Neurocrine Biosciences (NASDAQ:NBIX) Hits New 12-Month High – Still a Buy?

Neurocrine Biosciences, Inc. (NASDAQ:NBIX) hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $160.50 and last traded at $160.3120, with a volume of 623312 shares changing hands. The stock had previously closed at $155.80.

Wall Street Analyst Weigh In

NBIX has been the subject of a number of research analyst reports. HC Wainwright upped their target price on Neurocrine Biosciences from $192.00 to $215.00 and gave the company a “buy” rating in a research report on Tuesday, April 7th. Canaccord Genuity Group upped their target price on Neurocrine Biosciences from $164.00 to $200.00 and gave the company a “buy” rating in a research report on Tuesday, April 7th. Citigroup upped their target price on Neurocrine Biosciences from $242.00 to $246.00 and gave the company a “buy” rating in a research report on Wednesday, May 6th. Morgan Stanley upped their target price on Neurocrine Biosciences from $185.00 to $191.00 and gave the company an “equal weight” rating in a research report on Wednesday, May 6th. Finally, Piper Sandler upped their target price on Neurocrine Biosciences from $190.00 to $207.00 and gave the company an “overweight” rating in a research report on Wednesday, May 6th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Neurocrine Biosciences has a consensus rating of “Moderate Buy” and a consensus price target of $184.15.

Neurocrine Biosciences Trading Down 0.4%

The firm has a market cap of $15.93 billion, a price-to-earnings ratio of 24.41, a P/E/G ratio of 1.21 and a beta of 0.34. The firm has a 50 day moving average price of $133.55 and a 200-day moving average price of $138.32.

Neurocrine Biosciences (NASDAQ:NBIX) last announced its earnings results on Wednesday, February 11th. The company reported $1.88 EPS for the quarter, missing analysts’ consensus estimates of $2.36 by ($0.48). The company had revenue of $805.50 million for the quarter, compared to analyst estimates of $804.21 million. Neurocrine Biosciences had a net margin of 21.55% and a return on equity of 19.79%. Neurocrine Biosciences’s quarterly revenue was up 28.3% compared to the same quarter last year. During the same quarter last year, the company posted $1.69 EPS. As a group, equities analysts expect that Neurocrine Biosciences, Inc. will post 7.16 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Neurocrine Biosciences news, Director Leslie V. Norwalk sold 3,810 shares of the stock in a transaction on Tuesday, May 12th. The stock was sold at an average price of $155.01, for a total transaction of $590,588.10. Following the sale, the director owned 2,429 shares in the company, valued at approximately $376,519.29. This represents a 61.07% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 4.60% of the company’s stock.

Institutional Investors Weigh In On Neurocrine Biosciences

A number of large investors have recently bought and sold shares of the stock. Nilsine Partners LLC acquired a new stake in shares of Neurocrine Biosciences during the fourth quarter worth $1,197,000. Ruffer LLP acquired a new stake in shares of Neurocrine Biosciences during the fourth quarter worth $2,479,000. Korea Investment CORP boosted its holdings in Neurocrine Biosciences by 94.3% in the third quarter. Korea Investment CORP now owns 71,689 shares of the company’s stock valued at $10,064,000 after acquiring an additional 34,800 shares during the last quarter. CIBC Private Wealth Group LLC boosted its holdings in Neurocrine Biosciences by 17,250.0% in the third quarter. CIBC Private Wealth Group LLC now owns 7,981 shares of the company’s stock valued at $1,120,000 after acquiring an additional 7,935 shares during the last quarter. Finally, Focus Partners Advisor Solutions LLC boosted its holdings in Neurocrine Biosciences by 152.5% in the third quarter. Focus Partners Advisor Solutions LLC now owns 13,263 shares of the company’s stock valued at $1,945,000 after acquiring an additional 8,011 shares during the last quarter. Institutional investors and hedge funds 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.