Wall Street Zen Downgrades Neurocrine Biosciences (NASDAQ:NBIX) to Hold

Neurocrine Biosciences (NASDAQ:NBIX) was downgraded by Wall Street Zen from a “buy” rating to a “hold” rating in a report issued on Sunday.

NBIX has been the topic of a number of other reports. Stifel Nicolaus boosted their price target on shares of Neurocrine Biosciences from $188.00 to $215.00 and gave the stock a “buy” rating in a report on Friday, July 31st. Citigroup raised their price objective on shares of Neurocrine Biosciences from $246.00 to $249.00 and gave the stock a “buy” rating in a report on Friday, July 31st. Cantor Fitzgerald lifted their price objective on shares of Neurocrine Biosciences from $210.00 to $215.00 and gave the stock an “overweight” rating in a research report on Friday, July 31st. Sanford C. Bernstein assumed coverage on shares of Neurocrine Biosciences in a research note on Friday, May 22nd. They issued an “outperform” rating and a $221.00 target price on the stock. Finally, JPMorgan Chase & Co. boosted their target price on shares of Neurocrine Biosciences from $177.00 to $185.00 and gave the company an “overweight” rating in a research note on Friday, May 8th. One investment 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 company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $201.50.

Neurocrine Biosciences Price Performance

Shares of NASDAQ:NBIX opened at $164.92 on Friday. The company has a market capitalization of $16.76 billion, a PE ratio of 24.18, a price-to-earnings-growth ratio of 0.58 and a beta of 0.39. The business has a fifty day moving average price of $168.57 and a two-hundred day moving average price of $147.77. Neurocrine Biosciences has a 1 year low of $122.14 and a 1 year high of $186.12.

Insider Activity at Neurocrine Biosciences

In related news, insider Jude Onyia sold 11,000 shares of Neurocrine Biosciences stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $160.25, for a total value of $1,762,750.00. Following the completion of 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 legal filing 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 Julie Cooke sold 36,937 shares of the business’s stock in a transaction dated Tuesday, June 2nd. The shares were sold at an average price of $156.22, for a total value of $5,770,298.14. Following the completion of the sale, the insider owned 22,374 shares in the company, valued at $3,495,266.28. This represents a 62.28% 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 391,612 shares of company stock worth $61,858,105 in the last three months. Corporate insiders own 4.60% of the company’s stock.

Institutional Trading of Neurocrine Biosciences

Hedge funds and other institutional investors have recently modified their holdings of the business. Royal Bank of Canada grew its stake in 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 buying an additional 22,224 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Neurocrine Biosciences by 60.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 14,783 shares of the company’s stock worth $1,647,000 after acquiring an additional 5,577 shares in the last quarter. NewEdge Advisors LLC lifted its position in shares of 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 position in shares of Neurocrine Biosciences in the first quarter worth $1,333,000. Finally, Geneos Wealth Management Inc. grew its position 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 purchasing an additional 135 shares in the last quarter. Institutional investors own 92.59% of the company’s stock.

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.