Neurocrine Biosciences’ (NBIX) Outperform Rating Reaffirmed at Leerink Swann
Neurocrine Biosciences Inc. (NASDAQ:NBIX)‘s stock had its “outperform” rating reiterated by equities research analysts at Leerink Swann in a report released on Wednesday. They currently have a $70.00 price target on the stock. Leerink Swann’s price target would indicate a potential upside of 62.45% from the company’s current price.
A number of other research firms have also commented on NBIX. BMO Capital Markets reaffirmed an “outperform” rating and issued a $66.00 price objective on shares of Neurocrine Biosciences in a research note on Friday, September 23rd. Robert W. Baird reissued an “outperform” rating and set a $66.00 target price on shares of Neurocrine Biosciences in a research note on Tuesday, August 30th. Piper Jaffray Cos. set a $96.00 target price on shares of Neurocrine Biosciences and gave the stock a “buy” rating in a research note on Tuesday. TheStreet lowered shares of Neurocrine Biosciences from a “hold” rating to a “sell” rating in a research note on Thursday, July 14th. Finally, HC Wainwright started coverage on shares of Neurocrine Biosciences in a research note on Wednesday, June 29th. They set a “buy” rating and a $80.00 target price on the stock. One equities research analyst has rated the stock with a sell rating and ten have assigned a buy rating to the company. The stock currently has an average rating of “Buy” and an average price target of $65.50.
Neurocrine Biosciences (NASDAQ:NBIX) traded down 4.29% on Wednesday, hitting $43.07. 1,216,945 shares of the stock traded hands. The stock has a 50 day moving average of $50.47 and a 200 day moving average of $47.60. Neurocrine Biosciences has a 52 week low of $31.25 and a 52 week high of $58.46. The firm’s market capitalization is $3.74 billion.
In other news, insider Christopher Flint Obrien sold 12,500 shares of the stock in a transaction dated Monday, August 15th. The shares were sold at an average price of $48.73, for a total value of $609,125.00. Following the completion of the sale, the insider now owns 55,044 shares in the company, valued at $2,682,294.12. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Malcolm Lloyd-Smith sold 9,000 shares of the stock in a transaction dated Thursday, September 1st. The shares were sold at an average price of $50.00, for a total transaction of $450,000.00. Following the completion of the sale, the insider now owns 9,000 shares of the company’s stock, valued at approximately $450,000. The disclosure for this sale can be found here. 4.80% of the stock is currently owned by company insiders.
Hedge funds have recently made changes to their positions in the stock. First Mercantile Trust Co. increased its stake in shares of Neurocrine Biosciences by 94.9% in the third quarter. First Mercantile Trust Co. now owns 3,897 shares of the company’s stock valued at $197,000 after buying an additional 1,897 shares in the last quarter. Stephens Inc. AR bought a new stake in Neurocrine Biosciences during the second quarter worth about $205,000. Fox Run Management L.L.C. bought a new stake in Neurocrine Biosciences during the third quarter worth about $218,000. Adams Diversified Equity Fund Inc. bought a new stake in Neurocrine Biosciences during the second quarter worth about $223,000. Finally, M&T Bank Corp bought a new stake in Neurocrine Biosciences during the first quarter worth about $262,000. Institutional investors own 96.70% of the company’s stock.
About Neurocrine Biosciences
Neurocrine Biosciences, Inc is engaged in the development of pharmaceutical products focused on neurological and endocrine-based diseases and disorders. The Company’s two lead late-stage clinical programs are Elagolix, a gonadotropin-releasing hormone (GnRH) antagonist for women’s health that is partnered with AbbVie Inc (AbbVie), and NBI-98854 (valbenazine), a vesicular monoamine transporter 2 (VMAT2) inhibitor for the treatment of movement disorders.
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