Neurocrine Biosciences (NASDAQ:NBIX) Reaches New 1-Year High – Still a Buy?

Neurocrine Biosciences, Inc. (NASDAQ:NBIX) reached a new 52-week high during trading on Tuesday . The company traded as high as $181.79 and last traded at $180.9390, with a volume of 432730 shares trading hands. The stock had previously closed at $176.41.

Wall Street Analyst Weigh In

NBIX has been the topic of several research analyst reports. Wedbush increased their price target on shares of Neurocrine Biosciences from $166.00 to $176.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 6th. Morgan Stanley upped their price objective on Neurocrine Biosciences from $185.00 to $191.00 and gave the company an “equal weight” rating in a research note on Wednesday, May 6th. Piper Sandler increased their target price on Neurocrine Biosciences from $190.00 to $207.00 and gave the stock an “overweight” rating in a report on Wednesday, May 6th. Needham & Company LLC reiterated a “buy” rating and issued a $185.00 target price on shares of Neurocrine Biosciences in a research report on Monday, April 6th. Finally, Truist Financial boosted their price target on Neurocrine Biosciences from $155.00 to $200.00 and gave the company a “buy” rating in a report on Monday, July 13th. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $194.05.

Neurocrine Biosciences Trading Down 0.3%

The firm has a market capitalization of $18.12 billion, a price-to-earnings ratio of 27.77, a PEG ratio of 0.77 and a beta of 0.39. The business has a 50-day moving average price of $167.01 and a two-hundred day moving average price of $145.90.

Insider Buying and Selling at Neurocrine Biosciences

In related news, Director Stephen A. Sherwin sold 25,000 shares of Neurocrine Biosciences stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $165.32, for a total value of $4,133,000.00. Following the sale, the director directly owned 15,860 shares in the company, valued at $2,621,975.20. This trade represents a 61.18% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Julie Cooke sold 36,937 shares of the company’s stock in a transaction dated Tuesday, June 2nd. The stock was sold at an average price of $156.22, for a total transaction of $5,770,298.14. Following the completion of the transaction, the insider owned 22,374 shares of the company’s stock, valued at approximately $3,495,266.28. This trade represents a 62.28% 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. In the last ninety days, insiders have sold 394,172 shares of company stock valued at $62,221,181. Corporate insiders own 4.60% of the company’s stock.

Hedge Funds Weigh In On Neurocrine Biosciences

Institutional investors and hedge funds have recently bought and sold shares of the stock. AQR Capital Management LLC boosted its holdings in shares of Neurocrine Biosciences by 18.0% in the fourth quarter. AQR Capital Management LLC now owns 3,271,706 shares of the company’s stock valued at $462,652,000 after acquiring an additional 498,058 shares in the last quarter. Renaissance Technologies LLC boosted its stake in Neurocrine Biosciences by 8.0% during the 1st 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 in the last quarter. Geode Capital Management LLC increased its position in shares of Neurocrine Biosciences by 1.7% during the 4th 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 during the period. Los Angeles Capital Management LLC raised its stake in shares of Neurocrine Biosciences by 7.4% in the 4th quarter. Los Angeles Capital Management LLC now owns 1,291,278 shares of the company’s stock worth $178,248,000 after buying an additional 88,522 shares in the last quarter. Finally, Northern Trust Corp lifted its holdings in shares of Neurocrine Biosciences by 31.9% in the fourth quarter. Northern Trust Corp now owns 1,221,184 shares of the company’s stock valued at $173,201,000 after buying an additional 295,470 shares during the period. 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.