Neurocrine Biosciences (NASDAQ:NBIX) Price Target Raised to $213.00

Neurocrine Biosciences (NASDAQ:NBIX) had its price target increased by Truist Financial from $200.00 to $213.00 in a research note published on Monday,Benzinga reports. The brokerage currently has a buy rating on the stock.

A number of other research analysts have also recently issued reports on the company. Needham & Company LLC raised their price objective on Neurocrine Biosciences from $200.00 to $204.00 and gave the company a “buy” rating in a research note on Friday, July 31st. The Goldman Sachs Group started coverage on Neurocrine Biosciences in a research note on Tuesday, June 2nd. They issued a “buy” rating and a $213.00 target price for the company. BMO Capital Markets increased their target price on Neurocrine Biosciences from $144.00 to $170.00 and gave the company a “market perform” rating in a report on Monday, July 13th. Weiss Ratings upgraded Neurocrine Biosciences from a “buy (b-)” rating to a “buy (b)” rating in a research report on Tuesday, July 28th. Finally, TD Cowen lifted their price target on Neurocrine Biosciences from $200.00 to $220.00 and gave the stock a “buy” rating in a research note on Friday, July 31st. Two investment analysts have rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, Neurocrine Biosciences presently has an average rating of “Moderate Buy” and an average price target of $201.50.

Neurocrine Biosciences Stock Performance

NBIX stock opened at $161.50 on Monday. The firm has a market cap of $16.42 billion, a P/E ratio of 23.68, a P/E/G ratio of 0.60 and a beta of 0.39. The firm’s fifty day moving average is $168.32 and its 200 day moving average is $147.15. Neurocrine Biosciences has a 52 week low of $122.14 and a 52 week high of $186.12.

Insider Buying and Selling at Neurocrine Biosciences

In other news, Director Richard F. Pops sold 15,000 shares of Neurocrine Biosciences stock in a transaction that occurred on Friday, May 15th. The stock was sold at an average price of $157.65, for a total value of $2,364,750.00. Following the sale, the director directly owned 34,480 shares in the company, valued at approximately $5,435,772. This trade represents a 30.32% decrease in their position. The sale was disclosed in a 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, Director Stephen A. Sherwin sold 25,000 shares of the business’s stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $165.32, for a total value of $4,133,000.00. Following the transaction, the director directly owned 15,860 shares in the company, valued at $2,621,975.20. This trade represents a 61.18% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 395,422 shares of company stock worth $62,448,693 over the last three months. 4.60% of the stock is owned by corporate insiders.

Institutional Trading of Neurocrine Biosciences

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Royal Bank of Canada raised its holdings in Neurocrine Biosciences by 36.7% in 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. boosted its stake in shares of 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 valued at $1,647,000 after purchasing an additional 5,577 shares in the last quarter. NewEdge Advisors LLC boosted its stake in shares of Neurocrine Biosciences by 56.3% during the 1st quarter. NewEdge Advisors LLC now owns 7,630 shares of the company’s stock valued at $844,000 after purchasing an additional 2,747 shares in the last quarter. Empowered Funds LLC purchased a new position in shares of Neurocrine Biosciences during the first quarter valued at about $1,333,000. Finally, Geneos Wealth Management Inc. increased its position in shares of 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 buying an additional 135 shares during the period. Hedge funds and other institutional investors 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.