Sanford C. Bernstein Initiates Coverage on Neurocrine Biosciences (NASDAQ:NBIX)

Equities researchers at Sanford C. Bernstein started coverage on shares of Neurocrine Biosciences (NASDAQ:NBIX) in a research report issued on Friday. The brokerage set an “outperform” rating and a $221.00 price target on the stock. Sanford C. Bernstein’s price target suggests a potential upside of 42.12% from the company’s current price.

NBIX has been the topic of several other research reports. Guggenheim reiterated a “buy” rating and set a $175.00 price target on shares of Neurocrine Biosciences in a research report on Wednesday, May 6th. Wolfe Research initiated coverage on shares of Neurocrine Biosciences in a research report on Tuesday, February 24th. They set an “outperform” rating and a $160.00 price target on the stock. Wells Fargo & Company reduced their price target on shares of Neurocrine Biosciences from $180.00 to $175.00 and set an “overweight” rating on the stock in a research report on Friday, February 13th. Citigroup upped their price target on shares of Neurocrine Biosciences from $242.00 to $246.00 and gave the stock a “buy” rating in a research report on Wednesday, May 6th. Finally, Zacks Research upgraded shares of Neurocrine Biosciences from a “strong sell” rating to a “hold” rating in a research report on Wednesday, April 15th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and five have given a Hold rating to the company. According to MarketBeat, Neurocrine Biosciences currently has an average rating of “Moderate Buy” and an average price target of $185.90.

Neurocrine Biosciences Stock Up 0.5%

Shares of NASDAQ NBIX opened at $155.50 on Friday. The firm’s 50-day simple moving average is $136.13 and its 200 day simple moving average is $138.77. The company has a market cap of $15.64 billion, a price-to-earnings ratio of 23.96, a price-to-earnings-growth ratio of 1.16 and a beta of 0.34. Neurocrine Biosciences has a 12-month low of $117.59 and a 12-month high of $162.39.

Insider Buying and Selling at Neurocrine Biosciences

In other Neurocrine Biosciences news, Director Richard F. Pops sold 15,000 shares of the company’s stock in a transaction dated Friday, May 15th. The shares were sold at an average price of $157.65, for a total transaction of $2,364,750.00. Following the transaction, the director directly owned 34,480 shares in the company, valued at approximately $5,435,772. This represents a 30.32% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Kevin Charles Gorman sold 245,088 shares of the company’s stock in a transaction dated Tuesday, May 19th. The shares were sold at an average price of $154.33, for a total transaction of $37,824,431.04. Following the transaction, the director owned 511,293 shares in the company, valued at approximately $78,907,848.69. The trade was a 32.40% decrease in their ownership of the stock. 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. In the last three months, insiders have sold 263,898 shares of company stock worth $40,779,769. Company insiders own 4.60% of the company’s stock.

Institutional Trading of Neurocrine Biosciences

Hedge funds have recently modified their holdings of the company. Arete Wealth Advisors LLC bought a new stake in shares of Neurocrine Biosciences in the 1st quarter valued at $3,037,000. Bank of America Corp DE raised its holdings in Neurocrine Biosciences by 10.6% during the 1st quarter. Bank of America Corp DE now owns 583,827 shares of the company’s stock worth $76,913,000 after buying an additional 55,723 shares during the period. Edgestream Partners L.P. raised its holdings in Neurocrine Biosciences by 134.1% during the 1st quarter. Edgestream Partners L.P. now owns 50,587 shares of the company’s stock worth $6,664,000 after buying an additional 28,979 shares during the period. Janus Henderson Group PLC raised its holdings in Neurocrine Biosciences by 1.7% during the 1st quarter. Janus Henderson Group PLC now owns 466,977 shares of the company’s stock worth $61,515,000 after buying an additional 7,801 shares during the period. Finally, Oddo BHF Asset Management Sas raised its holdings in Neurocrine Biosciences by 5.5% during the 1st quarter. Oddo BHF Asset Management Sas now owns 8,039 shares of the company’s stock worth $1,059,000 after buying an additional 419 shares during the period. 92.59% of the stock is currently owned by institutional investors and hedge funds.

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.