Neurocrine Biosciences (NASDAQ:NBIX) Price Target Raised to $170.00 at BMO Capital Markets

Neurocrine Biosciences (NASDAQ:NBIX) had its price target raised by stock analysts at BMO Capital Markets from $144.00 to $170.00 in a research note issued to investors on Monday,Benzinga reports. The firm presently has a “market perform” rating on the stock. BMO Capital Markets’ target price points to a potential downside of 4.01% from the stock’s current price.

NBIX has been the topic of a number of other research reports. Piper Sandler increased their target price on shares of Neurocrine Biosciences from $190.00 to $207.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 6th. Zacks Research upgraded Neurocrine Biosciences from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, June 23rd. Leerink Partners upped their target price on Neurocrine Biosciences from $160.00 to $170.00 and gave the company an “outperform” rating in a research report on Wednesday, April 22nd. The Goldman Sachs Group assumed coverage on Neurocrine Biosciences in a report on Tuesday, June 2nd. They set a “buy” rating and a $213.00 target price on the stock. Finally, Morgan Stanley upped their price objective on shares of Neurocrine Biosciences from $185.00 to $191.00 and gave the stock an “equal weight” rating in a research report on Wednesday, May 6th. Two analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, Neurocrine Biosciences currently has a consensus rating of “Moderate Buy” and a consensus target price of $189.52.

Neurocrine Biosciences Stock Performance

NASDAQ NBIX opened at $177.11 on Monday. The stock has a market cap of $17.81 billion, a PE ratio of 27.29, a P/E/G ratio of 0.71 and a beta of 0.39. The firm has a 50-day moving average of $160.84 and a 200-day moving average of $142.87. Neurocrine Biosciences has a 52-week low of $122.14 and a 52-week high of $181.18.

Insider Buying and Selling

In other Neurocrine Biosciences news, insider Julie Cooke sold 36,937 shares of the business’s stock in a transaction that occurred on Tuesday, June 2nd. The stock was sold at an average price of $156.22, for a total value of $5,770,298.14. Following the transaction, the insider directly owned 22,374 shares of the company’s stock, valued at approximately $3,495,266.28. The trade was a 62.28% decrease in their ownership of the stock. 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, Director Stephen A. Sherwin sold 25,000 shares of the business’s stock in a transaction on Friday, June 5th. The shares were sold at an average price of $165.32, for a total transaction of $4,133,000.00. Following the transaction, the director owned 15,860 shares in the company, valued at $2,621,975.20. The trade was a 61.18% 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. Insiders sold 379,805 shares of company stock worth $59,634,666 over the last three months. Insiders own 4.60% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. AQR Capital Management LLC boosted its holdings in Neurocrine Biosciences by 18.0% during the 4th quarter. AQR Capital Management LLC now owns 3,271,706 shares of the company’s stock worth $462,652,000 after acquiring an additional 498,058 shares during the last quarter. Renaissance Technologies LLC raised its holdings in shares of Neurocrine Biosciences by 8.0% in the first quarter. Renaissance Technologies LLC now owns 2,418,897 shares of the company’s stock valued at $318,665,000 after purchasing an additional 180,100 shares during the last quarter. Geode Capital Management LLC lifted its position in shares of Neurocrine Biosciences by 1.7% during the fourth quarter. Geode Capital Management LLC now owns 2,059,282 shares of the company’s stock valued at $291,342,000 after purchasing an additional 34,457 shares in the last quarter. Los Angeles Capital Management LLC boosted its holdings in Neurocrine Biosciences by 7.4% during the fourth quarter. Los Angeles Capital Management LLC now owns 1,291,278 shares of the company’s stock worth $178,248,000 after purchasing an additional 88,522 shares during the last quarter. Finally, Northern Trust Corp grew its position in Neurocrine Biosciences by 31.9% in the 4th quarter. Northern Trust Corp now owns 1,221,184 shares of the company’s stock worth $173,201,000 after purchasing an additional 295,470 shares in the last quarter. Hedge funds and other institutional investors own 92.59% of the company’s stock.

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.