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

Neurocrine Biosciences, Inc. (NASDAQ:NBIX) shares hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $170.97 and last traded at $170.6810, with a volume of 77203 shares trading hands. The stock had previously closed at $168.52.

Analysts Set New Price Targets

NBIX has been the topic of a number of analyst reports. Truist Financial increased their price objective 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. Wall Street Zen raised shares of Neurocrine Biosciences from a “buy” rating to a “strong-buy” rating in a research note on Saturday, April 25th. JPMorgan Chase & Co. upped their target price on shares of Neurocrine Biosciences from $177.00 to $185.00 and gave the stock an “overweight” rating in a research report on Friday, May 8th. Needham & Company LLC restated a “buy” rating and issued a $185.00 price target on shares of Neurocrine Biosciences in a research note on Monday, April 6th. Finally, Citigroup lifted their price target on Neurocrine Biosciences from $242.00 to $246.00 and gave the company a “buy” rating in a report on Wednesday, May 6th. Two research analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $187.52.

Neurocrine Biosciences Stock Down 0.9%

The firm has a market capitalization of $16.95 billion, a P/E ratio of 25.97, a PEG ratio of 0.68 and a beta of 0.40. The business’s 50 day moving average is $153.53 and its two-hundred day moving average is $141.34.

Insider Buying and Selling

In other news, Director Leslie V. Norwalk sold 1,250 shares of the company’s stock in a transaction that occurred on Thursday, June 4th. The shares were sold at an average price of $168.06, for a total value of $210,075.00. Following the completion of the sale, the director directly owned 2,838 shares of the company’s stock, valued at approximately $476,954.28. This represents a 30.58% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Julie Cooke sold 36,937 shares of the firm’s stock in a transaction that occurred on Tuesday, June 2nd. The shares were 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 in the company, valued at $3,495,266.28. This represents a 62.28% 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. In the last quarter, insiders sold 365,234 shares of company stock worth $57,031,540. Company insiders own 4.60% of the company’s stock.

Institutional Trading of Neurocrine Biosciences

Hedge funds and other institutional investors have recently modified their holdings of the company. Basecamp Wealth Advisors LLC boosted its stake in Neurocrine Biosciences by 582.9% during the first quarter. Basecamp Wealth Advisors LLC now owns 239 shares of the company’s stock valued at $31,000 after buying an additional 204 shares in the last quarter. Pacer Advisors Inc. raised its position in Neurocrine Biosciences by 471.3% in the first quarter. Pacer Advisors Inc. now owns 169,230 shares of the company’s stock worth $22,294,000 after acquiring an additional 139,609 shares in the last quarter. Carmignac Gestion lifted its holdings in Neurocrine Biosciences by 192.5% in the 1st quarter. Carmignac Gestion now owns 186,000 shares of the company’s stock valued at $24,504,000 after acquiring an additional 122,400 shares during the last quarter. Defilade Capital Management L.P. bought a new position in shares of Neurocrine Biosciences during the 1st quarter valued at about $27,656,000. Finally, Parallel Advisors LLC boosted its position in shares of Neurocrine Biosciences by 12.3% during the 1st quarter. Parallel Advisors LLC now owns 1,776 shares of the company’s stock valued at $234,000 after purchasing an additional 195 shares in 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.