Zacks Research Upgrades Neurocrine Biosciences (NASDAQ:NBIX) to Strong-Buy

Neurocrine Biosciences (NASDAQ:NBIX) was upgraded by investment analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a report released on Tuesday,Zacks.com reports.

Other equities research analysts have also issued reports about the stock. Citigroup lifted their price target on shares of Neurocrine Biosciences from $242.00 to $246.00 and gave the company a “buy” rating in a report on Wednesday, May 6th. HC Wainwright boosted their target price on shares of Neurocrine Biosciences from $192.00 to $215.00 and gave the stock a “buy” rating in a research note on Tuesday, April 7th. Truist Financial upped their price target on shares of Neurocrine Biosciences from $140.00 to $155.00 and gave the stock a “buy” rating in a report on Thursday, May 7th. Guggenheim reiterated a “buy” rating and issued a $175.00 price target on shares of Neurocrine Biosciences in a research note on Wednesday, May 6th. Finally, Morgan Stanley raised their price objective on Neurocrine Biosciences from $185.00 to $191.00 and gave the company an “equal weight” rating in a report on Wednesday, May 6th. Two analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, Neurocrine Biosciences presently has an average rating of “Moderate Buy” and a consensus price target of $187.52.

Neurocrine Biosciences Trading Up 3.0%

Shares of NASDAQ NBIX opened at $166.36 on Tuesday. The company has a market cap of $16.73 billion, a price-to-earnings ratio of 25.63, a PEG ratio of 0.64 and a beta of 0.40. Neurocrine Biosciences has a 12 month low of $122.14 and a 12 month high of $169.57. The stock has a 50-day moving average price of $150.58 and a two-hundred day moving average price of $140.99.

Insiders Place Their Bets

In other Neurocrine Biosciences news, Director Stephen A. Sherwin sold 25,000 shares of Neurocrine Biosciences stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $165.32, for a total transaction of $4,133,000.00. Following the transaction, the director directly owned 15,860 shares of the company’s stock, valued at approximately $2,621,975.20. The trade was a 61.18% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Jude Onyia sold 11,000 shares of the company’s stock in a transaction dated Monday, June 1st. The shares were 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 in the company, valued at $4,141,821.50. This trade represents a 29.85% 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 sold a total of 355,234 shares of company stock valued at $55,330,060 over the last ninety days. 4.60% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Neurocrine Biosciences

A number of hedge funds and other institutional investors have recently made changes to their positions in NBIX. Royal Bank of Canada increased its position in Neurocrine Biosciences by 36.7% during the 1st quarter. Royal Bank of Canada now owns 82,810 shares of the company’s stock valued at $9,158,000 after purchasing an additional 22,224 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Neurocrine Biosciences by 60.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 14,783 shares of the company’s stock worth $1,647,000 after purchasing an additional 5,577 shares during the period. NewEdge Advisors LLC boosted its stake in shares of Neurocrine Biosciences by 56.3% in 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 during the last quarter. Empowered Funds LLC bought a new stake in shares of Neurocrine Biosciences in the 1st quarter valued at $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 worth $25,000 after buying an additional 135 shares during the period. 92.59% of the stock is 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.