Neurocrine Biosciences (NASDAQ:NBIX) Trading Up 6.2% – Here’s What Happened

Neurocrine Biosciences, Inc. (NASDAQ:NBIX) shares were up 6.2% during trading on Wednesday . The company traded as high as $164.50 and last traded at $164.45. Approximately 500,760 shares traded hands during mid-day trading, a decline of 57% from the average daily volume of 1,170,138 shares. The stock had previously closed at $154.84.

Analyst Ratings Changes

NBIX has been the subject of a number of recent research reports. Piper Sandler lifted their price target on shares of Neurocrine Biosciences from $190.00 to $207.00 and gave the company an “overweight” rating in a research report on Wednesday, May 6th. Canaccord Genuity Group lifted their price objective on Neurocrine Biosciences from $164.00 to $200.00 and gave the company a “buy” rating in a research note on Tuesday, April 7th. Royal Bank Of Canada lifted their price objective on Neurocrine Biosciences from $180.00 to $183.00 and gave the company an “outperform” rating in a research note on Friday, May 29th. Sanford C. Bernstein initiated coverage on shares of Neurocrine Biosciences in a report on Friday, May 22nd. They issued an “outperform” rating and a $221.00 target price for the company. Finally, BMO Capital Markets decreased their target price on shares of Neurocrine Biosciences from $147.00 to $140.00 and set a “market perform” rating for the company in a report on Thursday, February 12th. One analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $187.52.

Neurocrine Biosciences Price Performance

The company has a 50 day moving average price of $139.98 and a two-hundred day moving average price of $139.18. The stock has a market cap of $16.47 billion, a PE ratio of 25.23, a PEG ratio of 1.21 and a beta of 0.40.

Insider Activity

In other news, insider Jude Onyia sold 11,000 shares of the business’s stock in a transaction that occurred on Monday, June 1st. The shares were 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 directly owned 25,846 shares of the company’s stock, valued at $4,141,821.50. The trade was a 29.85% decrease in their ownership of the stock. 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, Director Richard F. Pops sold 15,000 shares of the business’s stock in a transaction that occurred on Friday, May 15th. The shares were sold at an average price of $157.65, for a total transaction of $2,364,750.00. Following the transaction, the director directly owned 34,480 shares of the company’s stock, valued at $5,435,772. The trade was a 30.32% decrease in their ownership of the stock. 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. Insiders sold 292,047 shares of company stock valued at $45,216,687 over the last three months. Corporate insiders own 4.60% of the company’s stock.

Institutional Trading of Neurocrine Biosciences

A number of hedge funds have recently bought and sold shares of NBIX. USA Financial Formulas purchased a new stake in Neurocrine Biosciences during the fourth quarter valued at $25,000. Geneos Wealth Management Inc. increased its holdings in Neurocrine Biosciences by 143.6% during the first quarter. Geneos Wealth Management Inc. now owns 229 shares of the company’s stock valued at $25,000 after buying an additional 135 shares during the last quarter. DJE Kapital AG purchased a new stake in Neurocrine Biosciences during the fourth quarter valued at approximately $28,000. Cassaday & Co Wealth Management LLC purchased a new stake in Neurocrine Biosciences during the first quarter valued at approximately $33,000. Finally, Meeder Asset Management Inc. increased its holdings in Neurocrine Biosciences by 651.6% during the fourth quarter. Meeder Asset Management Inc. now owns 233 shares of the company’s stock valued at $33,000 after buying an additional 202 shares during the last quarter. 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.