Neurocrine Biosciences (NASDAQ:NBIX) Hits New 12-Month High – Should You Buy?

Neurocrine Biosciences, Inc. (NASDAQ:NBIX) shares hit a new 52-week high on Tuesday . The company traded as high as $181.79 and last traded at $180.9390, with a volume of 432730 shares changing hands. The stock had previously closed at $176.41.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the stock. 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. Citigroup raised their price objective on shares of Neurocrine Biosciences from $242.00 to $246.00 and gave the stock a “buy” rating in a report on Wednesday, May 6th. BMO Capital Markets boosted their price objective on shares of Neurocrine Biosciences from $144.00 to $170.00 and gave the company a “market perform” rating in a research report on Monday, July 13th. The Goldman Sachs Group started coverage on shares of Neurocrine Biosciences in a research note on Tuesday, June 2nd. They issued a “buy” rating and a $213.00 target price for the company. Finally, Truist Financial increased their target price on Neurocrine Biosciences from $155.00 to $200.00 and gave the stock a “buy” rating in a report on Monday, July 13th. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $194.05.

Neurocrine Biosciences Stock Performance

The business has a 50-day simple moving average of $165.91 and a two-hundred day simple moving average of $145.29. The stock has a market cap of $18.26 billion, a price-to-earnings ratio of 27.96, a P/E/G ratio of 0.74 and a beta of 0.39.

Insiders Place Their Bets

In related news, Director Stephen A. Sherwin sold 25,000 shares of the stock in a transaction on Friday, June 5th. The shares were sold at an average price of $165.32, for a total transaction of $4,133,000.00. Following the completion of the transaction, the director owned 15,860 shares in the company, valued at approximately $2,621,975.20. This represents a 61.18% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Darin Lippoldt sold 10,000 shares of the firm’s stock in a transaction on Thursday, July 9th. The shares were sold at an average price of $179.60, for a total transaction of $1,796,000.00. Following the completion of the transaction, the insider directly owned 54,729 shares of the company’s stock, valued at approximately $9,829,328.40. This trade represents a 15.45% decrease in their position. 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 a total of 394,172 shares of company stock valued at $62,221,181 over the last 90 days. 4.60% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Neurocrine Biosciences

Large investors have recently modified their holdings of the business. USA Financial Formulas bought a new position in shares of Neurocrine Biosciences in the 4th quarter valued at about $25,000. Geneos Wealth Management Inc. raised its holdings in Neurocrine Biosciences by 143.6% during the first quarter. Geneos Wealth Management Inc. now owns 229 shares of the company’s stock worth $25,000 after acquiring an additional 135 shares in the last quarter. DJE Kapital AG acquired a new position in Neurocrine Biosciences during the fourth quarter valued at approximately $28,000. Basecamp Wealth Advisors LLC boosted its position in Neurocrine Biosciences by 582.9% during the first quarter. Basecamp Wealth Advisors LLC now owns 239 shares of the company’s stock valued at $31,000 after purchasing an additional 204 shares during the last quarter. Finally, Cassaday & Co Wealth Management LLC bought a new position in Neurocrine Biosciences in the first quarter valued at approximately $33,000. 92.59% of the stock is currently owned by institutional investors and hedge funds.

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.