Neurocrine Biosciences (NASDAQ:NBIX) Downgraded to “Hold” Rating by Zacks Research

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

Several other research firms have also weighed in on NBIX. Piper Sandler boosted their price objective on shares of Neurocrine Biosciences from $207.00 to $210.00 and gave the stock an “overweight” rating in a research note on Friday, July 31st. Stifel Nicolaus lifted their price target on Neurocrine Biosciences from $188.00 to $215.00 and gave the stock a “buy” rating in a report on Friday, July 31st. BMO Capital Markets upped their price objective on Neurocrine Biosciences from $144.00 to $170.00 and gave the company a “market perform” rating in a research note on Monday, July 13th. Guggenheim raised their price objective on Neurocrine Biosciences from $200.00 to $222.00 and gave the company a “buy” rating in a research report on Friday, July 31st. Finally, Canaccord Genuity Group boosted their target price on Neurocrine Biosciences from $200.00 to $210.00 and gave the stock a “buy” rating in a report on Monday. One equities research analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $201.50.

Neurocrine Biosciences Trading Down 2.7%

Shares of NBIX opened at $161.50 on Tuesday. The company’s fifty day simple moving average is $168.32 and its 200 day simple moving average is $147.15. Neurocrine Biosciences has a 1-year low of $122.14 and a 1-year high of $186.12. The company has a market cap of $16.42 billion, a price-to-earnings ratio of 23.68, a PEG ratio of 0.60 and a beta of 0.39.

Insider Transactions at Neurocrine Biosciences

In related news, Director Stephen A. Sherwin sold 25,000 shares of Neurocrine Biosciences stock in a transaction that occurred on 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 completion of the sale, the director directly owned 15,860 shares of the company’s stock, valued at approximately $2,621,975.20. This trade represents a 61.18% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Leslie V. Norwalk sold 1,250 shares of the business’s stock in a transaction on Tuesday, July 28th. The shares were sold at an average price of $182.01, for a total value of $227,512.50. Following the completion of the sale, the director owned 1,588 shares of the company’s stock, valued at $289,031.88. This trade represents a 44.05% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 395,422 shares of company stock worth $62,448,693. Insiders own 4.60% of the company’s stock.

Institutional Investors Weigh In On Neurocrine Biosciences

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Ruffer LLP acquired a new position in Neurocrine Biosciences in the 4th quarter valued at $2,479,000. Wesbanco Bank Inc. grew its holdings in shares of Neurocrine Biosciences by 88.9% during the 4th quarter. Wesbanco Bank Inc. now owns 17,000 shares of the company’s stock worth $2,411,000 after purchasing an additional 8,000 shares in the last quarter. Fideuram Intesa Sanpaolo Private Banking S.P.A. acquired a new stake in shares of Neurocrine Biosciences during the 4th quarter worth $1,866,000. Swedbank AB increased its position in shares of Neurocrine Biosciences by 6.7% in the fourth quarter. Swedbank AB now owns 584,129 shares of the company’s stock worth $82,847,000 after purchasing an additional 36,800 shares during the period. Finally, Ieq Capital LLC increased its position in shares of Neurocrine Biosciences by 7.6% in the fourth quarter. Ieq Capital LLC now owns 745,113 shares of the company’s stock worth $105,679,000 after purchasing an additional 52,512 shares during the period. Institutional investors and hedge funds 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.