,158,000 after acquiring an additional 22,224 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of Neurocrine Biosciences by 60.6% in the first 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 during the last quarter. NewEdge Advisors LLC raised its holdings in Neurocrine Biosciences by 56.3% during the first 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 bought a new stake in Neurocrine Biosciences during the first quarter worth about $1,333,000. Finally, Geneos Wealth Management Inc. boosted its position in Neurocrine Biosciences by 143.6% during 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. 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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