Neurocrine Biosciences (NASDAQ:NBIX) Stock Rating Upgraded by Zacks Research

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

Several other analysts have also recently issued reports on the company. Canaccord Genuity Group raised their target price on Neurocrine Biosciences from $164.00 to $200.00 and gave the stock a “buy” rating in a research note on Tuesday, April 7th. Truist Financial lifted their price objective on Neurocrine Biosciences from $140.00 to $155.00 and gave the stock a “buy” rating in a research report on Thursday, May 7th. Royal Bank Of Canada boosted their target price on Neurocrine Biosciences from $180.00 to $183.00 and gave the company an “outperform” rating in a research note on Friday, May 29th. Citigroup upped their target price on Neurocrine Biosciences from $242.00 to $246.00 and gave the company a “buy” rating in a report on Wednesday, May 6th. Finally, Sanford C. Bernstein assumed coverage on Neurocrine Biosciences in a research note on Friday, May 22nd. They issued an “outperform” rating and a $221.00 price target for the company. Two investment 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 company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $187.52.

Neurocrine Biosciences Stock Up 3.0%

Shares of Neurocrine Biosciences stock opened at $166.36 on Tuesday. The firm has a market cap of $16.73 billion, a PE ratio of 25.63, a price-to-earnings-growth 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 company’s fifty day simple moving average is $150.58 and its two-hundred day simple moving average is $140.99.

Insider Buying and Selling at Neurocrine Biosciences

In other news, insider Julie Cooke sold 36,937 shares of the company’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 sale, the insider directly owned 22,374 shares of the company’s stock, valued at $3,495,266.28. This represents a 62.28% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Jude Onyia sold 11,000 shares of the stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $160.25, for a total transaction of $1,762,750.00. Following the completion of the transaction, the insider owned 25,846 shares of the company’s stock, valued at approximately $4,141,821.50. The trade was a 29.85% 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 three months, insiders have sold 355,234 shares of company stock valued at $55,330,060. Company insiders own 4.60% of the company’s stock.

Institutional Investors Weigh In On Neurocrine Biosciences

Hedge funds and other institutional investors have recently bought and sold shares of the business. AQR Capital Management LLC lifted 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 valued at $388,435,000 after purchasing an additional 1,263,633 shares during the last quarter. Norges Bank bought a new position in shares of Neurocrine Biosciences during the fourth quarter valued at $162,664,000. UBS Group AG raised its position in shares of Neurocrine Biosciences by 169.8% in the 4th quarter. UBS Group AG now owns 983,528 shares of the company’s stock worth $139,494,000 after purchasing an additional 618,956 shares during the last quarter. First Trust Advisors LP boosted its stake in Neurocrine Biosciences by 97.0% in 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 in the last quarter. Finally, Zurich Insurance Group Ltd FI bought a new position in Neurocrine Biosciences in the 4th quarter worth about $65,162,000. Hedge funds and other 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.