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

Shares of Neurocrine Biosciences, Inc. (NASDAQ:NBIX) 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 were traded during 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

A number of analysts have commented on the company. Morgan Stanley upped their price target on Neurocrine Biosciences from $185.00 to $191.00 and gave the stock an “equal weight” rating in a research report on Wednesday, May 6th. Wedbush upped their price target on Neurocrine Biosciences from $166.00 to $176.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 6th. Needham & Company LLC restated a “buy” rating and issued a $185.00 price target on shares of Neurocrine Biosciences in a research report on Monday, April 6th. Wells Fargo & Company reduced their price target on Neurocrine Biosciences from $180.00 to $175.00 and set an “overweight” rating for the company in a research report on Friday, February 13th. Finally, Sanford C. Bernstein started 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. One investment analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $187.52.

Neurocrine Biosciences Price Performance

The firm has a 50-day moving average of $139.98 and a 200-day moving average 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 at Neurocrine Biosciences

In other Neurocrine Biosciences news, insider Jude Onyia sold 11,000 shares of the firm’s stock in a transaction that occurred on Monday, June 1st. The stock was 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 owned 25,846 shares in the company, valued at $4,141,821.50. This trade represents a 29.85% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Leslie V. Norwalk sold 3,810 shares of the firm’s stock in a transaction that occurred on Tuesday, May 12th. The shares were sold at an average price of $155.01, for a total value of $590,588.10. Following the transaction, the director owned 2,429 shares of the company’s stock, valued at $376,519.29. This represents a 61.07% 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. Insiders sold a total of 292,047 shares of company stock valued at $45,216,687 in the last ninety days. Corporate insiders own 4.60% of the company’s stock.

Hedge Funds Weigh In On Neurocrine Biosciences

Several institutional investors have recently added to or reduced their stakes in the company. USA Financial Formulas purchased a new position in shares of Neurocrine Biosciences in the 4th quarter worth $25,000. Geneos Wealth Management Inc. grew its stake in shares of Neurocrine Biosciences by 143.6% in the 1st quarter. Geneos Wealth Management Inc. now owns 229 shares of the company’s stock worth $25,000 after buying an additional 135 shares in the last quarter. DJE Kapital AG purchased a new position in shares of Neurocrine Biosciences in the 4th quarter worth $28,000. Cassaday & Co Wealth Management LLC purchased a new position in shares of Neurocrine Biosciences in the 1st quarter worth $33,000. Finally, Meeder Asset Management Inc. grew its stake in shares of Neurocrine Biosciences by 651.6% in the 4th quarter. Meeder Asset Management Inc. now owns 233 shares of the company’s stock worth $33,000 after buying an additional 202 shares in 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.