Needham & Company LLC Raises Neurocrine Biosciences (NASDAQ:NBIX) Price Target to $204.00

Neurocrine Biosciences (NASDAQ:NBIX) had its target price increased by analysts at Needham & Company LLC from $200.00 to $204.00 in a report released on Friday,Benzinga reports. The firm currently has a “buy” rating on the stock. Needham & Company LLC’s target price indicates a potential upside of 9.97% from the stock’s previous close.

NBIX has been the subject of several other research reports. Morgan Stanley increased their target price 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. Wells Fargo & Company lifted their target price on shares of Neurocrine Biosciences from $175.00 to $200.00 and gave the company an “overweight” rating in a research note on Friday, July 17th. JPMorgan Chase & Co. upped their price objective on Neurocrine Biosciences from $177.00 to $185.00 and gave the stock an “overweight” rating in a report on Friday, May 8th. Zacks Research upgraded Neurocrine Biosciences from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, June 23rd. Finally, Wall Street Zen upgraded shares of Neurocrine Biosciences from a “buy” rating to a “strong-buy” rating in a report on Saturday, April 25th. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $194.95.

Neurocrine Biosciences Stock Up 2.6%

NBIX opened at $185.50 on Friday. The firm has a market cap of $18.65 billion, a PE ratio of 28.58, a P/E/G ratio of 0.76 and a beta of 0.39. Neurocrine Biosciences has a fifty-two week low of $122.14 and a fifty-two week high of $186.12. The business has a fifty day simple moving average of $167.61 and a 200-day simple moving average of $146.25.

Insider Transactions at Neurocrine Biosciences

In other Neurocrine Biosciences news, insider Jude Onyia sold 11,000 shares of the business’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 sale, the insider directly owned 25,846 shares of the company’s stock, valued at approximately $4,141,821.50. The trade was a 29.85% decrease in their position. The sale 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 Neurocrine Biosciences stock in a transaction that occurred on Tuesday, May 19th. The shares were sold at an average price of $154.33, for a total value of $37,824,431.04. Following the transaction, the director directly owned 511,293 shares in the company, valued at approximately $78,907,848.69. The trade was a 32.40% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 395,422 shares of company stock valued at $62,448,693. Corporate insiders own 4.60% of the company’s stock.

Institutional Trading of Neurocrine Biosciences

A number of institutional investors and hedge funds have recently modified their holdings of NBIX. Geneos Wealth Management Inc. increased its position in Neurocrine Biosciences by 143.6% in the first quarter. Geneos Wealth Management Inc. now owns 229 shares of the company’s stock worth $25,000 after buying an additional 135 shares during the last quarter. DJE Kapital AG purchased a new position in Neurocrine Biosciences during the fourth quarter worth about $28,000. Basecamp Wealth Advisors LLC grew its stake in Neurocrine Biosciences by 582.9% in the 1st quarter. Basecamp Wealth Advisors LLC now owns 239 shares of the company’s stock worth $31,000 after buying an additional 204 shares in the last quarter. Cassaday & Co Wealth Management LLC purchased a new stake in Neurocrine Biosciences during the first quarter valued at about $33,000. Finally, Meeder Asset Management Inc. lifted its position in 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 during the last quarter. 92.59% of the stock is owned by hedge funds and other institutional investors.

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.