Neurocrine Biosciences (NASDAQ:NBIX) Hits New 52-Week High – Time to Buy?

Neurocrine Biosciences, Inc. (NASDAQ:NBIX) hit a new 52-week high during trading on Wednesday . The company traded as high as $160.50 and last traded at $160.3120, with a volume of 623312 shares trading hands. The stock had previously closed at $155.80.

Analyst Upgrades and Downgrades

NBIX has been the subject of a number of recent research reports. BMO Capital Markets dropped their price objective on shares of Neurocrine Biosciences from $147.00 to $140.00 and set a “market perform” rating for the company in a research note on Thursday, February 12th. Zacks Research raised shares of Neurocrine Biosciences from a “strong sell” rating to a “hold” rating in a research note on Wednesday, April 15th. Wall Street Zen raised shares of Neurocrine Biosciences from a “buy” rating to a “strong-buy” rating in a research report on Saturday, April 25th. JPMorgan Chase & Co. raised their price target on shares of Neurocrine Biosciences from $177.00 to $185.00 and gave the stock an “overweight” rating in a research note on Friday, May 8th. Finally, Piper Sandler upped their price objective on Neurocrine Biosciences from $190.00 to $207.00 and gave the company an “overweight” rating in a research note on Wednesday, May 6th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $184.15.

Neurocrine Biosciences Trading Up 3.5%

The firm has a market cap of $16.22 billion, a P/E ratio of 24.86, a price-to-earnings-growth ratio of 1.23 and a beta of 0.34. The company’s fifty day moving average price is $132.41 and its two-hundred day moving average price is $138.09.

Neurocrine Biosciences (NASDAQ:NBIX) last issued its quarterly earnings data on Wednesday, February 11th. The company reported $1.88 earnings per share for the quarter, missing the consensus estimate of $2.36 by ($0.48). Neurocrine Biosciences had a return on equity of 19.79% and a net margin of 21.55%.The firm had revenue of $805.50 million for the quarter, compared to the consensus estimate of $804.21 million. During the same period in the prior year, the company posted $1.69 earnings per share. Neurocrine Biosciences’s quarterly revenue was up 28.3% compared to the same quarter last year. On average, analysts predict that Neurocrine Biosciences, Inc. will post 6.57 EPS for the current fiscal year.

Hedge Funds Weigh In On Neurocrine Biosciences

Several institutional investors have recently bought and sold shares of NBIX. AQR Capital Management LLC grew its holdings in shares of Neurocrine Biosciences by 83.7% during the third quarter. AQR Capital Management LLC now owns 2,773,648 shares of the company’s stock worth $388,435,000 after purchasing an additional 1,263,633 shares during the last quarter. Norges Bank acquired a new position in Neurocrine Biosciences during the 4th quarter worth about $162,664,000. UBS Group AG lifted its position in Neurocrine Biosciences by 169.8% during the 4th quarter. UBS Group AG now owns 983,528 shares of the company’s stock worth $139,494,000 after buying an additional 618,956 shares in the last quarter. First Trust Advisors LP grew its holdings in Neurocrine Biosciences by 97.0% during the 1st quarter. First Trust Advisors LP now owns 959,217 shares of the company’s stock worth $126,367,000 after acquiring an additional 472,408 shares during the last quarter. Finally, JPMorgan Chase & Co. grew its holdings in Neurocrine Biosciences by 11.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 4,730,152 shares of the company’s stock worth $664,019,000 after acquiring an additional 468,405 shares during the last quarter. 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.