Neurocrine Biosciences (NASDAQ:NBIX) Cut to Hold at Wall Street Zen

Wall Street Zen downgraded shares of Neurocrine Biosciences (NASDAQ:NBIX) from a buy rating to a hold rating in a report issued on Sunday.

Several other analysts also recently commented on the stock. Stifel Nicolaus increased their target price on shares of Neurocrine Biosciences from $188.00 to $215.00 and gave the company a “buy” rating in a report on Friday, July 31st. Zacks Research cut shares of Neurocrine Biosciences from a “strong-buy” rating to a “hold” rating in a report on Tuesday, August 4th. Morgan Stanley upped their price objective on shares of Neurocrine Biosciences from $193.00 to $196.00 and gave the stock an “equal weight” rating in a research report on Friday, July 31st. Sanford C. Bernstein began coverage on shares of Neurocrine Biosciences in a research note on Friday, May 22nd. They issued an “outperform” rating and a $221.00 price objective for the company. Finally, Needham & Company LLC lifted their target price on shares of Neurocrine Biosciences from $200.00 to $204.00 and gave the stock a “buy” rating in a research report on Friday, July 31st. One equities research analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $201.50.

Neurocrine Biosciences Trading Down 1.8%

Shares of NASDAQ:NBIX opened at $161.94 on Friday. The stock’s fifty day simple moving average is $168.71 and its two-hundred day simple moving average is $147.96. Neurocrine Biosciences has a 1-year low of $122.14 and a 1-year high of $186.12. The stock has a market cap of $16.46 billion, a PE ratio of 23.74, a price-to-earnings-growth ratio of 0.58 and a beta of 0.39.

Insiders Place Their Bets

In related news, Director Leslie V. Norwalk sold 1,250 shares of the business’s stock in a transaction dated Tuesday, July 28th. The shares were sold at an average price of $182.01, for a total value of $227,512.50. Following the transaction, the director directly owned 1,588 shares of the company’s stock, valued at approximately $289,031.88. The trade was a 44.05% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Ingrid Delaet sold 4,367 shares of the stock in a transaction dated Friday, July 10th. The shares were sold at an average price of $181.02, for a total transaction of $790,514.34. Following the transaction, the insider owned 16,225 shares of the company’s stock, valued at approximately $2,937,049.50. The trade was a 21.21% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 391,612 shares of company stock valued at $61,858,105. 4.60% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Royal Bank of Canada lifted its stake in Neurocrine Biosciences by 36.7% in the first quarter. Royal Bank of Canada now owns 82,810 shares of the company’s stock valued at $9,158,000 after purchasing an additional 22,224 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of Neurocrine Biosciences by 60.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 14,783 shares of the company’s stock valued at $1,647,000 after buying an additional 5,577 shares during the period. NewEdge Advisors LLC raised its stake in shares of Neurocrine Biosciences by 56.3% in the first quarter. NewEdge Advisors LLC now owns 7,630 shares of the company’s stock valued at $844,000 after buying an additional 2,747 shares during the period. Empowered Funds LLC purchased a new position in shares of Neurocrine Biosciences during the 1st quarter valued at $1,333,000. Finally, Geneos Wealth Management Inc. lifted its position in shares of Neurocrine Biosciences by 143.6% during the 1st 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. 92.59% of the stock is owned by institutional investors.

Neurocrine Biosciences Company Profile

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.