Neurocrine Biosciences (NASDAQ:NBIX) Cut to Buy at Wall Street Zen

Wall Street Zen downgraded shares of Neurocrine Biosciences (NASDAQ:NBIX) from a strong-buy rating to a buy rating in a research report released on Saturday morning.

Other analysts have also issued reports about the company. TD Cowen raised their price objective on Neurocrine Biosciences from $200.00 to $220.00 and gave the company a “buy” rating in a research note on Friday. Needham & Company LLC increased their target price on shares of Neurocrine Biosciences from $200.00 to $204.00 and gave the stock a “buy” rating in a report on Friday. Sanford C. Bernstein began coverage on shares of Neurocrine Biosciences in a research note on Friday, May 22nd. They issued an “outperform” rating and a $221.00 price target on the stock. Morgan Stanley raised their price target on shares of Neurocrine Biosciences from $193.00 to $196.00 and gave the company an “equal weight” rating in a research note on Friday. Finally, Stifel Nicolaus lifted their price target on shares of Neurocrine Biosciences from $188.00 to $215.00 and gave the company a “buy” rating in a report on Friday. Two research analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $201.50.

Neurocrine Biosciences Stock Performance

Shares of NBIX stock opened at $166.23 on Friday. Neurocrine Biosciences has a fifty-two week low of $122.14 and a fifty-two week high of $186.12. The stock’s fifty day moving average price is $168.00 and its two-hundred day moving average price is $146.73. The company has a market cap of $16.71 billion, a PE ratio of 24.37, a P/E/G ratio of 0.70 and a beta of 0.39.

Insider Transactions at Neurocrine Biosciences

In other news, Director Kevin Charles Gorman sold 245,088 shares of the company’s stock in a transaction that occurred on 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 completion of the transaction, the director 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 transaction was disclosed in a filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Julie Cooke sold 36,937 shares of the firm’s stock in a transaction that occurred on Tuesday, June 2nd. The shares were sold at an average price of $156.22, for a total transaction of $5,770,298.14. Following the completion of the transaction, the insider owned 22,374 shares of the company’s stock, valued at approximately $3,495,266.28. This trade represents a 62.28% 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. In the last ninety days, insiders sold 395,422 shares of company stock valued at $62,448,693. 4.60% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Neurocrine Biosciences

A number of institutional investors have recently added to or reduced their stakes in NBIX. AQR Capital Management LLC lifted its holdings in shares of Neurocrine Biosciences by 18.0% during the fourth quarter. AQR Capital Management LLC now owns 3,271,706 shares of the company’s stock worth $462,652,000 after purchasing an additional 498,058 shares during the period. Renaissance Technologies LLC raised its position in Neurocrine Biosciences by 8.0% during the 1st quarter. Renaissance Technologies LLC now owns 2,418,897 shares of the company’s stock worth $318,665,000 after purchasing an additional 180,100 shares during the last quarter. Geode Capital Management LLC raised its position in Neurocrine Biosciences by 1.7% during the 4th quarter. Geode Capital Management LLC now owns 2,059,282 shares of the company’s stock worth $291,342,000 after purchasing an additional 34,457 shares during the last quarter. Los Angeles Capital Management LLC lifted its holdings in Neurocrine Biosciences by 7.4% during the 4th quarter. Los Angeles Capital Management LLC now owns 1,291,278 shares of the company’s stock worth $178,248,000 after buying an additional 88,522 shares during the period. Finally, Northern Trust Corp lifted its holdings in Neurocrine Biosciences by 31.9% during the 4th quarter. Northern Trust Corp now owns 1,221,184 shares of the company’s stock worth $173,201,000 after buying an additional 295,470 shares during the period. 92.59% of the stock is owned by institutional investors.

Trending Headlines about Neurocrine Biosciences

Here are the key news stories impacting Neurocrine Biosciences this week:

• Positive Sentiment: Canaccord Genuity raised its price target from $200 to $210 and upgraded or reaffirmed its rating at “buy,” implying approximately 26% upside. Benzinga analyst price-target report
• Positive Sentiment: Truist Financial increased its target from $200 to $213 and assigned a “buy” rating, representing roughly 28% potential upside. Benzinga analyst price-target report
• Positive Sentiment: Wedbush raised its target from $185 to $194 and maintained an “outperform” rating, indicating about 17% upside. Benzinga analyst price-target report
• Positive Sentiment: Additional analysts also lifted their targets to $198, $196, $215, $210, $220, $249 and $222, reinforcing the positive trend in sell-side expectations. Neurocrine Biosciences price target raised to $198 Neurocrine Biosciences price target raised to $196 Neurocrine Biosciences price target raised to $215 Neurocrine Biosciences price target raised to $220 Neurocrine Biosciences price target raised to $249 Neurocrine Biosciences price target raised to $222

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.