Neurocrine Biosciences (NASDAQ:NBIX) Rating Increased to Strong-Buy at Zacks Research

Zacks Research upgraded shares of Neurocrine Biosciences (NASDAQ:NBIX) from a hold rating to a strong-buy rating in a report published on Tuesday,Zacks.com reports.

Several other research firms have also commented on NBIX. Leerink Partners raised their price target on shares of Neurocrine Biosciences from $160.00 to $170.00 and gave the company an “outperform” rating in a research report on Wednesday, April 22nd. Citigroup increased their target price on shares of Neurocrine Biosciences from $242.00 to $246.00 and gave the stock a “buy” rating in a research note on Wednesday, May 6th. Guggenheim restated a “buy” rating and issued a $175.00 price target on shares of Neurocrine Biosciences in a research note on Wednesday, May 6th. JPMorgan Chase & Co. upped their price target on Neurocrine Biosciences from $177.00 to $185.00 and gave the stock an “overweight” rating in a report on Friday, May 8th. Finally, Wall Street Zen upgraded Neurocrine Biosciences from a “buy” rating to a “strong-buy” rating in a research report on Saturday, April 25th. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $187.52.

Neurocrine Biosciences Stock Up 3.0%

Shares of NBIX opened at $166.36 on Tuesday. The company has a market capitalization 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 52 week low of $122.14 and a 52 week high of $169.57. The stock’s 50-day moving average price is $150.58 and its 200-day moving average price is $140.99.

Insider Buying and Selling at Neurocrine Biosciences

In related news, Director Kevin Charles Gorman sold 245,088 shares of the company’s stock in a transaction dated Tuesday, May 19th. The shares were sold at an average price of $154.33, for a total transaction of $37,824,431.04. Following the completion of the transaction, the director owned 511,293 shares in the company, valued at $78,907,848.69. This represents a 32.40% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Julie Cooke sold 36,937 shares of the company’s stock in a transaction dated Tuesday, June 2nd. The stock was sold at an average price of $156.22, for a total transaction of $5,770,298.14. Following the transaction, the insider owned 22,374 shares of the company’s stock, valued at approximately $3,495,266.28. This trade represents a 62.28% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 355,234 shares of company stock valued at $55,330,060. Insiders own 4.60% of the company’s stock.

Institutional Investors Weigh In On Neurocrine Biosciences

Large investors have recently bought and sold shares of the company. AQR Capital Management LLC lifted its position in shares of Neurocrine Biosciences by 83.7% in the third quarter. AQR Capital Management LLC now owns 2,773,648 shares of the company’s stock valued at $388,435,000 after acquiring an additional 1,263,633 shares in the last quarter. Norges Bank acquired a new position in Neurocrine Biosciences in the 4th quarter valued at $162,664,000. UBS Group AG lifted its holdings in Neurocrine Biosciences by 169.8% in the 4th quarter. UBS Group AG now owns 983,528 shares of the company’s stock valued at $139,494,000 after purchasing an additional 618,956 shares in the last quarter. First Trust Advisors LP boosted its stake 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 purchasing an additional 472,408 shares during the last quarter. Finally, Zurich Insurance Group Ltd FI purchased a new stake in shares of Neurocrine Biosciences during the fourth quarter worth $65,162,000. 92.59% of the stock is currently owned by hedge funds and other institutional investors.

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.