Neurocrine Biosciences (NASDAQ:NBIX) Sets New 1-Year High – Still a Buy?

Shares of Neurocrine Biosciences, Inc. (NASDAQ:NBIX) hit a new 52-week high during mid-day trading on Monday . The company traded as high as $170.97 and last traded at $170.6810, with a volume of 77203 shares changing hands. The stock had previously closed at $168.52.

Wall Street Analyst Weigh In

Several analysts have commented on the stock. Weiss Ratings upgraded shares of Neurocrine Biosciences from a “buy (b-)” rating to a “buy (b)” rating in a research report on Wednesday. Wall Street Zen upgraded Neurocrine Biosciences from a “buy” rating to a “strong-buy” rating in a research report on Saturday, April 25th. 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 price objective for the company. HC Wainwright upped their price objective on Neurocrine Biosciences from $192.00 to $215.00 and gave the company a “buy” rating in a report on Tuesday, April 7th. Finally, Leerink Partners increased their target price on Neurocrine Biosciences from $160.00 to $170.00 and gave the company an “outperform” rating in a research note on Wednesday, April 22nd. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, Neurocrine Biosciences presently has a consensus rating of “Moderate Buy” and a consensus price target of $187.52.

Neurocrine Biosciences Price Performance

The stock has a market cap of $17.13 billion, a P/E ratio of 26.25, a P/E/G ratio of 0.67 and a beta of 0.39. The company’s 50 day simple moving average is $151.99 and its 200 day simple moving average is $141.15.

Insider Buying and Selling

In related news, insider Jude Onyia sold 11,000 shares of the firm’s stock in a transaction on Monday, June 1st. The stock was sold at an average price of $160.25, for a total transaction of $1,762,750.00. Following the sale, the insider owned 25,846 shares of the company’s stock, valued at approximately $4,141,821.50. This trade represents a 29.85% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Kevin Charles Gorman sold 245,088 shares of Neurocrine Biosciences stock in a transaction dated Tuesday, May 19th. The stock was sold at an average price of $154.33, for a total value of $37,824,431.04. Following the transaction, the director owned 511,293 shares in the company, valued at approximately $78,907,848.69. This represents a 32.40% decrease in their ownership of the stock. 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 355,234 shares of company stock worth $55,330,060 over the last ninety days. Insiders own 4.60% of the company’s stock.

Institutional Investors Weigh In On Neurocrine Biosciences

Several large investors have recently modified their holdings of NBIX. Royal Bank of Canada increased its stake in Neurocrine Biosciences by 36.7% during the 1st quarter. Royal Bank of Canada now owns 82,810 shares of the company’s stock worth $9,158,000 after purchasing an additional 22,224 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in 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 worth $1,647,000 after buying an additional 5,577 shares during the period. NewEdge Advisors LLC lifted its stake in Neurocrine Biosciences by 56.3% in the first quarter. NewEdge Advisors LLC now owns 7,630 shares of the company’s stock valued at $844,000 after buying an additional 2,747 shares in the last quarter. Empowered Funds LLC bought a new position in Neurocrine Biosciences in the first quarter valued at approximately $1,333,000. Finally, Geneos Wealth Management Inc. boosted its holdings in shares of 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 buying an additional 135 shares during the period. 92.59% of the stock is currently owned by institutional investors.

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.