Neurocrine Biosciences (NASDAQ:NBIX) Upgraded to Strong-Buy at Wall Street Zen

Wall Street Zen upgraded shares of Neurocrine Biosciences (NASDAQ:NBIX) from a buy rating to a strong-buy rating in a research report released on Sunday morning.

NBIX has been the subject of a number of other research reports. Zacks Research cut shares of Neurocrine Biosciences from a “strong-buy” rating to a “hold” rating in a research note on Monday, December 29th. Needham & Company LLC boosted their price target on shares of Neurocrine Biosciences from $170.00 to $184.00 and gave the stock a “buy” rating in a research note on Wednesday, October 29th. Royal Bank Of Canada raised their price objective on Neurocrine Biosciences from $160.00 to $180.00 and gave the company an “outperform” rating in a research note on Monday, December 8th. Piper Sandler lifted their price objective on Neurocrine Biosciences from $175.00 to $179.00 and gave the stock an “overweight” rating in a report on Wednesday, October 29th. Finally, Truist Financial dropped their target price on Neurocrine Biosciences from $172.00 to $169.00 and set a “buy” rating for the company in a report on Thursday, January 8th. Fifteen research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $174.00.

Neurocrine Biosciences Price Performance

Shares of NBIX opened at $141.20 on Friday. Neurocrine Biosciences has a 1 year low of $84.23 and a 1 year high of $160.18. The stock has a 50 day simple moving average of $142.20 and a two-hundred day simple moving average of $140.51. The firm has a market cap of $14.08 billion, a P/E ratio of 33.78, a P/E/G ratio of 0.66 and a beta of 0.31.

Insiders Place Their Bets

In other Neurocrine Biosciences news, insider Darin Lippoldt sold 4,376 shares of the business’s stock in a transaction on Monday, December 8th. The shares were sold at an average price of $159.65, for a total transaction of $698,628.40. Following the transaction, the insider directly owned 43,405 shares of the company’s stock, valued at approximately $6,929,608.25. The trade was a 9.16% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director George J. Morrow sold 15,000 shares of the business’s stock in a transaction dated Tuesday, November 25th. The shares were sold at an average price of $143.37, for a total transaction of $2,150,550.00. Following the transaction, the director owned 7,068 shares in the company, valued at $1,013,339.16. This represents a 67.97% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 61,966 shares of company stock valued at $8,625,166 over the last three months. 4.30% of the stock is currently owned by corporate insiders.

Institutional Trading of Neurocrine Biosciences

Several institutional investors and hedge funds have recently bought and sold shares of the stock. JPMorgan Chase & Co. raised its position in shares of Neurocrine Biosciences by 59.6% in the 2nd quarter. JPMorgan Chase & Co. now owns 4,261,747 shares of the company’s stock worth $535,659,000 after acquiring an additional 1,590,749 shares in the last quarter. AQR Capital Management LLC boosted its position 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 in the last quarter. Norges Bank purchased a new stake in Neurocrine Biosciences in the second quarter worth $122,278,000. Los Angeles Capital Management LLC raised its holdings in Neurocrine Biosciences by 19,454.9% in the second quarter. Los Angeles Capital Management LLC now owns 744,650 shares of the company’s stock worth $93,595,000 after purchasing an additional 740,842 shares in the last quarter. Finally, UBS Group AG lifted its position in Neurocrine Biosciences by 169.8% during the fourth quarter. UBS Group AG now owns 983,528 shares of the company’s stock valued at $139,494,000 after buying an additional 618,956 shares during the period. 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.